Just as a homeowner may take out a home equity loan to pay for remodeling, a business may look into asset-based lending to help grow its business by taking out secured business financing. Asset-based lenders can help you get the best-secured business loans at the best-secured business loan rates.

What Is Asset-Based Lending?

With an asset-based loan, your business can leverage assets to liquify capital to finance company restructuring, turnarounds, acquisitions, and growth within the company. With asset-based lending, you can typically borrow a more substantial amount under the ABL facility for a secured business line of credit rather than the limited funding set by a typical credit line.

If an asset-based loan is unpaid, then the asset – the business in this case – can be taken. You are leveraging your company to secure funds for whatever growth and change your business will be going through.

There are various commercial loan types, depending on the size and revenue of your company.

Secured Business Financing for Better Loan Terms

When you apply for secured business financing, there are various terms and interest rates based on the lending company you get the loan from, as well as your factors based on your business. Interest rates can vary between 5.25% – 15%, depending on some of the following factors:

• Your company’s previous payment history with clients
• Quality and quantity of your client base
• How profitable your company is
• How often your inventory moves
• Quality and age of the company’s equipment and machinery
• Payment term duration- 30, 60, or 90 days
• The recent appraisal of your company’s property value
• The company’s credit score and payment history to vendors

An asset-based loan helps secure financing. A lender will not secure a loan on unsecured financing because if you defaulted on the payment, they would not be able to recoup their losses.

What Is Required to Apply for Asset-Based Lending?

Various types of collateral can apply toward asset-based lending, all dependant upon the type of Some examples of asset-based lending is as follows:

Accounts Receivable

A service-based business that created invoices for its customers can apply any receivables due within a 30 – 90 day time period as collateral to obtain an asset-based loan. The size of your business will impact this as the more you invoice, the greater amount of money you can borrow.

When you use asset-based loans that apply unpaid invoices as collateral, the lending company purchases the outstanding invoices to collect the payments from customers for a flat amount; this is called invoice financing.

Invoice factoring is different in that it means you are selling control of your company’s accounts receivable outright or in part. The customer pays the factory company, which then chases payments of invoices, if necessary. The factoring company then takes the remaining invoice and pays you, minus their fee, once the invoice is paid.

Inventory

Any company that runs a retail, wholesale, or manufacturing business will undoubtedly have plenty of inventory. In the case of sufficient inventory, it can be used as collateral to secure asset-based loans.

The lender will take inventory of all of your stored products and merchandise, determine the value and then offer a loan depending on the value to determine the resale. You are then able to take a loan out depending on the appraised value of the inventory.

You can take out a loan as determined by the inventory in your warehouse as you need. If you do not keep up with the payment arrangements made, the asset-based lender has the right to inventory as repayment for the debt you owe.

Equipment or Machinery

You can use any vehicles, commercial kitchen appliances, equipment used in manufacturing, computer systems, or any other valuable machinery that your business owns toward collateral for your asset-based loan.

The value of your business’ equipment will determine the value of the loan you can take out. Before you consider using machinery or equipment for collateral, you must own it outright so that the lending company can collect it as collateral if you do not repay the loan, much in the same way that you couldn’t use a rented home as collateral for a home equity loan.

Real Estate

Any land or retail space that is owned may be used as collateral for an asset-based loan. Retail space can come with many factors and legal nuances, so they are considered on an individual basis.

If you consider your business space as collateral, you need to get it appraised by an independent party to determine the value before going to a lender. You also need to consider if you have paid off a portion or have equity in the mortgage so that a lender can get their money back if need be. In most cases, the land must be paid off considerably or owned outright.

Deciding What Assets You Can Use to Get Secured Financing

Property is considered the most reliable collateral to obtain a secured business loan, but there are other options available to you. These include:

• Business inventory
• Equipment and machinery (tractors, industry-grade appliances, factory machines)
• Credit card transactions
• Accounts receivable
• Property

Applying for Asset-Based Financing

The specialized team at ROK Financial can help businesses by offering financing solutions to business owners in a positive way through asset-based financing. Providing financing through a team of experts helps create opportunities for business owners trying to create new opportunities for their company, rebrand, or expand.

