You have been practicing medicine as a member of a group and are ready to start your own office. Beginning a company can be expensive. However, there are multiple loan options available to you to assist you in financing this venture. Here are a few for you to consider as you open your healthcare business.

Help Pay For Property and Equipment

When you start your own practice, you must have a physical location to treat patients in. You also must furnish equipment from exam tables to desks for your employees so that you and your staff can do your jobs. The Small Business Administration, or SBA, offers loans that are specifically meant for these items. To get this help, you will need to turn in your financial statements and personal documentation for the organization to evaluate. They will also pull a copy of your credit rating to analyze for any issues that you might have had in the past. This financing can be a great starting step for your healthcare business.

Assistance to Open Your Practice

There are times during your opening when you need more than just a building or the equipment to put inside it. You must purchase advertising to attract new clients and require cash to compensate your staff. If you are looking for assistance to pay for these small expenses at the beginning stages of your practice, consider applying for a microloan. The maximum that you can borrow is $50,000. The SBA will want you to put some of your own funds down to secure it. They will also want to look at your financial reports and credit to make sure they can trust you to pay them back. Once you have the money, you can buy what you must have for your healthcare business.

Small Business Loans Provided by the SBA

There may be times once you have your medical practice up and running that you will need financial assistance. This can come when you must renovate the space you are in or if your client base becomes large enough to expand your healthcare business. The standard loan from the SBA is meant for instances like these. You must have some type of equity invested in it. You also will have to consult your bank to apply for it. They will question if you have tried to pay for it yourself before appealing to them so be sure to have documented proof of your efforts before you schedule a meeting with them.

BMF Advisors offers a wide range of financing solutions for medical practices. Contact our offices today to get the funding you need.