Are you running a clinic and want to renovate it? Or are you planning for medical practice? If so, there are a lot of things you need to take into account. This may include arranging funds, paying rent, handling office expenses, buying medical equipment for diagnosis and treatment, paying salaries to staffs, and much more. Depending on your medical practice, the equipment and machinery used for the treatment and care of patients can be expensive, burning a big hole in your pocket.
Thanks to the availability of small business working capital loans. This is a type of loan that enables you to accomplish your needs of the hour.
Let’s go through this article and discuss why you need financing and how a working capital business loan can help you approach this problem.
Why the Need of Loans?
For a state of the art infrastructure and well-equipped clinic, you need to install several machines. To take an example, the latest digital X-ray machine is a must. It may cost you around USD 125,000. And if you are looking for the most advanced and modern one, then the price may go up to USD 235,000. It depends on the power productivity options that it provides or the type of detector selected.
You need to have all the facilities possible for every practitioner. When you think about serving the most practitioners, you should go for full-coverage for the blue, detector, and battery, etc. It enables you to avoid any high-cost repairing and replacement of the machinery parts. Like an advanced digital X-ray unit, you need to have other equipment. This includes ultrasound, MRI and CAT Scans, Scanning Equipment, Mammography, Nuclear PACS Systems, Computer hardware and software, Laser Equipment, EMR Systems, and Robotic Surgery Equipment.
Now the point is these machines are available at a remarkably higher price. If you are going to start your medical practice, then buying these machines will eat up all your savings. Also, if you already have a healthcare center and want to add a new medical device, then it may be costly to choose the right product. This is where you will need to look for the best short-term business loans working capital. This funding will take the financial burden away from you.
Business loans working capital
A short-term business loans working capital is the right way to arrange money for your business. Many medical practitioners may already have availed the benefits of the loan to cover their education expenses. The bad news is that traditional banks and financial institutions are reluctant to offer loans to a person like you. They are hardly ready to finance the establishment of your medical practice. This is where the loan of working capital is the right alternative option.
Tips to Avail the Desired Funding
There are some easy steps to follow to the loan.
- Look for a reliable lender who can offer you alternative business loans
- Fill the pre-approval form and have a conversation. The details to be filled in the form may include the loan amount, estimate sales figures in case of a new healthcare
- Provide exact monthly sales figure if you are already running a clinic
- Years of experience. Usually, six months in the medical practice is required to be eligible for the loan
- Submit the form and paperwork. Minimal paperwork is required.
- One the pre-approval form is filled, wait for the approval. It takes four to six hours.
- The approval depends on many factors, such as the size of the loan, credit report, the loan-term, etc.
- Once the lender approves your application, the amounts are wired directly into the bank account of your company.
Note: Usually, capital funding for a small business like medical practice starts at 5.99%. And the repayment term is usually 7-years. Besides, you will need to make repayments on a monthly basis.
To conclude, a small business working capital loan is an excellent option to arrange money at the time of need. It is not only available for the medical industry, but you can apply for the loans to revamp your existing business.