At ROK Financial, we pride ourselves in helping businesses grow and in creating solid business opportunities as well as a trusted financial partner. Call us today for more information on what we can do to help your business grow through asset-based lending.

If you need assistance with various types of asset-based financing, call ROK financial to see what our team of dedicated professionals can do to help grow your business and help you realize your goals.

Keeping a business afloat isn’t always easy during these uncertain times, even for healthcare professionals. Costs can quickly add up, and with many individuals losing insurance since the emergence of the Covid-19 pandemic, economic hardships have been extended to medical practices just the same.

There are many reasons to seek business loans as a healthcare professional. Medical office financing offers to fund both new and existing medical service businesses. With the help of medical practice loans, you can build your business and improve your credit as a business owner.

Let’s discuss some common ways you can leverage business loans for healthcare professionals in order to help promote growth and stability.

1.      Marketing

Business loans for doctors and other healthcare professionals can be put towards marketing your services and ultimately drive additional revenue. Hiring professionals to get the word out about your practice can significantly diversify and grow your patient rate, reaching potential patients you otherwise would not have been able to before.

Moreover, effective marketing services can also aid in patient retention as you consistently provide them with updates on your services. While many businesses opt to take on marketing themselves, having the funds to hire professionals will only give you more free time to focus on the more important aspects of running a practice.

2.      Hire Qualified Staff

Once you’ve been able to diversify and grow your patient base, business financing can then allow you to hire more staff. Hiring qualified practitioners will help you better manage the increase in the volume of patients and balance the workload among the practice. You may also be able to hire a more qualified administrative team to help streamline operations.

By hiring more staff, you can also enhance the quality of service the practice provides, especially with the ability to pay more qualified professionals.

3.      Upgrade Systems

Healthcare business loans will also give you the opportunity to upgrade your current systems in order to improve efficiency and patient interactions. You may be able to offer better treatments and get rid of outdated equipment or upgrade your CRM systems.

By locating additional funds, the practice has more capabilities to enhance the patient experience, such as by investing in better patient portals for communication, improved billing and point-of-sale systems, and other aspects of vendor management.

Why Doctors Are Choosing Alternative Financing

There are alternative ways to secure medical office financing that can often be simpler than traditional loans from credit unions or banks. Alternative financing could even extend qualifications to health professionals with a poor credit history due to medical school debt. Some healthcare business loans can finance up to $100,000.

Alternative financing may also offer higher and faster approval rates, allowing you to get the ball rolling on growing your practice without waiting around. Fees and repayment schedules might be simpler and more transparent as well.

SBA Financing Options For Healthcare Professionals

SBA (Small Business Administration) loans are government loans offered to small businesses that meet specific criteria. SBA loans for health care providers aim to provide funding for new and existing medical practices.

There are various SBA low-cost loan programs that have low rates, long terms, and low payments to foster stability, growth, and savings for any medical practice. Here is a brief overview of each SBA loan for healthcare providers.

The 7(a) Loan Program

An SBA 7(a) loan is the best loan if a medical practice needs funds for working capital, debt consolidation, equipment upgrades, or commercial real estate. With the loan, you can refinance cash advances, short-term business loans, high-interest business loans, or business credit cards. You may also refinance any mortgages on existing commercial real estate or upgrade to a new space in a location with more traffic.

An SBA 7(a) loan could get you up to $350,000, with a negotiable interest rate.

The 504 Loan Program

The 504 loan aims to give small medical practices low-cost funds for expansion or modernization. This loan is beneficial for medical practitioners looking to purchase commercial real estate property.

The SBA will typically fund up to 50% of the project costs through a lender. Community Development Corporations (CDCs) will fund up to 40%. The remaining 10% should be paid as a contractual down payment by the practice owner.

