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How the SBA helps doctors achieve business goals

Published on April 29, 2020 | Webster Bank

A financial Rx for medical practice growth

  • “We’re modernizing our practice and upgrading our technology.”
  • “We’re acquiring another practice and need to fund the purchase price.”
  • “We want to invest in a health franchise.”
  • “We’re expanding our business to offer new services and equipment for patients.”
  • “We’d like to acquire commercial real estate to house our growing practice.”

In health care, financing needs—like care itself—are changing and evolving. With new delivery models, new compliance demands, and the expanding role of IT, doctors have new competitive pressures and stresses on their cash flow. That’s why we recommend taking a closer look at the resources the U.S. Small Business Administration has to offer. SBA funding helps make it possible for practitioners to capitalize on innovation and new technology.

A quick look at your SBA options

The SBA itself doesn’t lend money; instead, it guarantees the loan, so lenders are willing to take on more risk.

SBA loans can offer medical practices a number of important advantages: lower down payments, more flexible terms and amortization periods, and often financing for closing costs. In some cases, you don’t even have to put up collateral.

SBA 7(a) loans are the backbone of their working capital program, enabling small businesses to purchase and build on new land; purchase or expand an existing practice; buy equipment, fixtures and supplies; or refinance existing debt.

SBA 504 loans can finance fixed assets—real estate for that new office or new equipment.

Whatever your plans call for, SBA guarantees can make it easier for you to move forward confidently.

Online: SBA resources for financing success

To help you, the SBA website provides a wealth of tools and templates to prepare for a successful meeting with a lender.

Whether you’re a new doctor opening a practice or an established group looking at franchising opportunities, you’ll need market research and a competitive analysis.

The SBA website also offers guidance on choosing a business structure and writing a business plan—crucial steps, since the more detailed your proposal, the better informed a lender will be. That’s essential to keep things moving smoothly.

Why seek out an Experienced Preferred SBA Lender

Working with a Preferred SBA Lender with experience in healthcare financing can make the process even easier for you. They can help you decide whether your plans are better served by a line of credit or a term loan. They can show you specialty programs for women, veterans and minorities. Above all, they understand the intricacies of practice-building, from zoning issues and construction contingencies to the cash flow issues resulting from third-party payers to succession planning.

That’s why your relationship with your lender should be the same as your relationship with your patients: personal, in-depth and long-term. Just as you are their go-to for care, your lender can be your go-to for everything from business planning to solutions for challenges and opportunities.

How Webster can help

Webster Bank is the #1 SBA lender in New England based on total 7(a) dollar volume, according to the U.S. Small Business Administration. We have a healthcare team with extensive experience in practice operations, entrepreneurial initiatives and the life-cycle needs of a healthcare business.

We also appreciate how busy you are. That’s why we’re happy to meet at your convenience, evenings or weekends, at your practice. Our goal is to make progress easier for you.

So we invite you to take the advice doctors often prescribe: See a specialist. We’re eager to assist.

All loans and credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply. SBA guaranteed products may also be subject to additional terms, conditions and fees.

 

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