After writing a lot of articles on small business loans, We Can Financial has started to focus on the most favorite topic of today’s world i.e. Small business loans for professionals.
Yes, it’s true that professionals associated with any field need to have sufficient financial resources in order to lead their lives smoothly and comfortably. Also, sometimes, beginners need to have funds for starting a business along with purchase of equipment and hiring of workforce. So, this article is going to through light over process of funding for professionals like Finance specialists, dentists, doctors, accountants, psychiatrists and lawyers.
Normally, We Can Financial receives business loans Canada applications from dentists or doctors costing up to $250k to $500k for setting up their primary or secondary offices. The average break down of these amounts is about 40 percent for equipment purchase as well as their installation, 40 percent for renovation and 20 percent as working capital. The applications of those professionals, who do not have track record for the last 2 or 3 years, become weaker because banks do not prefer to finance such applicants.
For instance, dentists need to practice for 2 or 3 years just to create their clientele so as to add some weight in their application. Another problem they face is that banks require them to invest up to 50 percent as up front against the cash and remaining 50 percent will be financed just to confirm the deal from the lending party.
On the other hand, doctors face some ease in applying for small business loans in Ontario. Since Ontario does not have enough numbers of family doctors, lending institutions give more respect to their application. There is also a lengthy application approval procedure that even requires up to 50 percent of cash invested.
Lawyers can freely apply for small business loan Canada and We Can Financial have served a number of lawyers in their certain needs. Their start up expenses range from 50k to 100k, which is normally divided as 50% for equipments, 20% for operating cash flow short-term requirements and 30% for renovation. We have helped many lawyers to expand their offices, open new ones in different locations, whereas young lawyers also have special offers for starting their practice.
Lending institutions also provide financing solutions to accountants in many cases. The cost to set up an accountant’s office is rarely more than 100k. Again, they need to have strong credit history along with verifiable net worth (in some cases). We Can Financial provide 2 to 3 accountant professional loans Ontario in a year and have got remarkable results as expected.
It is a myth that loans for small business should be limited to $250k. We also provide financing solutions to professionals who have low budget. We have recently served a couple of psychiatrists in order to get loan for purchasing a building for their office purpose.
So, you can trust on us for any type of funding requirement. We will do that as you want.