Financing needs for a medical or dental startup are similar to those of other types of business. The main difference is in the fact that the person who is opening the practice has trained for years, spent thousands in tuition, and has to pay more for insurance than most any other profession.
The very lives of their customers are in their hands. The need and the options for financing however, are surprisingly similar to those for any other type of business. Medical and dental practice financing is needed for buying or building office space, buying or leasing equipment, operating costs, and working capital.
SBA 7a Loan
This type of loan, offered through Small Business Administration programs, are a great option for those having trouble gaining traditional start up financing. It offers 100% financing, competitive rates, and can be used for all of those needs from capital to equipment and even real estate. The rate is also fixed, so it doesn’t go up on you after a few years.
Other options exist even if a traditional loan is not an option. Many rural areas have financing programs available to those willing to open their practice there, and other financing possibilities such as unsecured loans and grants may be available as well.
What works best in each individual situation is dependent on a number factors ranging from the amount of personal investment available to the type of practice being opened, and many other variables.
If you are looking for medical and dental practice financing, Biz2Credit can help. We have a network of over 1,300 lenders that offer various types of loans including traditional financing and loans guaranteed by the SBA. Visit Biz2Credit today for more information and to get started.