Is Expansion the Right Choice?


As time passed, it was increasingly challenging to accommodate everyone who wanted to see the chiropractor. They wondered if expanding their practice would be a good idea. The idea of having a larger property with additional chiropractors and staff was something that came up from time to time.


At the same time, they were unsure if it was smart to move forward based on what might happen. It took time for them to think through their options and decide that they would like to expand, but only if they could get appropriate financing without having to struggle when paying back a loan.


The Cost of the Expansion


The first step was deciding how much money they needed to expand and accommodate a larger client base. They looked into other practices that had done the same thing and came up with some numbers in terms of how much financing would be needed. The main focus would be updating the building and expanding its size, but they also hoped to add new tools and staff.


In the end, the expansion with all the trimmings would cost around $500,000. It wasn’t a small amount but it would give the owner everything he wanted. The next step would be to look into financing and decide whether this was a realistic project to take on or something that should be pushed back to a later time.

Going Through All the Options


The owner was surprised by how many financing options there are for businesses that make a profit. They considered all the options while slowly crossing out the ones that clearly would not work. In the end, it came down to two options. After making a list of pros and cons, it was decided which way to go.


The owner chose to move forward with an SBA 7(a) loan. It could be used for nearly any business purpose and it seemed like the top option if the owner was approved.


Selecting an SBA 7(a) Loan


When it comes down to why the SBA 7(a) loan was chosen, there were several reasons. First of all, the loan is available in amounts up to $5,000,000. Term lengths can go up to 10 years and funding is provided in less than three months. The long term and lower interest rate made it a top contender from the start.


The business easily met all the approval guidelines and was able to move forward with a loan that many consider the gold standard for businesses.

Life After Expansion


After the loan funding made it in, the owner started to upgrade and expand his office to accommodate additional clients. Today, there is plenty of space for newcomers and it doesn’t take ages to get an appointment. Having new staff and tools has streamlined the location and it’s increasingly considered one of the best in the state for chiropractic services.

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