In this video, Sue explains the process of securing financing. It starts with having a thorough business plan. She highly recommends new owners enlist the services of a CPA who can help put together the necessary projections for income, expenses, and revenue.
Sue goes over the process of creating customized financing solutions for her clients, providing personalized service from start to finish (part of the benefits of working with a community bank), and the different loan types available. For starters, there’s a working capital line of credit to pay for all the expenses (typically about 6 months) until the practice starts generating income and getting money back from the insurance companies. She discusses equipment loans and term loans for rental space and leasehold improvements, how United Bank can structure these to be flexible, like including interest-only portions, to give new owners time to develop revenue.
Real Solutions for Real Life
Creating a business plan
A strong strategic business plan communicates goals and strengths, while also addressing potential challenges.
Business Loans & Credit
No two businesses are alike, so we consider your needs, look out for your best interest and offer lending options to keep you moving forward.
Creating a loan proposal
Get the funding you need with the help of a well thought out loan proposal. Here are some tips for creating a professional loan proposal.