In the past when chiropractors needed money they would go to go to bank for financing. In the current economy this has changed. We have seen many changes in the economy some changes have been positive, some not so positive. Many chiropractors now are learning that capital may be obtained through alternative means either through small business loans, factoring or working capital loans.
In the past a chiropractor may have been friends with a commercial banker or one of the managers based on previous dealings they may have had. Now due to layoffs the contact person may no longer be working at that particular bank and now the individuals in charge have no relationship and may judge the client based on credit score alone.
For years chiropractors relied on the relationship they have had with their local bank. Due to mergers, closings and a poor economy, many of the relationships have been severed leaving the chiropractors needing funds but really no where to turn. This was very difficult when working capital was needed for expansion or relocation and other things needed to run a practice.
In some cases where the chiropractor may have marginal credit they may be turned down for a loan even though a few years ago they may have been approved by that particular bank or one the bank they now have to deal with was purchased by.
The good thing is now many alternative funding sources sources exist that allow businesses to receive additional funding that may be used for any purpose.Chiropractic practice loans are a great way to make this happen.
Ed Rogers, Small Business Loans Depot. 919-771-4177.
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