If you want to secure a loan and take your veterinary practice to the next level, the accountants at Reliance Consulting, LLC can help. We offer specialized business loan assistance for veterinarians. Our accountants are familiar with the particular needs and financial considerations of the industry. They will explain the various types of business loans and lenders. Then they can help you select the right option for your practice. Additionally, they can prepare compilations to help you secure the loan you deserve. If you are ready to build your practice and enjoy greater business growth, contact Reliance Consulting, LLC today.
When you are looking to take out a loan for your practice, there are several places you might turn. One of the most common resources is the Small Business Administration (SBA). The SBA is a government organization that provides a 75 to 90% guarantee to third-party lenders. In this way, banks can offer credit to small and start-up businesses that might not otherwise qualify for a loan. Typically, SBA loans also have a longer term of repayment than direct loans from a bank. However, SBA loan applications are more complex than those for other types of credit. Additionally, it will usually take longer to get approval.
Instead of an SBA loan, you could choose to take out credit directly from a bank. Usually, banks offer credit with fairly low interest rates. The terms of the loan will also be more flexible so you can do more with your money. However, although the approval process is faster, it may be more difficult to get approved in the first place. In addition, you will typically have less time to repay your loan, and you may need to refinance after several years.
Finally, there are other third-party lenders that may be a good choice for your veterinary practice. Online and peer-to-peer lenders can be especially beneficial if you are opening a new practice. You might also choose this type of financing if you have a weak financial history. The approval process is usually quicker or, in some cases, instant. However, alternative lenders typically have higher interest rates – sometimes as much as 30 to 40%.
How to Choose Your Lender
As you can see, there are pros and cons to each type of small business lender. To determine the right type for your practice, you should do thorough research. Of course, you should look at interest rates and repayment schedules to make sure they are feasible for your business. Be sure to read about fees and policies. Finally, if you are considering an alternative lender, look up their reviews and rankings. A new financing company may be willing to take a risk on you. However, you are also taking a risk by working with an inexperienced lender. Our accountants can also help you with this process so you make a more informed decision.
Types of Small Business Loans
Just as there are several types of lenders, there are also different kinds of credit from which you can choose. These loans include:
- The SBA’s 7(a) Loan Program
- SBA Microloan Program
- SBA Real estate and equipment loans
- SBA Disaster loans
- Third-party equipment loans
- Merchant cash advance
- Working capital loans
- Lines of credit
- Professional practice loans
- Franchise loans
Though all of these can be beneficial, one may be more appropriate for your needs. For example, a professional practice loan is specifically designed for service providers who want to purchase equipment or expand a business. They can also be used to refinance debt. Other loans may be more suitable options if you are having a hard time paying your bills. Again, we can help you select the right type of loan for your practice.
How Reliance Consulting Can Help You Secure Your Loan
The process of selecting and applying for a loan can be quite complex. Our CPAs will take the stress out of this procedure and increase your chances of loan approval. We will help you prepare a financial statement. We also offer compilations and reviews, and we will assemble all the documents that potential lenders might ask to see. Not only do we have a great understanding of the loan process, we also have plenty of experience helping small business owners, including veterinarians. We are passionate about helping our clients achieve their highest potential, and we will work tirelessly to help you secure the loan you need.
Let Us Help You Advance Your Practice
Whether you want to purchase a second location, or you simply need help covering bills during a difficult time, we are here to help. Contact our accountants today to learn more about loan assistance and find out how we can help you. We proudly serve veterinarians from Tampa, St. Petersburg, Clearwater, Sarasota, Pasco, Lakeland, and the greater Tampa Bay area