For those wanting to start an Optometry business, getting off the ground can be quite difficult. The Youtube channel, Social Business Loans, discusses the value that investing in an optometry practice loan could provide.
Several financing options are available.
Some examples include revolving lines of credit, term loans, and commercial real estate lending. To qualify for such options, you must have a net worth of $250,000 or more, not be in debt, and have been practicing as an optometrist for at least two years.
To provide security for the loan, you may have to put up a piece of property as collateral. Revolving lines of credit allow the borrower to only pay interest on what they use, which prevents the need to pay back the loan right away.
There are some terms that come with an optometric business loan. If spending needs to be $100,000 to $150,000, then you might qualify for a standard-rate loan. Anything less than $50,000 could mean qualification for a low-interest rate loan. The size of your practice can also matter. Also, make sure you are not already in debt. Other lending options are available, such as banks and alternative practice financing.