We all know that it's a process applying for SBA loans. In this video, Patrice gives tips for what you need to know before heading out to the bank.
Hi, everyone. Patrice here to tell you what you need to know about applying for an SBA loan. So, what do you need to know before you head out to the bank. Well, most banks have an SBA lending department. However, some do specialize in medical or physician practices. It might be in your best interest to find one of those specialty banks, because they will understand better how your revenue cycle will go once you open.
Some things you want to be prepared for, prior to going out and reaching out for these loans, is to have certain documents in hand. These include having a business plan and full financial projections that indicate your expenses, your projected revenue and any other start-up costs. Now, approval for this SBA loan can take anywhere from three to eight weeks and that’s after all the paperwork and information has been submitted. Now, you do need to be aware, SBA loans do not cover 100% of your financial need. This is very true even for the physician practice loans or lines of credit.
Next time, I’ll talk to you about the steps to take after you’ve found your location and you’ve secured your funding. We’ll see you then.