Chiropractor Expands With An SBA Loan
SBA Loan Chiropractor Expands With An SBA Loan
Author: Valerie Mellema
Date posted: 12.22.22

Many chiropractors choose to have their own business where they can provide spinal manipulation, help with illnesses, and work with patients. After a decade of building clientele, leasing space, and advancing her practice, the owner of a chiropractor business was doing well in a medium-sized city on the west coast. Business had been booming and more clients were coming in the door every week. It was clear that the city’s residents appreciated the care offered by the business. However, the one small building for the office would eventually be insufficient for all the patients coming in.

What to Do When Business Is Booming

Faced with two choices, the chiropractic business had to decide between accommodating patients within limited space, potentially leading some to seek alternatives, or expanding via an SBA loan. To proceed, renovations were essential, alongside property and land ownership. With expansion in mind, the owner opted for the second choice—expanding the chiropractic practice through an SBA loan.

This strategic decision marked a pivotal moment as the Chiropractor Expands with an SBA Loan, embarking on a journey of growth, enhanced patient care, and business infrastructure ownership. Dedication turned challenges into opportunities, driving the practice’s advancement.

 

The Cost of Property, Land, and an Expansion

Moving forward with the project involved considering numerous factors. However, before committing to the idea, the owner sought to determine the total cost.

Purchasing the building and property, along with factoring in the expansion, amounted to a price tag of approximately $750,000. With the cost in mind, the owner proceeded to the next step.

 

Chiropractor Expands With An SBA Loan

What Kind of Financing Is Available?

There are tons of financing options for businesses. Some have more requirements, others might have higher interest, and many aren’t loans at all. For instance, the owner looked into asset-based lending options and lines of credit but those didn’t seem particularly useful for this project.

 

On the other hand, there were traditional loans. Many exist and they can also vary to a large degree. Those that require collateral have lower interest rates in most cases, but there is a great deal of flexibility in others. After thinking long and hard, the owner decided an SBA 7(a) loan was the right option.

 

What the SBA 7(a) Loan Brings to the Table

An SBA 7(a) loan offers several benefits. One benefit that particularly pleased the owner is the longer-term length and the lower interest rate. This aspect would ensure that the bills wouldn’t become too burdensome, even if it took some time to complete all tasks and attract new clients.

Furthermore, this loan boasts lower collateral requirements than many alternatives. Additionally, businesses make monthly repayments. What’s more, the business met the qualification criteria in terms of years in business, revenue, credit score, and cash flow.

How Time Changes Things

An SBA 7(a) loan takes longer than some other forms of financing; however, that wasn’t an issue. After several weeks, the money was available, and the expansion started. Despite the significant effort required to get everything finished, it was well worth it when the time came to open the doors.

 

Today, the chiropractic center is fully owned by the company, making great profits, and bringing in more clients than ever before. Furthermore, everything is going great, and the owner is delighted about choosing to move forward with the SBA 7(a) loan.

 

Chiropractor Expands With An SBA Loan
About The Author | Valerie Mellema

Valerie has over 16 years of experience as a professional writer of blogs, eBooks, articles and press releases, with a focus on finance and alternative lending. Valerie resides with her family in Texas and is passionate about her horses.

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