Opening and maintaining an accomplished dermatological medical facility is not an easy or inexpensive feat. A lot of time, money, and hard work needs to go into your practice if you want it to run smoothly. And a business loan can go a long way in making sure your dermatological office succeeds and remains profitable in the medical community. Moreover, when a patient is looking for a new dermatologist to visit, they want a clean, professional, and practical service. An affordable and convenient business loan can help you attain a dermatological practice that can deliver the best service.
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As we mentioned above, we understand just how expensive and time-consuming running your own dermatological practice can be. That being said, if you’ve already put forth your best efforts into becoming a dermatologist, why not manage a top-notch facility for your patients to return to, time and time again? Here are some of the ways a business loan can benefit your dermatology office, including, but certainly not limited to:
As a business in the medical industry, you’ll need to acquire certain business licenses and permits to legally operate in Canada. Moreover, depending on the province, you may need additional permits. In addition, when running a business you’ll need to purchase various types of insurance such as medical liability, workers’ compensation, and malpractice.
A business loan can help you afford the latest in dermatological equipment and technology such as an ablative/fractional laser system, liquid nitrogen guns, microdermabrasion systems and other surgical equipment. It can also help finance furniture for your examination room such as cabinets, patient examination chairs, sinks, overhead examination lights, and more.
Check out how an equipment loan can also help finance your business.
Smaller expenses can also be financed with a business loan. It can help you purchase lab uniforms, sanitary masks, gloves, surgical garments, and other items to stock your examination rooms and laboratories.
Dealing with inventory can be tough. Learn how to manage your small business inventory.
A business loan can help you move to a new location or buy up more space for your current practice. It can also finance any repairs, installations, and other modifications to your waiting room, office, and workspace.
Learn everything you need to know about leasehold improvements.
Paying employee wages is by far the most expensive cost for most service-based businesses. Unfortunately, you simply can’t skip payroll or negotiate a new payment plan with your employees, like you could with a lender. Since your employees are the backbone of your business it’s imperative you keep paying them in order to run your dermatology practice.
| 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 |
When you borrow money to finance your business goals and expenses, there are a few factors you should consider to help minimize your cost of borrowing.
Getting a business loan can be a stressful process, but here are 4 steps you can take to smooth the process.
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Apart from a business loan, there are several other ways you can finance your business.
An equipment loan is an easier way to finance high-value equipment as the equipment you purchase is used as collateral to secure the loan. Moreover, due to the security it provides, you may be able to qualify for a lower interest rate. However, lenders usually only finance up to 80% of the equipment value, so you’ll need to find another way to finance the other 20%.
A business line of credit allows you to have a reserve of cash that you can withdraw from whenever you need up to a certain credit limit. It is a form of credit that provides good financial security in emergency situations and for general business expenses. With fast access and no limitations on how you can use it, a business line of credit can help your dermatology practice with any number of expenses.
If you accept card payments at your dermatology practice, you can use a merchant cash advance to fund any business expense. It is particularly advantageous for emergency expenses as it’s easy to qualify for and it has a fast funding process. In exchange for a portion of your future card sales, you’ll be granted a lump sum of cash. However, merchant cash advances should be used carefully as it is an expensive way to borrow.
Whether you’re trying to open, grow, or cover an unexpected business expense, a business loan can help you realize your goals. Apply with Loans Canada today to access:
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