In today’s economic environment, it has become quite tough to finance a general public business. No matter if you own a restaurant, a dry cleaning shop, a carpet store or medical practice, at some point of time, you will be needing a working capital to keep your business growing. Working capital loans are lifeblood of many small scale businesses and almost every business needs it to grow successfully.
Normally, banks never grant working capital loans to well-established businesses and they just provide capital to start a new business. As you may also have heard about banks that they only lend money to those who do not need a loan. And, this observation has never been more accurate than in today’s economic environment.
Almost every business needs working capital to grow and prosper. So, where do you gonna find access to working capital or a loan to initiate a business or to keep it working in the future. The good news is, such economic conditions have supported many non-traditional funding sources that will fill the void that has been created by the banks.
Speaking about medical practice loans; to be able to meet current obligations and to grow the practice, it is important for medical providers to keep an adequate amount of working capital on hand. A major problem that backs the cash flow of a health care provider is the amount of time a provider must wait for insurance companies and other third party payers to refund the practice for services rendered. Medical working capital loans can be a valuable tool in offering a stable flow of cash allowing the medical practices to pay its bills on time and also let them increase staffing during the growth periods.
In Florida, you will find many good funding companies that offer easy and quick loans for you to set up medical practice. They keep in mind, the potential of your business to generate revenue and provide all the funding for your medical practice.
Listed here is a procedure to get working capital loan for your medical practice. Let us cast a glance at it.
You would be required to fill up a simple application form first.
You will get response from that company either in the form of letter of intent or they will call you to discuss all the requirements. They will be asking your basic details, business information, needs and requirements and what are you expecting from their company. It may vary according to different companies. A good company will respond you back within 24 hours of your application.
The medical practice and a funding company will be signing a contract that discloses all the terms and agreements.
A contract is executed between the medical practice and the factoring company that formally discloses all terms of the agreement.
A fixed amount of fee is submitted and funds are deposited to provider’s bank account usually within 24 hours.