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Whether you’re looking for revolving access to working capital or lump-sum funds to expand your pediatric practice, you have options. While lines of credit and business credit cards offer flexibility in how much you borrow and when, long-term business loans and leases can help cover larger expenses like expanding your office or buying new equipment.
A business line of credit gives you continual access to funds — up to a certain credit limit. You can withdraw money whenever you need over a set period of time, usually anywhere from five to 10 years. You only pay interest on the amount you borrow, and your credit line replenishes itself as you pay back each draw.
The flexibility of a line of credit makes it ideal for managing your practice’s cash flow, covering unexpected expenses that crop up or financing a long-term project without a set budget.
Small business term loans like the one's listed below are ideal for larger expenses like buying new equipment, covering business operations or expanding your private practice. Repayments are typically monthly with your choice of fixed or variable rates and terms that range anywhere from five to 20 years.
Depending on the lender, you might have the choice between an unsecured or secured option that’s backed by collateral. How much you qualify for will depend on how long you’ve been in business, your annual revenue and your personal credit score — among other factors.
Your pediatric practice can use an equipment loan to purchase new or upgrade existing equipment. These loans usually require a down payment, which is a percentage of the purchase price of the equipment, and the loan is secured by the equipment itself.
Equipment financing can also sometimes be structured as a lease. When you lease a piece of equipment, you're basically renting it. A lease agreement typically requires no money down and no collateral. Once you reach the end of your lease, you’ll have the option to renew it, terminate it or purchase the equipment outright.
A credit card used for business expenses can be a valuable tool for building credit, smoothing over temporary cashflow issues and keeping your personal and business expenses separate. Many business cards offer rewards programs that let you earn extra points for certain business-related purchases, like paying your phone bill or buying office supplies.
Credit limits can also be higher than with personal credit cards. But most business credit cards have high interest rates, so you'll want to pay off the balance in full by the due date or the interest will quickly add up.
A short-term business or working capital loan can help you manage the costs of day-to-day operations, pay for an immediate need that pops up or take advantage of a sudden opportunity.
Typically, these are fixed-term loans, which have lower amount caps than other types of financing. Interest rates and fees can be higher as well, since there’s often no collateral required.
Use our marketplace below to compare online lenders for small businesses.
Consider the following factors when determining the best business loan for your practice:
Business financing can cover many of the common costs it takes to run your pediatric business, including:
Requirements for a pediatric business loan will vary based on the type of loan you’re applying for. Generally, you need some or all of the following information:
Pediatricians in solo practices are responsible for all aspects of their practice, including staffing and training, establishing policies and guidelines, office hours and finances. But growing your business can be complicated if you can't get the right type of financing when you need it.
A standard term loan can be hard to qualify for when you don't have a long business history, but there are other options to keep you moving forward and growing. Using a line of credit to market your practice can help you land new patients while keeping your existing client base. And new equipment can be funded with a secured equipment loan or lease.
The path to success depends a great deal on if you’re just starting out or have been on the scene for years. These tips from the American Academy of Pediatrics (AAP) are geared toward pediatricians entering private practice for the first time.
If you’re interested in owning a pediatric practice, you can either start your own or buy an existing practice from a physician looking to sell. Either way, you’ll likely need financing. When you’re ready to consider a loan for your pediatric business, read up on the basics with our guide to business loans.
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