When you are trying to get optometry practice loans, there are some things that you need to do in order to have the best chance of getting the loan terms and the amount that you need. From start to finish, getting a loan is going to require a lot of information and these 5 tips will help you make sure that you get the funding you need for your practice, whether for start-up costs, equipment, or just additional capital for your business needs.
Be Prepared at the First Meeting
Part of this is all about making a good impression but mostly it is about demonstrating to each lender you meet with that you are responsible. It also will help show them that you are taking the situation seriously enough to treat them with respect and professionalism. When you first go in to see the lender, you will want to have as much ready as you can. This will include bank statements, profit and loss statements, current personal and business debt to income ratios, your business plan, your strategy for how you are going to pay the loan back and on what proposed terms, as well as your credit report.
Shop Different Loans
When you buy a new lawnmower, you probably are not going to go into the first home improvement store you see and pick up the first machine you lay eyes on. Shopping for a practice loan should not be approached this way either. Before you commit to anything, make sure that you have all the information. You probably will want to look online and talk to a few lenders. Remember that they are pulling your credit to qualify you for a loan, so make sure to protect your credit by minimizing the number of pulls on your report.
Think like a Lender
When you are trying to get a loan, you are probably trying to present yourself as a successful businessperson. This is a good idea. An even better idea is to try to think like a lender. Think ahead of time what information they are going to ask you to provide. Think about the types of questions that they are going to ask. Look at some sample loan applications so you can be prepared to provide the proper data to prove that you will be able to honor the loan and pay it back in whatever terms are required.
Make a Good Second Impression
It is not enough to go into a lenders office, sit down, fill out the application, and leave. Even the best first impression can be shattered by a poor second one. When the lender calls you for more information, do not complain about how you might have already given them that information or that you already had a conversation about it. Make yourself available and be cooperative in case their personal feelings about you will affect in some way your ability to obtain the loan that you want. Be very careful in your interactions with the lender so that you can always make sure you are putting your best foot forward, whether it is your first meeting with the lender or your seventh.
Sell Yourself
When you are trying to get optometry practice loans, you need to sell yourself in every interaction. In your initial meeting, you will want to tell the lender why you want the loan, what you will do to pay it back. You want to instill confidence in your business and yourself–this is important in every communication you have with them. You want to exude confidence in your practice and always make sure that you are leaving them with an impression of who you are and why you feel confident that they should take the risk and give you the loan.