The Microloan Program

The Microloan Program will provide start-up medical practices with a loan of up to $50,000. This loan is best used to stay on top of general business and operational expenses rather than pay off any debt or acquire any real estate. This SBA loan can be very helpful if you have a relatively small practice with only a couple of practitioners.

How To Apply For Financing For Medical Practice

Qualifying for an SBA medical practice loan is not always an easy avenue to take for any industry professional, for that matter. In order to qualify for an SBA loan, your practice should be active for at least a year, and the owner will need to participate in personal credit screenings.

If your credit is strong enough according to SBA standards, applying for financing will entail the following:

1. Gather your financial records, tax information, business licenses and permits, all of the practitioners’ licenses or certification, and any other relevant paperwork.
2. Determine how much of a loan you require and for the purposes of its investment.
3. Submit your application.

From here, it can take up to three months to receive a response from the SBA. Let ROK Financial take care of this process for you using our expedited application process.

Other Options

In addition to SBA Loans, ROK Financial offers a wide variety of small business loans for medical professionals to help their practices.

Conclusion

Business loans for healthcare professionals are available but not always easy to secure. If your financial projections show that difficulty keeping your practice afloat is imminent, you might want to look into your options right away. Often, the waiting time to hear back about an approved loan is when businesses are forced to close as they can’t keep themselves in operation for that long.

Still, there are many different options available outside of traditional loans that cater to businesses even with less than ideal credit history.

Are you doing everything you can to grow your business but nothing seems to be working? Consider how a business coach for female entrepreneurs can help.

Whether you need someone to keep you accountable or someone to teach you new skills, business coaching is great.

Read on to learn how you can find the right entrepreneur coaching program for you.

Connecting With the Best Coach for Your Business

Working with a business coach is a useful way to help grow your business. Whether you prefer an online business coach or to find a “business coach near me,” you need the right coach.

The best business coach for you will work with you and your specific business. For example, a business coach for coaches can be useful for that business model. However, that coach may not be the right fit if you have a product-based business.

In some cases, you may need a mindset coach to help grow your business. The best entrepreneur coaching program for you should focus on your needs.

Then, you can make the most of your coaching sessions, and you’ll get the help necessary to build your business.

Why Do You Need a Business Coach?

If your business isn’t failing, it can be easy to think you don’t need a business coach. However, there are many reasons why business coaching is important.

Maybe you’re bringing in enough profit, but you need some accountability to grow. You’ve hit a plateau in your business and can’t seem to get past it.

Or perhaps you’re struggling with your confidence as a woman in business. The best business coach for female entrepreneurs will understand what you’re going through.

They can help you work through issues that may not directly affect your company. In some cases, that could involve working on your mindset and other mental roadblocks.

Of course, business coaching programs can also help you with your venture. For example, black female entrepreneurs may benefit from a coach who knows where to look for funding for a business that’s minority owned.

Your business coach can also help you with accountability. If you hardly take time to work on your business, your coach may give you a plan so that you work on instead of in the company.

What to Expect from a Business Coach

No two business coaching programs are the same, but that means you can find a coach who you enjoy. Still, it can help to know what to expect before you hire someone.

A few types of business coaching exist, so consider which type or types you need.

Accountability

As mentioned, sometimes you need an accountability partner. A good business coach can hold you accountable to both business and personal tasks.

Maybe you have a hard time reaching personal health goals. So your coach holds you accountable to being more efficient in your business. Then, you’ll have more time to focus on your health.

Transformations

A creative entrepreneur coach may focus on helping you reach a certain transformation. The coach can help you learn how to be a better leader and how to run a successful team. They might also work with you on the mental aspects of entrepreneurship.

This type of coaching requires a lot of effort on your part. Your coach can tell you what to do, but it’s up to you to put things into action.

Transactions

You may want to hire a feminist business coach who can empower you to more than your average coach. In transactional coaching, the coach will give you strategies and tools to improve productivity and efficiency. Your coach can help you troubleshoot and solve problems.

In these types of sessions, you’ll learn new skills, and you can get a new perspective on your business. And you can use those skills to help reach your business goals.

