Dental Health Care System

Having a business that stands the test of time requires you to sacrifice time and effort. Add to that list capital, and you have a problem that millions of other business owners in and around the United States are going through. If you have started dental practice, or are expanding or relocating your dental office space, or even trying to meet the daily operational costs, then finding the right financing that fits like a puzzle piece is essential. What one needs is a small business capital that gets them on the fast track to getting their business goals and needs to be met.

For many of you reading, meeting the bank loan eligibility criteria may be possible, but what is missing is the need for a customized financing solution that is unique to you and your business.

If you were to come across some restrictions within the terms and conditions of the loan, then it is an unnecessary pebble in your shoe. Ask yourself:

• Are you risking your property as a security against getting the loan sanctioned?
• Is your repayment schedule realistic for you to achieve?
• What if you require the loan because the equipment is broken or turned obsolete and you need to repair it quickly? Is speed in getting hands-on the capital a must for your type of business?
• Do you have a repayment plan that fits your business based on the flow of your revenue?

Does Every Dental Practitioner Need To Expand?

Like every industry that has entered into the modern era, continuing to stay still and not budging can make your business stagnant and make your money tap trickle. According to dentaleconomic.com, the dental health care system is expected to grow in the coming 2 decades than it did in the last 5 decades. Do you want to do nothing and keep yourself at knee-deep risk?

Don’t’ Worry, Show Those Pearly White- You Have Options

As a dentist there are some challenges that are unique to your business- keeping up with the latest technology and equipment is one of them. The mounting daily expenses, insurance premiums, and the constant shift to newer dental equipment can leave you restless at night.

Here are some options for you. Choose what seems to make the most sense, and least risk:

Avail Banks Loans

For getting a bank loan, you need to be approved by them based on your income, your credit score, and the collateral you give as security. But, there are bigger issues that need your attention. Some questions you should ask yourself are:

• Does the loan that I’m offered provide the most safety? Does it gel with my needs and is it flexible?
• Does the loan amount allow you to expand, maximize the horizons of the business and allow you to create wealth? Or does it keep me looking over my shoulder for the next payment, with no saving on me?

Borrow in such a way that it doesn’t hurt your future finances and prevent you from benefiting from the capital you are loaned.

Keep In Mind

• Banks take up to 30 days to process your loan
• Your credit scores-both business and personal- can be under watchful eyes by the loan providers
• Banks require you to provide a personal guarantee- if you default on the loan your personal finances are at risk.
• You must have a detailed business plan, giving a clear indication of the business, the tax returns, and the bank records along with hefty collateral in case you default on the loan.

Avail Lines Of Credit

Line of credit is perfect for short term loan needs-say meeting daily expenses or buying new equipment. If you have to purchase a medical practice or need to expand office space then you require a long-term loan.

Keep In Mind

• Lines of credit have a term of 12 months
• They have higher interest rates that are not suited for larger, long-term needs
• Your credit score can be factored into the approval

Avail Alternative Lender

There is high flexibility when it comes to repaying via alternative lending. There are creative loan options to choose from- one that compliments your business perfectly. You want to choose a payment schedule that moves in sync with your sales volumes.

Keep In Mind

• It is not time-consuming, with the process being straightforward and simple.
• There is no need for heavy documentation for the application to be approved.
• Alternative lending focuses more on the business potential rather than your credit history so that your credit score isn’t the sole factor that can decide whether you get the loan approved or not.
• If you are in quick need of the capital, then you are in luck. The approval process is quick, so when new opportunities arise for your practice, you are ready to seize it and make the best use of it.

Loans From Small business Administration

Small Business Administration

Also penned as SBA, this is a government-backed agency that is experienced in lending to small businesses, which include dental practices like yours. They will look into the exact purpose of your funding, and you should be prepared as the process for getting approval is lengthy and requires a mountain of documentation.

Keep In Mind

• Your personal credit score, your credentials, and your business acumen are carefully looked into as part of their approval criteria.
• It can take upwards of 90 days to get an approval
• They require collateral to be put forward. Make sure to read through all of the fine print, and the liability depends on the loan product that you choose.
• The SBA guarantees these loans through a partnered lender, such as banks, which means that your business plan needs to be detailed and satisfactory as per their standards. The application process is very rigorous and they scrutinize every aspect of your trade. You will need a current overview and explain what the future outline of it could be.

The Bottom Line

It is expected that the challenges and benefits of taking a loan are understood to you. if you are looking for a financing solution that is perfect for your dental practice, then get in touch with us, Building Block Capital, at (877) 386-3035 or email us at info@buildingblockcapital.com

We can help you find exactly what you are looking for!