Hello guys! My big goals when I started credit repair was to have my credit clean so that I could be assured a business loan to start my own dental practice. My goal was 5 years after graduation to be in business for mysef and I graduated in 1998. So I am looking to obtain a business loan by 2003. That is only 13 months away. I have 18 months left on my present contract at my job now so that works out according to my plans. I have accomplished my goals of townhome and prime or prime-like credit cards so the next step to plan for with you guys help is getting a business loan. Is anyone out there in my position or been in my position as far as getting a business loan. There are a number of set-up loan finance companies for dentist/physicians or vets. But all these companies have finance in the name and I am concerned about the credit score thing you know. I will need $120K-$200K to set up my practice. My degree is sometimes pretty good collateral in these things as I have been told as dentist have a less thatn 3 % failure rate in practice ( as long as they stay off the nitrous). I want a small office and to lease the equipment and the space. Are there any small business people here who can share their experiences. By chance is there a lurking physician or dentist on this site who might offer pointers.
Roni, I am not a dentist or a physician, but through American Express I have raised over $100,000 for a consulting company and for CreditWorks have built close to $100,000 in a little over 5 years. The best thing you can have going for you besides your degree, is your good name and personal payment history. Your local bank should be able to provide you with what you are in need of. Most of them will extend up to 100,000 without an extensive application. I think you bought in New Jersey, I know Soveriegn Bank provides lines up to $100,000 without an extensive app. Good Luck with the practice. Herb www,creditsense.com
Thanks. I have an account at Sovereign Bank and PNC for this area. I also have maintained my account with Chase Manhattan from NYC. I need more than $100K but that is good to know. I saw an online company that provides loans for $50K to dentist with no hassle at all. So at least I know I have some options. Some of these companies offer no payments for the first 4 months until you get your office jumping.
Roni - Soverign here in N.E. is a little conservative (i.e. wants you to put your house on the line and only likes existing businesses). Maybe they're different in their home state. MBNA (of all places) specializes (or used to specialize) in medical/dental practices. I don't know how easy they are- but might be worth checking out. It looks like they're biz-loans are targetted to existing businesses. My dentist told me (a while back) that he started by buying out an existing one - it was easier than starting from scratch (especially with DMO's jacking his rates down every year). It was also easier financing an existing business versus getting someone to back him on a startup. Good for you for (a) thinking about this far ahead and (b) having the b**ls to just go for it. Best of luck- and keep us all posted! -mj
The downside to buying an existing practice is that in the market right now, dentist are asking way more than the practice is worth. I couldnt buy an existing one for under $200K
Roni: I personally don't have any experience with business loans since I have started my civil engineering consulting services very small, but I know that as a dentist you can't do that. However, I would like to discuss this further with you in private regarding the option of buying vs. starting you own practice because my wife is a dentist here in FL, and I want to know different opinions about the buying vs. starting your own practice. Email if you can. Sini
That is fine Sini, but I need for you to unblock your email addy or you can just email me at mine......click my name....
