Business Plans, Budgets, Timelines, Projections and Equipment & Supply Discounts
Financing is a painfully obvious need to all doctors, but the outlook for securing a loan is actually quite positive. Many lenders, despite the poor economy and often sizable burden of the doctor’s student loan debt, are willing to extend a suitable financing package at zero out of pocket to the borrower. In some cases, a co-signor may be required if the primary signatory has insufficient credit history. Also, any financing package will include working capital to cover operating expenses that will occur until the practice achieves profitability. Concurrently, the doctor would be wise to set up a professional corporation for legal and tax advantages, begin enrollment with as many insurance providers as beneficial and require an attorney to review all forms related to the business. Accounting services will also be necessary, as the doctor will have to have a bank account and develop a business plan, timeline and budget to suit lender requirements.
ProABC will assist with Loan Sourcing and Procurement by providing the following: