In recent years, the number of doctors acquiring SBA-backed loans has skyrocketed. The amount of money loaned to physicians has jumped from $60 million in 2000 to $675 million by 2011. Luckily, doctors are able to obtain loans more readily than many entrepreneurs, due to their conventionally high credit scores and steady incomes.
Maximize your chances of receiving a loan for your business by keeping in mind these key points:
1. Business Plan
If you are a doctor applying for a loan, you know that being detailed oriented is important. When you complete your business plan, be certain it’s free of mathematical or grammatical errors. Keep writing simple and to the point. Make sure that the document is clean and aesthetically appealing. This is your way of conveying to potential lenders that you are a meticulous and careful doctor who is a low-risk investment.
2. Funding Methods
As a doctor, you will have a good chance of acquiring a line of credit, but that does not mean it will be the best option for every type of situation. Do not be misconceived that credit is the best path to fund your plans. Leasing equipment, for example, might prove to be a better option than purchasing, depending on the rates and your needs.
3. Plan Ahead
It is crucial to calculate ahead of time exactly how much money you anticipate that you will need. Take into account all factors: payroll for assistants and receptionists, leasing a facility for your clinic, renting or purchasing equipment, etc. Be sure to have an accurate prediction of expenses before you prepare your loan application.
4. Stay Focused on One Loan
As you wait to hear back from lenders, don’t make any huge financial decisions or try to take out other loans, like for buying a new house or car. Such big purchases and expenses can wait until after your application gets finalized. Don’t let anything jeopardize your chances!
Biz2Credit (www.biz2credit.com) can help you figure out the best path to take. Loan specialists can help you navigate through the array of options to pick the one most suitable to your business. Visit the website or call (877) 861-2210 for help.