All of the Above

The best business coach for female entrepreneurs combines all three main types of coaching. That way, you can improve your mindset, learn new skills and strategies, and receive the accountability necessary to implement those changes.

Questions to Ask When Hiring a Business Coach

Once you determine that a business coach will help you, it’s time to hire someone. You should consider a business coach like you would any other potential employee.

Consider some of the following questions when deciding on the best in-person or online business coach.

What’s Your Experience?

Hiring a more experienced coach means you get access to someone who has worked with multiple clients. While you can hire a newer coach, consider the experience they have running a business.

Have You Worked With Similar Businesses?

Consider if they’ve worked with businesses of the same size or in the same industry. This goes for new and experienced coaches.

What Do You Value in Business?

You should know if the business coach will prioritize profit or some other form of success. Make sure your definition of success is in line with theirs so that you can trust them.

Do We Have Compatible Personalities?

You’ll be working with the coach frequently and probably for a long time. If your business is focused on women, look for a feminist business coach to support your mission.

Getting Help to Grow Your Business

Another important step in finding the best business coach for female entrepreneurs is knowing how they’ll help your business grow. Your business relationships can be crucial when determining how and when you’ll be successful.

Consider if your business coach can help build your network. Then, you may be able to get more clients or hire experts to join your team.

While your business coach won’t be an employee, they do work for you. They need to have the interests of your business in mind, not only for your success but also for theirs.

Is a Business Coach for Female Entrepreneurs Right for You?

Hiring a business coach for female entrepreneurs can be intimidating. However, the investment is often worth it, provided you hire the perfect coach.

Consider why business coaching is important and determine what to expect from a business coach. Then, you’ll know what to ask and how to hire the best coach for you.

As a healthcare professional who operates a business, we know you have a lot on your plate. From dealing with worried patients to filing insurance documentation, sometimes the daily grind makes you lose sight of growing your practice.

That’s where business loans for healthcare professionals can come in handy. Medical business financing can help your business grow and utilize the new technology and developments in your medical field. Whether you’re just starting in the industry or you’re expanding to another location, healthcare business loans can help you achieve the practice of your dreams.

Growing Your Practice with Medical Business Financing

Although everyone needs healthcare, you can’t grow your business by relying on your reputation alone. One of the best uses for business loans for healthcare providers is marketing and investment in new technologies.

By marketing your services to the right groups, you can expand your business at a much higher rate. For example, an orthodontist should target groups with a larger proportion of children since they tend to be the largest market for braces and other orthodontic procedures.

Your medical business can utilize healthcare business loans for marketing, both in application and research. Medical marketing is known to increase foot traffic, so why aren’t you investing in a tool that will increase your revenue?

You can also attract new patients by investing in technology. Patients want to see their doctors using tools and methods from the 21st-century rather than outdated procedures. By investing in new technologies, you can attract patients who would have otherwise visited a different medical professional.

Top 3 Financing Options for Healthcare Providers

The healthcare field needs adequate access to capital to improve the quality of care and give patients access to the best technology in the field. Here are the three best options for healthcare business loans.

Online Medical Practice Loans

Online lenders like ROK Financial offer their customers the best of both worlds-ease of access and secure financial backing. ROK gives their customers access to funds within five days, although the process can be as fast as one day.

ROK also offers its customers medical business financing ranging from $10,000 to $5 million. With that range of financing options, your medical business will have access to the funds it needs to thrive. ROK offers loans on 1 to 5-year terms.

One of the best features of ROK’s business loans for healthcare professionals is its credit rating system. Unlike most lenders, ROK doesn’t have a minimum FICO score. That means even if your credit has fallen, you’ll still have access to credit.

SBA Loan Options for Medical Professionals

SBA loans are small business loans issued by a private institution, like a bank or credit union, but the federal government guarantees them. SBA loans are an option for medical professionals because they offer large amounts with relatively low-interest rates.

SBA loans, and the most popular SBA 7(a) loans, are highly competitive. You must have been operating your business for more than two years. You must meet stringent credit requirements, including having a credit score above 640, although we recommend only applying if your score is over 680. You’ll also need to prove your operating revenues and how much you invested in the business.

