The following information and resources can help you when obtaining a business loan for your pediatric practice.
How Do I Initiate a Loan Request?
For information on obtaining business loans, check with various bank web sites or speak with a representative from your preferred bank to find the loan that best fits your needs.
If the first person you speak with is not excited to work with you and help you along the way, seek a loan elsewhere.
What Materials Are Needed When First Meeting with a Lender?
- A business plan
- Itemized list of startup costs
- 2 years of financial projections
- Personal financial statement including assets and liabilities
When determining a loan amount, it is important to consider the cost of equipment, rent, malpractice and other insurances (e.g., worker's compensation, general liability).
Also, during the first few months, bills will be paid using what was borrowed or set aside, as there will be little to no income for 30 to 90 days, depending on how quickly the local payers pay the practice.
American Academy of Pediatrics