We Can Financial got numerous inquiries through phones calls and website where, dentists, doctors and other professionals asked about the process of applying for small business loans. Since these professionals need substantial financial resources to show smooth running of their business, they experience a lot of problems in getting finance of whatever cause they want.
This article basically intends to describe different funding models for established professionals with useful examples. We have a proprietary structure that assists funding of dentists, accountants, finance professionals, doctors, lawyers and psychiatrists with effective Canada small business financing program.
We served most of the applications of dentists or doctors where, they explained the funding needs for initial office setup or office expansion. We estimated the budget up to 250K to 500K which is usually not available to satisfy their needs. The breakdown of this amount consists of 40 percent for equipment purchase as well as installation, 20 percent as startup operating capital and 40 percent for renovations and decoration.
Throughout the period of our services, we noticed one fact that lenders, especially banks, hesitate to finance operating cash requirements because of the unstable financial history or even the absence of financial history for the past 2 or 3 years. For instance, dentists or lawyers need at least 2 or 3 years to create their clientele and they generally don’t have satisfactory repayment history.
Another drawback in this process of financing lies in the form of banks’ rules and regulations where, they want applicants to invest at least 50 percent of the amount as up front. The approval will be given in the form of financing other half of the amount and it takes too long in processing.
Doctors are lucky in this regard because they have some advantage over applying for business finance. As we all know that Ontario, Toronto, does not have enough number of doctors so if a doctor applies for a loan to start or expand his/her own business, they can easily get it. But still, there are a number of things to be done, including personal credit criteria and financing the 50 percent of amount.
Lawyers are also fortunate to apply for Canada small business financing program, our experts have structured. Occasionally, the startup cost varies from $50K to $100K and involves 30 percent renovations, 20 percent operating cash flow short term requirements and 50 percent equipment. We understand that lawyers have to go through a difficult process nowadays because credit history matters a lot. Our professional team can handle numerous transactions where, lawyers expanded their offices, provided different types of startup business loans and helped them to open multiple offices.
Accountants can also finance their requirements with our Canada small business financing program because our plan is flexible enough to meet different requirements of almost every professional, no matter who he/she is and from where she he/she belongs.
So, you shouldn’t have to be concerned about who you are and how to finance your business. Just contact We Can Financial, explain what sort of financing you need and wait until we have good news for you!