Are you trying to make your physiotherapy clinic the best in your community? Running any type of business, let alone a medical business can be very expensive, that’s why a business loan can be such a valuable asset for any business owner to have. If you’re in the market for a business loan for your physiotherapy clinic or are interested in more information about how a loan can help you grow and expand your clinic, you’ve come to the right place.
Cover Your Physiotherapy Expenses Using a Business Loan
If you’re the manager of a physiotherapy facility, then you’re well aware of just how high your expenses can run. The anxiety over your financial situation can cause you a lot of stress and take your attention off your patients’ health. However, if you have a trustworthy business loan on your side, you’ll soon find your stress disappearing. Whether you use your funds to take on new staff, update your facilities, or buy new medical equipment, getting yourself a business loan is definitely the right choice for the success of your physiotherapy clinic.
Here are some ways you can use your business loan:
To Purchase Physiotherapy Equipment
Running a top-notch physiotherapy facility involves having access to a variety of psychotherapeutic treatments such as massage therapy rooms, electrotherapy rooms, hydrotherapy pools and more. A business loan can help finance the construction of these rooms as well as certain physiotherapy equipment such as adjustable treatment tables, rehabilitation treadmills, bikes, and ellipticals.
A business loan can also help finance miscellaneous fitness tools such as fitness balls, resistance bands, stretching mats, foam rollers, balance boards, assorted weights, and more. It can also help you purchase inventory for any physiotherapeutic products you sell.
Every physiotherapy clinic will require certain professionals to properly operate. This includes hiring certified physiotherapists, chiropractors, and other medical professionals. In addition, you’ll likely need a team of employees for other parts of your business including administrative, sanitation, marketing, and more.
Finding a business loan that caters to your needs can be difficult. Here are 4 steps you should take when applying for a business loan.
1. Find Out If you Qualify
Depending on the lender you choose, you’ll have a set of requirements you’ll have to meet in order to qualify. This includes your time in business, your revenue flow, your asset value, your debt levels, your credit score and more. Checking your credit score and finances in advance will allow you to find lenders whose requirements match your financial situation.
It’s important to have all your documents organized prior to applying for a business loan. By doing so, you’ll avoid any potential rejections due to a lack of proper documentation. Here are some documents you may need during the application process:
Personal identification documents – A government-issued photo ID, proof of address, and other personal identification documents will be required.
Business identification documents – Your business license number and permits may also be required to verify your business ownership.
Financial documents – Tax returns, bank statements, revenue statements and other financial documents will be requested to evaluate your business’s financial health and creditworthiness. Additionally, a business plan may also be required as part of the underwriting process.
3. Compare Rates and Obtain Quotes
Proper research will allow you to find lenders with loan terms that work with your financial situation. Moreover, by obtaining quotes, you’ll get a better understanding of your potential costs without having to waste hours speaking with an agent. It’s also a great way to price shop without any negative consequences to your credit. You can also use online comparison tools and websites to research lenders quickly. For example, at Loans Canada, you can not only compare lender rates, terms, and reviews, but you can get multiple quotes from different lenders with a single application.
You can either apply online or in-person depending on the lender you choose. If approved, be sure to review your contract prior to signing. It’s important to look over the rate and fees of the loan as some lenders may hide important details in the fine print. If you don’t understand something, ask your lender to clarify it for you. Once reviewed, simply sign the contract and send it back to your lender. You should receive your funds shortly thereafter.
Other Loans You Can Use to Finance Your Physiotherapy Clinic
While a business loan can finance most expenses, you may find other financing options more beneficial depending on the type of expense.
Unlike a business loan, an equipment loan is secured against the equipment you purchase. This makes it great for financing expensive physiotherapy equipment as the security makes it easier to qualify for. Moreover, you’ll have a higher chance of getting a lower rate, which can save you a lot in interest. However, the downside the equipment financing is that most lenders are only willing to lend up to 80% of the equipment price.
The Government of Canada has a variety of business financing programs. One of the most well-known programs is the Canadian Small Business Financing Program (CSBFP). It offers small businesses making less than 10 million in revenue up to 1 million dollars in financing. However, equipment purchases and leasehold improvements will only receive up to $350,000. Businesses interested can apply through most major banks and financial institutions in Canada.
A business line of credit can provide your physiotherapy clinic with the financial security it needs for emergency expenses. It is a highly versatile form of credit that you can access whenever you need it. Like a credit card, it allows you to withdraw money up to a certain credit limit, which you can reuse as you pay it back. Moreover, interest is only paid in the amount used.
Yes, while bad credit may hold you back with banks and other traditional financial institutions, it will not with alternative lenders. Unlike a bank, alternative lenders use more than your credit score to determine your creditworthiness. They use a variety of factors including your revenue, cash flow, time in business, debt level, assets and more.
How fast can I get a business loan?
The funding speed depends on your lender’s underwriting process. In general, banks have a longer process due to their stringent lending standards. As such, most banks will take at least a few weeks before you’ll receive any funding. On the other hand, alternative lenders usually have a partially automated underwriting process that allows them to approve and fund businesses in as little as 2 days to a week.
How do I get a good business loan rate?
There are a few things you can do to secure a low-interest rate. One of the most obvious but time-consuming ways is by improving your credit score. This can be done by making on-time payments and reducing your debt level. If time is of the essence, you could secure a lower rate by offering an asset as collateral, providing a personal guarantee or getting a cosigner.
The Right Business Loan For You
Securing the best business loan for your physiotherapy clinic doesn’t need to be impossible. With Loans Canada, you’ll be set up with the best financing available. Simply apply to access:
Competitive interest rates
Efficient payment plans that will work alongside your financial situation
Fast funding (receive your loan in as little as 2 business days)
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