For a Chiropractor Practice Business Loan, Small Business Loans Depot offers simply and flexible financing options that require low documentation. The funding is based on equity in business equipment or Gross Sales. Most Chiropractic practices have equipment and all generate sales.
Call today at Toll Free: 855-787-1113, or complete the “Contact Us” Mini App on the Menu bar above and a representative will contact you.
In a Chiropractor Practice Business Loan, in addition to cash flow, Chiropractors simply take advantage of existing assets they already have, such as Patient tables, patient stools, X-Ray machines, X-Ray processors, as well as any computer electronic equipment the practice may have, such as Servers, desktops and practice software. The equipment may already have significant depreciation.
- A Chiropractor Practice Business Loan will procure $7,500 to $125,000 in working capital that has no restrictions on it’s use. Use the funding for any purpose! Increase revenues of the practice via adding additional services, advertising, marketing, expanding within the local market, adding staff, increasing office space, any reason.
- A professional representative who specializes in working specifically with Chiropractor relationships will work with you during the entire process.
- No upfront processing fees or application fees.
- Whatever your practice’s profile qualifies for, we’ll get it done. Your practice will receive the limit it can qualify for on a Chiropractor practice business loan and the revenues received will not be limited based on the program.
Call us at Toll Free: 855-787-1113, or click on the “Contact Us” Mini-App on the menu above and complete. Our experienced industry professionals will review features and you will have the opportunity to see the ways in which the program may benefit your business.
Additional features include significant tax advantages in this unique Chiropractor practice Business loan. With the transaction having major lease write off benefits, the entire payment may be written off, equaling the most powerful tax savings programs available, such as the revered home mortgage write off. As such, the entire payment may be written off, rather than just the interest portion.
Use the cash stored from built in equity in the equipment, rather than owning the equipment.
Does your practice need $50,000 in working capital, but you know from past experiences your request may “tap out” at $20K?
With our Chiropractor Practice Business Loan, we can provide funding in multiple “segments” or “stages”. This allows us to take a Chiropractic practice that qualifies for $25,000, close the 1st transaction, then look to qualify the practice for a 2nd part of $25,000 for a total of $50,ooo.
With constant advances in the medical field, medical equipment, which includes Chiropractic equipment, depreciates quickly. As mentioned above, the tax savings will provide significant balance sheet and Profit and Loss Statement advantages.
With Small Business Loans Depot’s cash against equipment program, we will recover up to 80% of the equipment’s original or current value off the inventory list. This significantly reduces or eliminates difficult depreciation issues.
Sample Chiropractor Practice Business Loan Transaction:
Dr. Johnson of Lake Tahoe Wellness Center desires $25,000 in working capital in order to add a room for their expanded weight loss program.
Of the $25,000, $15,000 is for construction and $10,000 is for equipment and training staff. Lake Tahoe Wellness center completes an application and provides a list of existing equipment which include an X-Ray machine, X-Ray processor, patient tables and stools.
Upon approval for $25,000 solely the X-Ray machine is required as security for the transaction, not the practice’s entire equipment. Documents are drawn up and E-Mailed to the client. Client completes docs and either E-Mails or overnight returns the original documents.
Upon return, documents are reviewed for accuracy. If a site inspection is required, the inspection occurs within one or two business days. If a site inspection is not required, a simple verbal confirmation with Dr. Johnson of Lake Tahoe Wellness Center takes place. Upon confirmation the transaction is funded and funds are wired to Lake Tahoe Wellness Center within approximately 2-4 business days.
If the customer wants additional funds, a second transaction or segment is processed. An additional segment can be procured with equipment not used in the first transaction. If the customer does not have any additional equipment for another Chiropractor Practice Business Loan, another financing type will be used.
Contact us today at Toll Free: 855-787-1113 to get your Working Capital today!
Isn’t equipment that is more than 5 years old virtually fully depreciated and useless for this type of transaction? No, in fact, there are a number of pieces of equipment that can be more than 5 years old that can be used in a Chiropractor Practice Business Loan. This includes X-Ray machine and processors, Patient tables and monitoring equipment.
