Primary care physicians are in high demand across the country. With the increased age of a large population of Americans and the Patient Protection and Affordable Care Act (PPACA), the health care industry will see growth in the next 10 years. With more Americans seeking health care, more practices will be needed to accommodate the numbers.
Medical practices can have tremendous start-up costs. A more cost effective way to own your own business may be to buy a medical franchise. Below is a list of financing options that may be available to you if you wish to buy into a medical franchise.
- Using Personal Finances: Using your own finances keeps you and your partners from paying the high interest rates from banks and lenders.
- Loan Program: The lender will structure this corporate loan in accordance to the Small Business Administration (SBA) requirements and guaranty. These are less risky investment to the lender. Not all businesses will qualify.
- 504 Loan Program: A bank or other lender in your area can offer up to $1 million for the purchase of assets such as land and equipment. This loan also involves a second loan through a certified development company (CDC) that has a SBA guarantee.
- Micro-loan: These type of loans are up to $35,000 and can help supplement if your personal finances cannot cover the entire buy-in fee.
- Men’s Vitality Financing Assistance: Available to qualified candidates only. Can cover the cost of buy in, real estate, build outs, equipment, etc.
In order to make your dreams of owning a medical practice into a reality, visit Men’s Vitality Clinic. We understand that not everyone can obtain the capital necessary to start up a medical practice. We may be able to help when the banks and lenders cannot.