Many business owners covet SBA loans for medical practices because of their large amounts and low-interest rates. If you don’t meet the application requirements, you won’t be approved for a loan. For business owners, this can be a frustrating experience, which is why online lenders can be a better option.

Medical Practice Loans from Banks

If you have a record of repaying your loans on time and without any issues, bank loans may be the right option for your medical business financing. The eligibility requirements for bank loans vary depending on the lending institution.

Some banks offer special financing rates and options to medical businesses if you can prove consistent revenues. The main reason why medical professionals are hesitant to get bank loans is because of their high-interest rates. The federal government backs an SBA loan for healthcare providers, which means lending institutions take less risk. When a bank gives out a loan, they don’t have that protection.

Without that protection, banks are wary of lending. That means their requirements are stringent, and their rates are much higher than SBA loans or online lenders. Bank loans are an option for those with good credit and high revenues. Otherwise, we recommend looking into other options.

How to Apply for Medical Business Financing

Applying for medical business financing depends on the type of loan. Here are the steps for each of the medical business loan types above.

SBA Loans

SBA loans pair you with a lender, but the federal government backs up part of that loan, so the lender takes less risk. For this guide, we’ll be outlining how to apply for the SBA 7(a) loan, which is the most popular among business loans for doctors. First, you must:

• Fill out the SBA loan application
• Submit to a background, credit, and financial check
• Upload business financial statements
• Submit proof of ownership, business license, and income tax returns
• Submit loan application history
• Other documents including lease information, resumes, business history, etc.

After you submit all the documents, SBA officials will review your loan application. If it meets the requirements, they will send your application to verified lenders who will contact you if they want to offer your business a loan.

Bank Loans

The application process for bank loans depends on the individual bank. Almost all banks require you to submit personal credit checks and business financial checks. Usually, this entails giving them copies of your financial statements as well as your loan application history. To apply at a bank, you can either do so in person or online if your bank has that option. However, banks guidelines tend to be much more strict than online/alternative lenders.

Online Loans

To secure an online loan through a retailer like ROK Financial, all you need to do is complete a quick 1 minute online application. And speak with a Business Financing Advisor to discuss your situation and what you’re looking to accomplish.

After ROK suggests lenders to you, you can choose among the various lenders until you find the medical business loan rate that suits your needs. Once you supply the information the lender needs, you’ll have access to your funds.

The trucking business is nothing if not unpredictable. The cost of repairing trucks, hiring a workforce, and dealing with myriad seasonal labor challenges add up to a lot of expenses and even more difficulty with the bank. But gaining quick access to capital doesn’t need to cause headaches.

The trucking business is booming, and that growth has attracted the attention of funders. Although the bigger lenders may avoid companies who don’t command reliable profit margins, it doesn’t mean that getting a business loan for a new truck is hard. All that’s left to decide is what you need and how to do it.

In this article, we’ll discuss the ins and outs involved in securing funds for a new truck. There are several options available, all with their requirements-so let’s get into the details!

What’s Required For Approval For Business Funding For a Truck?

First off, it’s important to know that several types of business loans are available for truck drivers. Each requires different time commitments, repayment plans, and so forth. The types of loan are:

• Short-term loans
• Lines of Credit
• Business Credit Cards
• Equipment Financing
• SBA Loans

Short-term loans are very expensive forms of credit. It’s not a good idea to apply for a commercial business loan for a trucking company unless you have an emergency. On the other hand, most trucking businesses with lower than average FICO scores can secure them in as little as 24 hours for truck business funding.

Lines of credit are similar to credit cards. The lender sets the limit and the borrower pays interest on the amount which they withdraw. LOC (lines of credit) can be used to cover any expense, like short-term loans.

We recommend equipment financing as the best loans for transportation businesses. These loans for truck drivers are made specifically for these kinds of purchases. You can either take out an equipment loan or lease equipment, and you’ll often get low-interest rates and long-term refinancing options.

