By running a dental practice or laboratory, you’re on the right path toward a good salary, a stimulating work environment, adjustable hours, and many other benefits. However, managing any self-sustained business is expensive and time-consuming. It takes a lot of working capital to keep any medical facility in top shape. Being a dental expert also means you’ll need access to all kinds of equipment and supplies, not to mention a safe space for your patients to feel comfortable. This is where the right type of business financing can help.
Running a dental practice or laboratory is similar to any avenue of medicine in that there are constant expenses to think of. After all, you want the very best for your patients and require top of the line oral-care equipment and the highest quality dental supplies. A business loan is one of the best ways to get all of those things. Here’s how you can use your business loan for the benefit of your practice or laboratory:
| Amount | APR | Term (months) | ||
 | 1k-300k | Fee-Based: Starting at 9% | 12- 60 | Learn more |
 | 5k-300k | 8% – 29% | 6-18 | Learn more |
 | 1k-500k | +5.9% | 3-60 | Learn more |
 | Up to 300k | 8%-22% | 6-12 | Learn more |
 | 5k-500k | - | 6-18 | Learn more |
 | 100K + | 6.05% + | 60 | Learn more |
 | 5K-100k | 15%+ | 12-18 | Learn more |
Each lender has their own set of rules and lending standards that you must meet in order to qualify. However, in general, most lenders will evaluate the following criteria.
When applying for a dental practice loan, you may also be required to provide the following documents for verification.
Business plan – As mentioned above, you may need to provide a business plan to communicate your business need for a loan.
When calculating your dental business loan payments there are a few key factors to consider.
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There are a variety of different loans you can use to help cover any expenses your dental practice may incur.
When running a dental practice, you’ll require certain equipment to successfully operate your business. Computers, dental chairs, dental drills, scalers, and x-ray machines are just a few of the many items you’ll need to purchase. An equipment loan is a great way to finance this expensive list of items, especially for individuals with bad credit, as the equipment itself acts as collateral.
Finding a place to open your dental practice is one of the highest costs you’ll incur. Like a regular mortgage, a commercial mortgage can help you finance your dental property over 5 to 20 years with an amortization period of 25- 30 years.
A business line of credit is a revolving loan that you can use at any time up to a certain credit limit. This form of credit is great for small short-term expenses as you only need to pay interest on the amount you use. Like a credit card, once you repay the amount you owe, you regain access to the entire credit limit. In times of emergencies, a business line of credit can help dental practitioners pay rent, purchase supplies, boost cash flow and other small short-term expenses.
A merchant cash advance is a loan that is repaid through a percentage of your future credit card sales. While it is an expensive way of financing, it is one of the fastest ways to gain access to extra funds. If you have a fairly regular amount of credit card sales, you can use it to cover any unexpected expenses.
The Canadian Small Business Financing Program (CSBFP) is a government financing program for small businesses. It provides loans up to $1 million and $350,000 to purchase equipment or leasehold improvements.
If you’re looking to finance or expand your dental practice or laboratory, we can help you access business loans that you can benefit from. Some of the services these loans include, but aren’t limited to:
Submit an application today and be one step closer to getting the funding you need to take your dental practice to the next level. Business loans for all business owners are just a click away.
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