Plastic surgery can cost a few hundred to a few thousand depending on the type of surgery a person gets. In general, non-surgical procedures like lip enhancements and injectable fillers will cost a lot less than surgical procedures like liposuction or Rhinoplasty. In Canada, many opt for these procedures to better their health or to physically enhance their appearance.
According to Global News, plastic surgery is expected to increase as it did in America. This in part, is due to the exposure and available information on plastic surgery and the overall societal culture that is pushing towards acceptance of all body images.
Types of Plastic Surgery Procedures
There are a number of procedures performed by plastic surgeons, both surgical and nonsurgical. Here are some of the most common procedures categorized by body area:
It’s clear that plastic surgeons play an important role in a lot of Canadian’s lives. So whether you have a plastic surgery clinic or want to start your own plastic surgery clinic, you’ll need to have access to the right financing to succeed. Medical technology, tools, and supplies are some of the most expensive items in the plastic surgery field. Not only that but maintaining a sanitary, elegant clinic that patients will trust is not an easy task by any stretch of the imagination. So, for the financial side of things, the right business loan can help your plastic surgery clinic in a lot of different ways.
Ways a Business Loan Can Help Your Plastic Surgery Clinic
As mentioned, the financial aspect of running any medical facility is one of the most difficult. Nevertheless, if you have a good business loan on your side, you’ll be able to invest in the areas that need your attention, such as:
Plastic Surgery Equipment
A business loan can help you purchase new surgical and patient care technology such as anesthesia machines, vital statistics monitors, surgical tables, infusion pumps, autoclaves, surgical microscopes and lights, electrosurgical units, defibrillators, liposuction devices, etc.
You’ll also need a large sum of funds to equip your clinic with all manner of surgical and cosmetic supplies such as therapy sheets and eye masks, diagrams, silicone blocks, botox injection supplies, chemical peel supplies, sheeting and tubing, bandages, compression garments, sterile gloves, masks and other disposable garbs.
Whether you need to renovate or furnish your clinic, leasehold improvements can be very expensive, which means you’ll need access to more capital. With it, you can furnish your patient’s waiting room with chairs, tables, televisions, an intercom system, and more. You can also use it to construct and furnish sophisticated and sterile examination/surgical areas. Lastly, you can also use the funds to construct special access points like wheelchair ramps, elevators, and escalators for those with limited mobility.
Best Business Loan Providers For Plastic Surgery Clinics
Qualifying for a business loan is a complicated process. There are numerous factors and documents lenders require to process your application. To help simplify the process, we’ve put together a list of items you’ll generally need to qualify:
Credit Score – Your personal and business credit score will be evaluated by your lender when you apply for a business loan. However, if you’re a small or young business with little financial or credit history, your lender will put more emphasis on your personal credit. The higher your credit score, the more creditworthy you’ll seem.
Revenue – Lenders typically have a minimum revenue requirement to qualify. As such, the amount of revenue you generate in a month or year will be evaluated. The higher and more consistent your revenue is, the higher your chances will be of qualifying.
Cash-Flow – Having a positive cash flow is a huge indicator that you’ll be able to repay your debts. The reason is, negative cash flow basically tells your lender that your expenses are more than the revenue you generate, which means you won’t have the cash to repay the debt. As such, lenders will often check your cash-flow statement to see if your business struggles with its cash flow.
Assets – Lenders will need to verify the value of your assets if you plan on securing the loan with a business asset. This includes items such as your business equipment, accounts receivable, vehicles, real estate, and any other item that holds value.
Time in Business – More often than not, lenders will have a” time in business” requirement. Banks usually lend to businesses that have a solid track record while alternative lenders are willing to lend to businesses with experience as little as 3 months. However, on average, alternative lenders offer loans to businesses that have been established for at least 1 -2 years.
Additional Financing Options For Your Plastic Surgery Clinic
As mentioned, there are numerous expenses you have to deal with as an owner of a plastic surgery clinic. While a business loan can cover almost any expense, there are other ways you can finance your business. Depending on the expense, one financing option can yield better results than others.
Business Line of Credit
A business line of credit can help cover any immediate business expenses, short-term cash-flow shortages, and other small business costs. It is a form of credit that grants you access to a certain limit of credit that you can withdraw from at any point in time. Moreover, interest is only paid on the amount you use and like a credit card, funds can be reused as you pay it back. This makes it ideal for recurring costs, small business purchases, and emergency situations.
Merchant Cash Advance
If you’re in urgent need of cash, a merchant cash advance is a good alternative to a business loan. While it may be an expensive way to borrow, it’s great for emergencies and those with bad credit due to its low requirements and fast funding. To qualify for a merchant cash advance, you simply need to have a consistent flow of card sales. Lenders will provide you with a loan on the condition that you pay them back with a portion of your future card sales.
An equipment loan can be a better alternative to a business loan when purchasing an expensive piece of equipment like an anesthesia machine. The reason is, an equipment loan works similar to a business loan, except it’s secured against the machine you buy. This added security makes it a lot easier to qualify for, that too at a lower rate.
How do I increase my chances of getting a business loan for my plastic surgery clinic?
One of the fastest ways to increase your ability to get a business loan is by securing the loan with an asset or by getting a co-signer. Doing so will reduce the risk you pose as a borrower as the lender has something to fall back on if you end up defaulting on the loan. You can also increase your approval odds by increasing your credit score and fine-tuning your business financials.
Can I get a business loan with a bank if I have bad credit?
Your credit score is one of the most significant factors banks use to determine your eligibility for a loan. So, your chances of getting a business loan from a bank with bad credit are slim to none. However, if you apply with an alternative lender, you’ll find that bad credit isn’t the end of the world. Alternative lenders, will not only take your credit into consideration, but they’ll evaluate your financial situation overall.
How fast can I get a business loan for my plastic surgery clinic?
In general, it can take a few weeks to a few months to get approved for a loan with a bank. But, alternative lenders can take as little as a week to approve your application. The reason is, alternative lenders usually have flexible lending standards and an underwriting process that is partially automated.
Climb Toward Success With a Business Loan
If you’re ready to fund your business, apply today with Loans Canada to access:
Financially viable payment and interest rates
Good payment plans to go with those favourable rates
Short waiting times for receival of loans, often 2 days following approval
Best of all, satisfaction knowing that your financial issues are resolved, so you can spend more time improving your clinic and patients’ well being
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