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Other Added - 5 Pointers for Obtaining a MedSpa SBA Loans
A couple of months ago, we had an article regarding invisible assets of Pharmaceutical companies. While it was one example of hidden assets in business, there are a lot more assets hidden in business more than you think. For an asset play, as described in One Up On Wall Street by Peter Lynch, it is important to discover this hidden asset neglected on the balance sheet. Several commonly found hidden assets are:1. Companies that own natural resources such as
3. Interest rates
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Medical Spas face additional hurdles since many lenders don’t understand what they actually are, or the revenue potential of providing cosmetic and anti-aging treatments like Botox™ injections, skin rejuvenation, and laser hair removal. If your local bank doesn’t understand the industry, don’t despair there are lenders who specialize in medical spa financing.
If you are considering a SBA guaranteed loan, here are 5 pointers to help you along the way.
1. Make sure you have lots of time and energy
If you are going to get a loan backed by the SBA, you are going to have to follow government generated procedures. Which means these loans are more paper intensive and take much longer than standard term loans. It’s not uncommon to see SBA loans drag out a month or two (or even longer). Before you even begin the SBA process, make sure you’ve completed a business plan with detailed pro forma financials. For more information, check out the SBA’s website on Business Plan Basics (www.sba.gov/starting_business/planning/basic.html)
2. Be prepared for all the fees
Many people don’t realize the SBA charges a guaranty fee that is typically around 3% for a medical spa. In addition, the lending institute will often pass on other third party costs, including: appraisal fees, legal fees, and a loan packaging fee. One fee the SBA doesn’t have for loans less than 15 years is a pre-payment penalty. This allows you to pay the loan off at any time without penalty.
3. Interest rates
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If you are considering a SBA guaranteed loan, here are 5 pointers to help you along the way.
1. Make sure you have lots of time and energy
If you are going to get a loan backed by the SBA, you are going to have to follow government generated procedures. Which means these loans are more paper intensive and take much longer than standard term loans. It’s not uncommon to see SBA loans drag out a month or two (or even longer). Before you even begin the SBA process, make sure you’ve completed a business plan with detailed pro forma financials. For more information, check out the SBA’s website on Business Plan Basics (www.sba.gov/starting_business/planning/basic.html)
2. Be prepared for all the fees
Many people don’t realize the SBA charges a guaranty fee that is typically around 3% for a medical spa. In addition, the lending institute will often pass on other third party costs, including: appraisal fees, legal fees, and a loan packaging fee. One fee the SBA doesn’t have for loans less than 15 years is a pre-payment penalty. This allows you to pay the loan off at any time without penalty.
3. Interest rates
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1. Make sure you have lots of time and energy
If you are going to get a loan backed by the SBA, you are going to have to follow government generated procedures. Which means these loans are more paper intensive and take much longer than standard term loans. It’s not uncommon to see SBA loans drag out a month or two (or even longer). Before you even begin the SBA process, make sure you’ve completed a business plan with detailed pro forma financials. For more information, check out the SBA’s website on Business Plan Basics (www.sba.gov/starting_business/planning/basic.html)
2. Be prepared for all the fees
Many people don’t realize the SBA charges a guaranty fee that is typically around 3% for a medical spa. In addition, the lending institute will often pass on other third party costs, including: appraisal fees, legal fees, and a loan packaging fee. One fee the SBA doesn’t have for loans less than 15 years is a pre-payment penalty. This allows you to pay the loan off at any time without penalty.
3. Interest rates
Niche marketing has become one of the keys to succeed on the Internet. As ‘mainstream’ markets become more and more crowded, the gold is really in finding those untapped niches. This kind of thinking does not apply offline, since offline businesses are often limited by geographical location, but online businesses can use this business model to great effect. Whatever hobby or interest that you can think of, there will be people who are interested in it who are on the
2. Be prepared for all the fees
Many people don’t realize the SBA charges a guaranty fee that is typically around 3% for a medical spa. In addition, the lending institute will often pass on other third party costs, including: appraisal fees, legal fees, and a loan packaging fee. One fee the SBA doesn’t have for loans less than 15 years is a pre-payment penalty. This allows you to pay the loan off at any time without penalty.
3. Interest rates
At present there are over 3.3 billion pages indexed by Google, and that definitely does not cover the entire Internet. With so many competitors around, you sure have to use every conceivable method available to promote your website.Newsgroups can be very powerful tools in your web promotion endeavor if you use them actively.What is a Newsgroup?A newsgroup is a message board on the Internet where users come to discuss topics of mutual int
3. Interest rates can be higher than traditional loans
Another myth is the SBA guaranteed loans have low interest rates. In most cases the SBA guaranteed loans interest rate will be higher than many traditional loans. The SBA does ensure the interest rate for loans over $50,000 does not exceed Prime Plus 2.25% for loans less than 7 years, and Prime Plus 2.75% for loans over 7 years. One of the benefits of the SBA loan, is the terms are often longer than traditional loans, for example 7 or 10 years versus 5 years for a traditional loan. The longer the term equates to lower monthly payments, which can help you during the startup phase.
4. Additional collateral and a down payment will usually be required
SBA guaranteed loans usually require additional collateral if the business assets are not adequate to cover the loan. Personal residences are often the most used source of this addition collateral. You will generally require a 20% down payment (unless you’re a physician, then only 10% may be required).
5. You’ll have to wait to see all of the money
Once approved, the lender is not going to cut you a check for the full amount of the loan. What typically happens is you will need to submit vendor invoices, purchase orders, cancelled checks, or quotations before payment will be made. In some cases you may have to pay the vendor first, then get reimbursed from the lender. When the loan closes, your working capital is disbursed in a lump sum.
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