Working Capital Loans are designed to enhance the value of the Healthcare or Medical customer – whether it is by advertising, hiring a new associate, hiring a consultant, taking continuing education classes or purchasing new or used equipment. Borrower has the freedom to choose how to best allocate the funds: Debt Consolidation, Acquisitions, Expansions, Partner Buy Ins and VariousCommercialNeeds will also be accepted under this program.
Designed for NEW and established healthcare businesses, medical practices, and dental practices.
All medical and dental professionals must be licensed for a minimum of two years.
Healthcare business & Medical practices owned and operated by non-medical professionals mayqualify for the Working Capital Loan Program.
Loan does not appear on personal credit bureau unless it becomes severely delinquent.
The funds will be overnighted or wired to the borrower and he or she can spend the funds as they see fit to enhance the value of the business.
Terms of up to 84 months are available and will be set by underwriting.
The borrower’s personal guarantee is always required. Spousal personal guarantees may be required if the spouse is active in the business or a signor on the business checking account.
Minimum 640 Beacon, Fair Isaac or Empirica score required. If an applicant has a 640 score, but for instance has significant judgments, or collections accounts, this may be a reason for a denial.
Approvals are valid for 15 days.
A full financial package is required on all submitted applications. Please see submittal checklist below for required information. This will allow underwriting to get a “Global View” of the transaction.
Our loan document does not restrict the customer’s ability to borrow, buy, sell or lease equipment as needed for the business.
Our collateral is a lien against the general assets of the business and the personal guarantee of the owner(s). A first lien position is not required. We take whatever lien position is available at the time of our UCC filing.
Transactions require a $495 administrative fee.
Bankruptcies will be considered after 5 years if clean credit has been re-established.
Unfortunately, this program is not available in Alaska and Hawaii.
Submittal Checklist For Initial Review:
Signed Credit Application
Detailed Use of Funds
Most Recent 3 Months Business Bank Statements
Business Debt Schedule
Most Recent 2 Years Complete Business Tax Returns
Interim Business Profit/Loss Statement & Balance Sheet
