Newly minted dentists often encounter a range of problems before they are able to start practicing, especially if their financial situation is not that good. Among the many problems they run into are: finding the right place for their dental practice, acquiring the necessary dental equipment needed to get started, hiring employees to help run day-to-day operations, and so much more.
In a world where money is a type of necessity that can sometimes be very difficult to get, a loan can be of great convenience to working professionals, business owners, and even medical practitioners like dentists.
Loans are helpful in a way that they enable qualified individuals to borrow a specific amount of money required to buy something they need. Whether it is cars, real estate, or business equipment, there’s a loan that exists for it.
To be qualified for a loan, the borrower must meet a specific set of requirements by the lender and should pay a down payment as a starter to the loan. After that, what’s left of the loan should be paid on a monthly basis until the full amount, including the interest, has been made whole.
Luckily for dentists in Vero Beach and the Treasure Coast, there are dental business loans offered by lending companies and financial institutions. This type of loan offers a lot of benefits for dentists, especially to those who have financial limitations. If a dentist cannot afford to pay outright for all of the equipment needed to begin practicing, applying for a dental business loan is the best and most convenient option.
For a specialized practiced such as dentistry, it is totally understandable why dental equipment and supplies are costly, even if there are discounts in place. Dentists are obligated to have the best and newest dental instruments at their disposal, because practicing dentistry with subpar equipment can probably lower their credibility and increase the risk of losing patients.
To give you a better idea of how expensive dental equipment can get, here are a few examples of dental instruments and their respective prices (data gathered from Dental Planet):
- Oil-less Dental Compressors – $2,398 – $10,798
- Dental Articulators – $728 – $888
- Dry Vacuum Systems – $1,998 – $25,398
- Dental Operatory Packages (Chairs, Stools, Delivery Systems, etc.) – $4,163 – $14,998
- Practice Management Software – $998 – $19,998
The data listed above are just some of the many dental equipment that a dental practice requires to be operational.
According to Benevis.com, the average cost of operating a dental practice ranges from $350,000 to $550,000. That’s a lot of money that needs to be shelled out from the get-go, but not every dentist can afford to spend that much money.
That’s where a dental business loan comes in, to give newly minted dentists the chance to start their practice in Port Saint Lucie or the Treasure Coast and buy the dental equipment, tools and supplies they need, even if they don’t have the cash to pay for everything upfront. A dental business loan can also be used for other needs, such as payroll, commercial real estate, and marketing.
“Yes,” is the answer to the question “is a dental business loan really worth applying for?” A dental business loan can be very expensive, but so is starting up a dental practice.
SBA loans in particular are the most ideal option for dentists because they have the best rates, the highest loan amounts, and the longest terms, allowing dental practitioners to save more money in the long run. The only bad thing about an SBA loan is it usually takes 30 – 90 days before the funds will be released to the borrower, but the wait you’ll spend on an SBA loan is somewhat worth it.
Some lending institutions offer loans that have more appealing interest rates and terms, quicker pre-approvals, and faster releasing of funds. In the end, it’s entirely up to you to determine what type of loan suits your current needs.