Representative example: Anton opens his own physical therapy practice
Anton just graduated with a degree in physical therapy and wants to open his own practice. He finds a conveniently-sized commercial property near his home leasing for $1,250/month ($15,000.00/year). Along with all the other costs of opening a practice – including equipment, insurance, administrative expenses and hiring an extra staff member – Anton figures he’ll need about $75,000.00 to get his business up and running during the first year.
He applies for a business loan from an online lender and, thanks to his solid credit score and compelling business plan, is approved for the amount he needs. Anton signs the loan documents, and the funds are deposited into his account within a couple of business days.
|Cost of purchasing a pharmacy||$75,000.00|
|Loan type||Business loan (term loan)|
|Interest rate (APR)||7.99%|
|Loan term||5 years|
|Additional fees||Origination fee of 3.00% ($2,250.00)|
|Total loan cost||$91,222.20|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.