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Dentists are pillars within health care but face unique obstacles. Most patients come on an emergency or as-needed basis. Company benefits facilitate patient visits, but some carry their own dental insurance as well. Teeth are important to care for, but certainly expensive. Indeed, there are costs on both sides. The dental patient must find a way to afford the care. The dental practitioner must find a way to afford the office, the staff, and the proper equipment.
As a dentist, you may require help meeting certain financial hurdles. Patients that pay through benefits may have a set up for the company to pay directly to you. Sometimes there is a lag time between when the benefits are approved and when the funds are deposited into the dentist’s account. While this money is guaranteed to come in, bills still need to be paid in the meantime. Staff need their paychecks, mortgages or rent on the office comes due, and any costs associated with equipment will be ongoing.
The need to continue to pay for equipment for months or years to afford it is something many patients never consider. Indeed, even after equipment is fully funded, there will come a time when upgrades are necessary in order to keep up with the best treatment practices. Success in dentistry comes with its own challenges. While advertising efforts can be undertaken to promote growth, the following need for expansion is both a blessing and a curse. More clients come with a need for more skilled employees to provide services. The best applicants are worth their asking prices, but sometimes, especially at the beginning of growth, this can add a difficult financial burden. Adequate equipment is needed for these employees to work, and sometimes even office space needs to be renovated or changed altogether. Or you may simply need more storage space for extra equipment, products, or other tools of the trade.
For these and many other reasons, having a business loan for dental practice can be prudent. In good times or bad times, it can be beneficial to have qualified and obtained a loan as a “just in case” measure. When times are good and you need to act quickly in order to capitalize on an opportunity, you will know you have the funds to do so. When times are bad, the last thing you will want to do is wade through pools of lenders. Looking for funds to keep your business floating as you address personal situations in your life can be challenging and stressful. Having the funds already aside will be an enormous relief. After all, work as a licensed professional is stressful enough without the curveballs life throws.
Being a licensed professional, dentists can find certain advantages in loan approval. A good credit score is still necessary, but the restrictions are looser. A score as low as 630 can get you a loan, although higher is always better. There is no cost to apply and the performance fee may also be waived in you favor. Income will be taken into consideration but does not drive a hard limit. Loans can be obtained for up to $500,000. Interest rates only start at 10% and the terms of the loan can be over 10 years.
New dentists starting out may find other factors to take into consideration. There will be solid debts from student loans to manage, as well as the need for malpractice insurance. Buying into a practice, or taking one over, will necessitate funds. These are easy to enter into as a thriving practice will often pay for itself in no time. The investment to follow your passion is an easy one to make. In addition to malpractice, there are other insurances you will want to cover any inadvertent injury to staff on the job. If you are just newly licensed, you have lots of options.
We know how to treat applications from licensed professionals. Dental loans for high amounts are available in Utica. Low interest rates can be obtained, especially if you know the right place to look. Although not a lending company itself, our partner has access to a large network of lenders and huge knowledge base. They can help you secure the high amount loan you need in order to kick-start your practice, or take it to the next level. Think you might need more loans over the course of your career? There is no limit to the amount of times you can apply. Apply now and see what the future can have in store for you!