What if the practice has been in existence for 10 year total time but the current owner has owned it for only 2 years? Will the Chiropractor Practice Business Loan be based on the 10 years in business or 2 years on business? In most cases, the request will be based on the 10 years in business in this example cited. If the current owner has owned it for less that 2 years, especially if it is one year or less, then it will be strongly factored into the analysis and lower approved amounts with higher terms may be a result.
If the current owner has owned it less than one year, they should make sure the information has been updated at the Secretary of State and all of the old owners information removed. If old owners, or owners not listed on the Chiropractor Practice Business Loan are on the current Secretary of State listing, then the lender will ask about the ownership. The short ownership time of the new owner will become known and will be a negative factor in the request.
What ownership percentage is required on the application? In most cases, a minimum 50% ownership is required. If there are 2 owners and the split is 50%, then there are no standard on who should be listed first on an application. However, in all cases, the stronger credit of the two 50% owners should be listed 1st, the other as a co-signer. If one of the owners has strong credit and one has very weak or poor credit, then only the strong credit applicant should be listed for the request. If the other owner is requested or required, their information can be given later.
Should the Chiropractor provide financials for this Chiropractor Practice business loan? Historically, most businesses wish to avoid providing financial statements. One reason is arranging for the paperwork is cumbersome. Another reason is that medical practitioners often have Accountants who take as many write offs as possible and show the practice with little or no net income. This can cause difficulties when the practice is seeking financing. If the practice has increasing Gross and increasing Net income and has easy access to their financials, then providing them is something they will want to do.
Frequently asked Questions:
Question: What are the lowest credit scores you can work with, and if
my scores are too low, will a co-signer help get an approval and the amount
of the approval?
Answer: The lowest credit scores begin at about 600, although if the applicant has a credit score of 650 or higher, they are more likely to be approved, and approved for a higher amount. For start ups, having a credit score of 675 or higher will prove beneficial due to the short time in business. If the practice has been active for less than 2 years, then $15,000 to $25,000 may be the highest amount that can be approved. If the credit score are over 700 – 725, then the approved amount may be over $15,000 to $25,000, even if the practice has been open for less than 2 years. A co-signer may help get the application funded for more if the credit score of the additional signer is over 660 to 680.
Question: What if we need $100,000 and you only get us approved for $50,000, can anything more be done? Answer: Yes, if your business needs $100,000 rather than $50,000, then we can simply complete a second funding transaction, or second funding part to get you to the $100,000. This can be accomplished either by funding through the same program, or through a different program, depending upon how the customer wants it structured and their profile. A second program that can be used is the Gross Sales funding program. Under this program, funding is based on the Sales of the company. This program allows for up to $150,000 in 3 to 18 month increments. Otherwise, the customer can obtain a second Chiropractor Practice Business Loan transaction.
Question: Our practice does not have much in the way of assets. Other than some equipment and some minor accounts receivables, the assets limited. Our revenues are only about $225,000 per year. Will our lack of assets and revenues be a problem?
Answer: The limited assets and lower revenues will still allow for significant approvals. The higher the revenues and the more assets the business has, the higher the approvals can be for. However, we can obtain significant business line of credit approvals based on the practice as a whole and based on the credit. If the practice has limited assets and limited Gross receipts but good credit and financials, high approval amounts can still be obtained. For a practice with limited equipment assets and sales of $225,000 per year and strong credit, approvals of up to $100, 000 to $200,000 can still be obtained. If the practice has increasing gross receipts and increasing net income, this will work in their favor as far as the approval amount. If the practice provides the most recent 3 months current business checking account statements which reflect current cash flow to be strong, this will be further in the favor of the practice for the approval amount.
A Chiropractor can also take advantage of financing for their patients. Terms of 2, 4, 6, 9, and 12 months are available. The advantages of Chiropractors using this financing is that they will significantly increase their annual revenues. If patients know they can obtain terms for care, they will be more likely to seek care. Practices will have larger gross sales, and less pressure on their cash flow. This will allow them greater flexibility when seeking a Chiropractor practice business loan.
If our programs are unable to meet your practice’s needs, there are some alternative options. These are government based options. These programs take approximately 30 to 60 days to be approved and closed and require a significant amount of paperwork and financial statements. The financial statements must show positive and growing gross income and net income for approval in most cases. If you can be approved and close these transactions the terms are excellent. Click below for more information.
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