A healthy smile goes a long way. In fact, the realm of orthodontics is a highly profitable field with many great opportunities. For those orthodontists who own their own practices, you know that the success of your business can sometimes rely on having the right funding at the right time. A good orthodontic practice, like any professional medical facility, should be stocked with the latest, most advanced technology and best resources available so that your business flourishes. Unfortunately, most medical supplies are costly, to say the least. While managing your own orthodontic practice is expensive, there are plenty of solid business loans available to help you finance it.
Want to start your own orthodontic practice? Then check out what you need to start a business in Canada.
As we said before, we’re well aware of the exorbitant costs of things like medical equipment and reliable space to practice your craft. That’s why a business loan can be an extremely beneficial financial tool for both you and your practice. Below, we’ve listed a few of the resources you could have at your disposal once your loan is approved:
A visit to the orthodontist isn’t always a pleasant experience. With a business loan, you can create a modern, spacious, comfortable and entertaining area for your patients to wait for their appointments. For example, you can purchase high-quality furniture and televisions to occupy your waiting room. Additional funding can also help you afford a larger, easily accessible locale when necessary.
As mentioned, orthodontic equipment can be expensive but necessary. You can purchase state-of-the-art orthodontic equipment such as adjustable patient chairs, overhead lighting, dust and fume controllers. You can also purchase the latest orthodontic instruments such as pliers, headgear, bite sticks, cutters, gauges, impression trays, and more.
There are a variety of orthodontic supplies required to properly operate your practice. While they may individually be affordable, these small costs can add up, making it hard to afford. With a business loan, you can spread your payments and purchase all your orthodontic supplies such as elastics, floss, cleaner, bands, brackets, and bonding agents. You can also finance any modern laboratory supplies you may need.
Learn how to better manage your small business inventory.
In order to operate your business, you’ll need a support staff. Many orthodontic practitioners have secretaries, laboratory technicians, and hygienists. You’ll also need to purchase safety and protective gear like lab coats, masks, safety glasses, and other medical equipment.
For efficiency and organization, you’ll also need good office equipment and supplies like computers, printers, phones, scanners, intercom, paper, pens, and other miscellaneous items.
Thinking of hiring an employee? Be sure to set up payroll.
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Before applying for a business loan, it’s important to understand how much it will cost you over the life of the loan. In order to calculate the cost of the loan, you’ll need to consider the following factors:
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There are several ways you can apply for a business loan to cover your orthodontic practice’s expenses. Depending on your financial health, some will yield you better results than others.
The most traditional way to obtain a business loan would be through a bank, credit union or some other traditional financial institution. Problem is, these institutions often have strict lending standards and a long application process that makes it hard to get a business loan. For example, most banks require a good business credit score to qualify which start-ups and young orthodontic businesses don’t yet have. On the plus side, if you are able to qualify for a business loan with a bank, you’ll have access to competitive rates.
If you have a bad credit score, business or personal, applying with an alternative lender would be your next best choice. Alternative lenders have much more flexible lending standards and often cater to individuals and businesses with subpar credit. While their rates may be more expensive, their loan approval and funding process are a lot easier and faster.
The Government of Canada offers a small business financing program called the Canada Small Business Financing Program (CSBFP). Applicants can receive loans up to $1 million and up to $350,000 for equipment and leasehold improvements. This program is available through most major banks, credit unions, and other financial institutions in Canada.
Learn more about how you can finance your business through government financing programs.
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
Depending on the lender you choose, the requirements to qualify will vary as each lender has their own set of rules and lending standards. However, in general, most lenders will base your approval on the following criteria:
In addition to business loans, there are a number of other financing options available to cover your orthodontic practice expenses.
In order to successfully operate your orthodontic practice, you’ll need expensive equipment. While a business loan can help you finance it, an equipment loan can as well. An equipment loan works just like a business loan except, the equipment you’re purchasing is used as collateral to secure the loan. This security makes an equipment loan much easier to qualify for and can potentially lead to better rates as well. However, it is important to note that most lenders will only finance up to 80% of the equipment, as such you’ll need to come up with the other 20% yourself.
Having access to a business line of credit is great for emergencies as you’ll have instant access to it whenever you need it. Moreover, it’s great for covering small orthodontic expenses, as you only pay interest on the amount that you use.
If your orthodontic equipment needs repair or you need to finance some other large expense quickly, a merchant cash advance can be obtained fairly quickly and easily. With a merchant cash advance, you receive a lump sum of cash in exchange for a percentage of your future credit and debit sales.
We can connect you with a great business loan lender who will help you keep your orthodontic practice operational and profitable. Our partners can provide you with many benefits that most banks and other traditional financial institutions might not, such as:
A business loan can help make your dreams of running a successful and profitable orthodontic practice a reality. Get the process started today.
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