Feet support our entire body, from our legs to our head, our feet carry us around each day. Given the importance of our feet and the fact that approximately 75% of Canadians will experience health problems related to their feet, you can imagine why being a podiatrist is a lucrative career.
If you plan on starting a podiatry business in Canada, you will require capital. That’s where a business loan comes in. A business loan can not only help kick start your business but can also help established podiatry businesses with both operating and expansion costs. With the right financing, you’ll be able to create a business that you not only feel proud to own but that will better serve your community and clients.
If you’re a professional podiatrist or the manager of the clinic itself, you’ll want to have the best instruments and latest equipment to keep your patients feeling comfortable and give them the best care possible. A business loan can also help you take on more patients, advertise to a wider audience, rent a larger location, and finance expensive medical tools, equipment or supplies. Here are some of the things a good business loan can do for your podiatry clinic.
As a podiatrist, you’ll need access to the latest podiatry equipment such as nail drills, ultrasound machines, surgical tables, lighting, treadmills, video cameras, analysis software, patient chairs, and more.
You’ll also need access to lab garments, surgical attire, disposable gloves/masks, safety glasses, stethoscopes and other podiatric surgical tools.
Learn how to manage your business inventory?
Similar to a dental clinic, you’ll need to construct a waiting room for your patients and an office for yourself or the manager. The waiting room will require new, comfortable furniture like chairs, desks, tables, or sofas. On the other hand, your office may require supplies and equipment such as pens, paper, telephone systems, computers, fax machines, paper, and printers.
| 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 |
| Short-Term Loan | Long-Term Loan | |
| Loan Amount | $40,000 | $40,000 |
| Interest Rate | 7.0% | 7.0% |
| Term | 3 years | 7 years |
| Monthly Payment | $1,235.08 | $603.70 |
| Total Paid | $44,463.02 | $50,711.44 |
| Total Interest Paid | $4,463.02 | $10,711.44 |
There are many options available for businesses to finance whatever expenses they may have. Here are some popular options available for your podiatry businesses:
If card sales are one of the main ways you accept payment for your podiatry services, then you could use a merchant cash advance to fund your business expenses. A merchant cash advance is an expensive but fast and easy loan to qualify for. Businesses that have fairly consistent revenue through card sales can easily qualify for a merchant cash advance. Lenders will provide a lump sum of money in exchange for a percentage of your future card sales.
Obtaining a large business loan can be difficult without providing some asset as collateral. That’s why equipment loans are great. An equipment loan works like a standard business loan, but the equipment you purchase acts as collateral for the loan. That way, you can finance expensive pieces of podiatry equipment without the need for additional collateral.
Find out if you should finance or lease your equipment.
When it comes to small or emergency expenses, a business line of credit can be a lifesaver. You’re able to withdraw money up to a certain credit limit, which you can then reuse as you pay it back. Moreover, interest is only charged on the amount you use and you can choose to repay when you want. However, you will have to pay the interest. The accessibility and versatility of a business line of credit make it a product that every podiatry business owner should have in their arsenal.
The benefits that come with a good business loan are almost endless. More patients, more success, and more profits. Acquiring your business loan through Loans Canada to access:
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