One of the hardest-hit aspects of the economy during down cycles is the ability of dental practices and other businesses to receive financing assistance, whether for purchasing a practice or expanding and making improvements to an existing practice. Banks are more likely to lend during good economic times, but lenders become much more circumspect when uncertainty permeates the economy. But that doesn’t mean it’s impossible to find capital for your dental practice. It simply means the process is not as simple as filling out a few forms and waiting for an affirmative response.
A dental CPA from Reliance Consulting, LLC, can help you weigh your options as you seek financing assistance for your dental practice. The first step is to work with your dental business consultant from Reliance to estimate your startup costs or the costs of your improvements. Once you know how much money you need, a part of our dental practice management service is to help you begin to research the best way to fund your business. With a Reliance dental business consultant at your side, you can consider the merits of these and other sources of capital:
- Equity financing
- Venture capital
- Short-term debt financing
- Long-term debt financing
- Local, state, or federal grants
Reliance Consulting was founded in 1984, and quickly became one of the premier accounting and business consultancy firms in the Tampa Bay area. Healthcare has long been our specialty, and we have spent years building relationships with dental practitioners, so we know the business inside and out. We have helped many dental practices reach and sustain maximum profitability. One way we do that is to conduct thorough research into financing options based on your unique requirements. Contact us today for more information about financing assistance, or for a free financial health checkup for your dental practice.