SBA Guaranty Fee Incentives Updated thru 9-30-2023!
SBA Guaranty Fee Incentives Updated thru 9-30-2023!
The U.S. Small Business Administrationd has reduced fees again for fiscal year
October 1, 2022 through September 2023.
The Main Highlight is that for SBA 7(a) loans of $500,000 and less, there is No SBA Guaranty Fee.
There are also greatly reduced fees for all other loans up to $1,000,000.
Please Click the button below for a full schedule of the current SBA fees on our SBA Financing page.
Chiropractic Practice Financing
Coffman Capital Inc. is your Best Source for Financing a Chiropractic Practice. We are probably the only mainstream finance company to specialize in Chiropractic Lending that we’ve ever encountered. There may be others, but our customers haven’t told us of any. And you’ll never hear us or our lenders use the term “real doctors” in discussing the merits of Chiropractic businesses. That’s an ignorant, uneducated insult and we know that you know it.
Coffman Capital has been working with all of the most established Chiropractic Practice Brokers and Consultants since 1999. You can visit the broker page here and contact them to find the best practices available in the area where you want to own your own practice.
The predominant story we’ve seen play over again and again in the Chiropractic profession is, to put it quite bluntly: Chiropractors eat their young. What that means is historically, Chiropractic practice owners have often been able to hire a full time Associate DC for minimal compensation. We’ve helped many doctors finally own their own practices all while they were working full and over-time to support a family or just themselves. Sometimes the doctors are between jobs and we can help in those situations as well.
Isn’t it Time to Own Your Practice?
Whether you’re out looking for a practice to buy or maybe purchase the one in which you have already established yourself as an associate, Coffman Capital has seen the dramatic improvement in the lives of the doctors we’ve helped. In fact sometimes the new owner seems to undergo a transformation in attitude and expectations even before they close on the sale, anticipating the new exciting role they are about to play in their own professional career.
Why Not Start A Practice?
There are merits and challenges to starting up a new Chiropractic office. You have lower business debt and the pride of starting something on your own. However the time, effort and financial capital it takes to build a practice that will support your family may not work for you. For us, the fact is financing the smaller loan amounts to start up a basic Chiropractic practice is not within most lenders’ programs. They’re too small, usually less than $100,000 after cash invested. Therefore we try to help where we are most able: financing the acquisition of an existing Chiropractic practice. If it’s a larger project involving real estate or more ambitious type of clinic, let’s talk about it!
What Should I Look For When Buying A Practice?
Coffman Capital can help you not only by having the right financing terms for you but also asking the right questions. Our loan submissions include not only financial data, but also the type of practice it is, how the patients and revenues are generated, and all the issues regarding transitions, non-compete agreements, and ownership structure. This means that by the time we ask a lender to approve your loan, you’ve learned a lot about the practice itself.
What About Multi-Disciplinary Practices?
We love Multi-Disciplinary Practices! They can be difficult to analyze and you should be very careful before entering into a transaction involving one. However – they are not all the same.
We’re so enthusiastic about them because they often represent a major market advantage where they are located and can offer their patients a wide-range of services and enhance your ability to help them. The “multi” aspect is what’s different – they come in all shapes and sizes. The billing aspect is what trips them up so that many lenders have become wary of them. That’s why we’re here! We know how to get the job done and what to look for, even if we can’t quite solve the problems when you find them. First rule: caveat emptor – let the buyer beware. After that, these clinics are major opportunities that should be taken advantage of when fully vetted. Let us help with the exciting process of exploring them with you!
Coffman Capital has financed practices for Naturopaths, Physical Therapists and Oriental Medicine physicians, so please let us know if we can help with these as well.
How Much Experience Do I Need?
Great question. The best scenario is usually when you’ve been licensed for 2 years or more. BUT sometimes you’ve been working in clinics for well over 2 years and had an actual license for less than that. We have been able to help in those areas so let’s talk about it. We invite all prospective practice owners to call us and find out what you have planned and let us help you in any way we can even if buying it right now isn’t recommended.
Also: New graduates are very difficult to finance because of lack of clinical as well as business experience. Having said that, if the new graduate is fortified with a business ownership background and enough Chiropractic treatment experience (you’d have to make your case), it might work – but it’s tough. A strong guarantor to the loan would likely be necessary.
For more specific information on the lending programs and qualifying, please see the Healthcare Practice Loans page.
Please let us help you get the job done right. We’ll help you learn about the practice you are buying including things the lenders won’t ask about. We’ll also make sure you are completely knowledgeable about the loan program you are using. You are about to embark on a journey to Your Own Successful Practice!
Please Call Us at 813-891-1811 and Let’s Get Started!