When first opening a dental practice, there are a number of things to consider before opening your doors. One of the most important things to consider is how to secure a loan for opening costs and how much would be required. According to Bank of America, opening your own dental practice can cost as much as $500,000 to cover the necessary expenses. For dentists that are building their practice, this can be an intimidating cost to consider but can be achieved through the proper loans and investors. To ensure that your practice can stay on track for the grand opening, consider the following tips to help secure a loan.
Talk To Your Bank Or Credit Union
One of the first places to consider applying for a loan from is your bank or credit union. Obtaining a loan this way can help ensure that you will have all of the funding you need while also providing resources from your bank to help keep track of everything. Additionally, a variety of major banks can offer loans for a dental practice, including Bank of America, Wells Fargo, and U.S. Bank.
Small Business Administration
A common place for potential business owners to look for funding is through the Small Business Administration. While this is not the main place for medical loans, they can provide a variety of incentives that can make the process easier, including fair loan interest rates and flexible terms. The Small Business Administration is also an excellent resource to consider if you do not have investors secured.
Secure Funding Elsewhere
While not as common within the medical field, it is also a great option to crowdfund through investors and other lucrative channels. If you do not have potential investors available, there are online lending companies that can help secure the loan that you will need. Examples of these lenders include OnDeck and Currency.
While these are all excellent options to consider for a loan, ensure that you do detailed research to determine the best choice. There will be times when one approach makes more sense for your situation and should be carefully considered before making the final decision.
Viper Equity Partners 