Small business loans are vitally important to the continued success of the American economy. Everything from business equipment loans to business expansion loans have played crucial roles in the trajectories of many U.S. companies, sometimes making the difference between success and failure. Today, we’ll look at the story of one veterinarian who made use of business expansion loans to grow her practice and improve her financial situation.
Setting the Stage:
Inna, an experienced veterinarian who opened her own Minnesota practice in 2002, was thrilled with the success of her business so far. Located on a busy street in the middle of a residential community, Inna’s practice had attracted plenty of clients and was ready, after several years, to grow. She decided to expand by hiring additional veterinarians and by purchasing the space next door to her in the medical office building where she was located.
What She Needed:
Inna was optimistic about her chances at business expansion loans at first, reasoning that her track record of success would show lenders that she could easily take on the debt. However, after two banks turned her down for conventional small business loans, her patience began to wear thin. She got in touch with an alternative lender who immediately began helping Inna consider her options.
Solving the Problem:
The lender offered Inna her choice of a couple business expansion loans that would help her enjoy a longer loan amortization and lower down payment. She also was offered the opportunity to create a holding company with the medical practice next door, giving both parties additional tax benefits and decreased liability.
The Happy Ending:
Inna’s lender approved her application within two weeks, granting her a 25-year fully amortized loan to help her hire additional staff and expand her office. The loan also afforded her some additional monthly cash flow, which combined with her low down payment to make Inna’s budgeting simpler.
For Inna and for thousands of companies across the country, business expansion loans create fantastic opportunities for growth. Don’t count alternative lenders out if you’re serious about expanding. They might be able to make you the offer of your dreams!