For the best bank for trucking companies like Wells Fargo and Commercial Fleet Financing, you’ll need a credit score north of 640+ and provide proof of three-year experience. Others have no minimum FICO. Usually, you’ll need to give proof of monthly sales gross of $15,000 or more.

SBA (Small Business Administration) loans are government-backed, and they’re most commonly used by businesses that don’t qualify for traditional business loans. They’re generally more flexible with repayments than other loans. We’ll talk more about them below. However you may have issues obtaining an SBA Loan within the trucking industry.

With all these loans, you’ll need to submit a credit score. SBA loans aren’t great for trucking business loans with bad credit, but it’s still a good idea to apply anyway. Equipment financing is not as hard to find if your score isn’t ideal.

With equipment financing (which we recommend for buying a new truck), there are a few requirements to keep in mind. If your company brings in over $120,000 per year, lenders may waive any credit score minimums.

Ensure you get the lowest rate with equipment financing, give proof of adequate insurance, eliminate excess budgetary expenses, and apply for the loan when revenue is rising. You’ll may need to cover 5% or more of the cost for a down payment.

The Steps To Get Funding For Your New Truck

With the lending options out of the way, the next thing to do is start applying. Here are the steps to secure truck business funding.

1. Make sure you’re eligible. Check your credit score (it should be above 600), CDL license (3-5 years minimum), the age of the truck you want to loan if it’s not new (less than 10 years), and the mileage (under 700k)
2. Get your documents together. Every financing company is different, but you’ll likely need the minimum: proof of registered business, tax statements, returns, profit and losses, your CDL, business licenses, USDOT number, motor carrier number.
3. Select a truck. Note the make, model, year, serial no. Take 3+ pictures.
4. Put insurance together. You can get preapproval without insurance, but you’ll need proof before the lender releases the loan.
5. Submit the documents to the lender.

The Benefits of Alternative Financing? Speed!

Without a doubt, the best part of applying for alternative financing for your new truck is the speed with which you’ll get funding. Many lenders (especially for equipment financing) can get you your funds in two to five days. The best lending companies operate online where they can receive your application with no minimum FICO and send you a response in a day.

By applying online, alternative financing gives you more control over which lenders you’re willing to apply with. It’s a zero-pressure way to collect your documents on your own time and submit them when you’ve found your ideal lender.

Is SBA Funding Available For Trucking Companies?

Yes, there certainly is! SBA financing is low-interest 2-5 year loans (though some are 30 years). Generally speaking, it takes around 45 days for an SBA loan to process, but they carry higher maximum amounts and simple applications. There are also small business grants for trucking.

In addition to the conventional SBA loans handed out by the government, you may apply for an SBA disaster loan for a trucking company. These are set aside to cover operating expenses caused by natural disasters such as COVID-19. Economic injury disaster loans (EIDLs) can help recoup losses brought about by the pandemic.

Conclusion

You have a lot of options when seeking out suitable commercial business loans for a trucking company. There are a lot of potential options to find funding for the trucking business. Short-term loans and lines of credit are fast ways to get capital, but equipment financing and SBA loans are often the safer long-term choice.

Either way, it’s easier now to secure quick funding for trucking companies than it’s ever been.

Are you wondering how to get a business loan for a restaurant? If you’re one of the many restaurant or bar owners that took a hit during COVID-19, it’s not a surprising question.

Small business loans for restaurants are in high demand. Luckily, restaurant owners have several options. There are SBA loan programs, investors, and even grant money available. We cover the best options below and then give you the tools to reach them easily.

So, if you’re interested in a loan for your small restaurant or bar, read on. We’re here to help you navigate the ever-changing currents of restaurant funding in 2021.

Best Funding Options for Restaurants

There are several funding options for restaurants depending on what you need, be it equipment financing, restaurant financing companies, or a traditional loan.

Some of the best financing options are from lending institutions that participate in the U.S. Small Business Association (SBA) Programs. An SBA loan for restaurants and bars provides funding more readily than traditional loans because the SBA guarantees against default.

