Finance Your Dental Practice with These 3 Tips: Business Loans and Financing Options for Dentists
As technology evolves, your practice grows and you hire more people to work with you, there are many reasons dentists need loans and financing even years after opening their dental practice. As a dental practice owner, you may find you have so many things to do each day – review patient records, give each patient enough time with you to fully have their questions and concerns answered, help train new employees, manage your practice’s accounting. So adding researching and securing a loan to your list may seem overwhelming, but it doesn’t have to be. Here are three tips to consider for help financing your dental practice.
1. Consider the type of loan
Bank loans are often the first thing many people think of when seeking a loan, because banks are in the business of money. You probably already have a relationship with a bank for your business. When looking at bank loans, though, be sure to keep in mind they often have many requirements and it can take longer to get the money in your hands.
Loans backed by the Small Business Administration (SBA) have become a popular choice among small businesses like dental practices. While the government does not grant these loans, they set forth guidelines for lenders, which can reduce the risk for lenders and help business owners get access to more loan options than they may have otherwise.
Alternative loan companies are the third option to consider, as they can be easier and quicker. They have requirements, just like any other financing option, but can be more lenient. This makes the process smoother and faster. If adding a trip to the bank to your to do list doesn’t sound appealing or even possible, then the online applications from alternative lenders may help your workload.
2. Consider what you need the money for.
As mentioned, there are many reasons established dental practices may need to take out an additional loan.
- Did your X-ray machine die?
- Do you need to expand your office to accommodate the number of patients you have?
- Do you need to upgrade your computer equipment or records management system?
- Do your basic instruments need to be replaced?
- Does your license need to be updated?
All of these are important reasons to apply for loans, but there are many more, including paying down debt from purchasing an office, paying subcontractors, paying bills and more. The use of the loan and how much you need to be able to pay for the things your dental practice needs can determine what loans are available to you. When looking for loans, you may be able to find some that meet your specific purpose, so keep in mind what you need when you apply.
If adding a trip to the bank to your to do list doesn’t sound appealing or even possible, then the online applications from alternative lenders may help your workload.
3. Consider how you plan to pay it back.
Repaying a loan can be daunting, especially when you don’t understand the loan’s terms. Each loan is unique and may have different repayment options, including pre-payment penalties for early repayment. Consider how much you can pay back each month, how much time you think you’ll need to repay the loan and if you want to try to pay it off early. Then, look for loans or talk to loan agents about your goals with repaying the loan to find the right loan that meets your needs.
Get a dental practice loan from Fast Track Lenders
Applying for a loan from Fast Track Lenders LLC is quick and easy! An online application with minimal documentation and quick approval can get you back to work with additional funding in no time. A dedicated advisor will answer all your questions, so you can understand the process from application through repayment. Apply today!
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