As a dentist, medical physician, or veterinarian, you are likely aware of your skillset. For years,
you went to school and grew your knowledge and abilities as it relates to helping your patients
achieve positive health and wellness outcomes. As financial consultants who specialize in
helping professionals like yourself, we have done the exact same thing, just in a different
discipline—and seek to assist you as you achieve positive financial outcomes for your practice.
At LenDRgroup Consulting, we work specifically with private dental, medical, and veterinary
practices and are passionate about helping you understand what the best loans are for your
individual business. In this blog, we will outline some key loans you will want to know about.
Depending on your needs and goals, practice loans can be used for a variety of things,
including:
Ultimately, different loan products can address each of these unique needs.
There are a few options available to professionals like yourself, including:
SBA Loans: An SBA loan is a traditional term loan offered by the U.S. Small Business
Administration. They are considered the best-of-the-best when it comes to small
business loans as they have great terms and offer wide flexibility. Here are some fast
facts:
Bank Loans: Healthcare practices tend to fare better than other small businesses with
bank financing, and several large banks, like Wells Fargo and Bank of America, have
dedicated professionals and resources to meet the needs of practices—however, your
credit score will be highly scrutinized. Here are some quick facts:
Short-Term & Medium-Term Loans: If you need a fast loan with as little paperwork as
possible, a short-term or medium-term loan from an online lender might be right for
you. However, these loans tend to be more expensive and have shorter repayment
periods. At the same time, you could get the cash you need in as little as one business
day. If you are having cash flow challenges, this could be an answer. Some facts include:
solution. Like a traditional credit card, a line of credit gives you access to funds set at a
max amount. You pay interest only on what you withdraw/use. When you pay off a
balance, those funds are available again. Here are some facts:
a critical part of running a practice—and represents some significant costs. Therefore,
financing equipment through a loan is a great option, especially if one has bad personal
credit. Equipment loans can also be combined with other forms of financing. And here
are the facts:
Of course, now you are likely wondering which loan or loans is best for you. Ultimately, many
financing strategies can be created depending on your individual needs, goals, and
objectives—and that is where LenDRgroup Consulting can help. Because we only work with
dentists, medical physicians, and veterinarians, we understand your focus as well as your
challenges.
We would love the opportunity to consult with you over what the best loans are for your
practice’s needs—and are connected with many different types of lenders to address ranging
requirements. Reach out to us today and let’s talk.