Having the SBA guarantee makes lenders more willing to take on risks, which means more restaurants will qualify more easily. Small business loans for bars and restaurants from traditional institutions aren’t the only option, though. Alternative lenders tend to have much easier guidelines to get the restaurant industry back on their feet.

For quick restaurant funding, nothing beats finding access to a business line of credit. You can receive access to the funds in a matter of days or less. Even through the SBA program, a bank or credit union usually takes weeks or months to approve a loan. Business lines of credit might be the best choice for you, and you can easily access a variety of offers from alternative lending companies

There is an SBA express loan available that provides funding in 36 hours. However, it comes with higher interest rates, and the SBA doesn’t back as much of the loan. That puts lenders in greater control, and they can put more stringent requirements in place, where accessing this type of loan can be quite difficult.

Restaurant Business Loan Qualifications and Challenges

Now that you have a general idea of funding options, let’s look at how to qualify for a restaurant loan. Whether you go through a traditional bank, credit union, or alternative lender, you’ll need to meet eligibility requirements to receive your loan (based on who you choose to work with). Some of these requirements include:

• The business must be in the U.S. or a U.S. territory
• Must be a for-profit establishment
• Equity (or collateral) to invest  (for traditional lenders)
• 3-6 months of bank statements
• Tax Returns
• Additional requirements set by the individual lender

Equity or Collateral

If you can show that your restaurant is already profitable, or was before COVID-19, then you can meet the equity requirement easily. If you’re newer to the restaurant game, you can use personal collateral instead. It all depends on the lending institution you choose to work with. It’s a good idea to do your research a head of time to make sure you are making the best decision for your business.

Personal collateral could be a home, car, or restaurant equipment you already own. If you’re using personal collateral, lenders may require you to prove that you are considered a low risk borrower.

Individual Lender Requirements

Lenders can place additional requirements on SBA loans. Often, they’ll run your credit score. If you don’t have good credit, you may need to seek out other funding options or be willing to meet a higher interest rate. If you have an already profitable restaurant, though, lenders may waive the credit requirement altogether.

If you’re worried about qualifying for a restaurant loan of any type, check out our tips here. We can help your restaurant qualify for funding even when business is slow or seemingly non-existent like it was during Covid-19.

$28.6B Government COVID-19 Grant Program for Restaurants (2021)

Small business loans for restaurants affected by COVID-19 are in high demand. The pandemic took a noticeable toll on the restaurant industry. To help struggling bars and restaurants, the U.S. government is currently handing out $28.6 billion in grants.

The grant money is available through an application with the SBA. The program provides restaurants with funding that equals COVID-related revenue loss, up to $5 million per restaurant location.

As long as the funds are used by March 2023, applicants need not repay the grant money, making this the ideal choice for those who qualify. However, not everyone will be eligible, and the grant money you receive will depend on your restaurant’s revenue loss. That may or may not be enough to cover all of your costs.

How to Get Funding for a Restaurant

If you don’t qualify for the COVID-19 grant or find it won’t cover all of your expenses, don’t fret. There are still ways to get funding for your restaurant or bar.

And, you don’t need to get in your car and find the best bank for restaurant loans. You don’t even need to call around! Instead, you can let ROK Financial do the legwork.

Simple Application for Quick Restaurant Funding

ROK Financial has Business Financing Advisors to match you to the best financial products for your restaurant or bar. Many of our providers require no minimum credit score, and you can receive approvals in a matter of minutes!

So whether you need equipment financing, a line of credit, or an SBA loan, we can help. Fill out the application and start building your business back up!

Launching a new business practice or expanding a current practice should be an exciting part of a doctor’s life, but it’s not a task that is easy or cheap to do. A medical practice loan can be a life-saver for a new family practice or specialist’s office, and it’s designed for medical professionals to address the costs unique to this profession.

This article explores medical practice loans, condescends the available answers you need to know, and gives you the necessary information to make the next step.

What Are Medical Practice Loans and Who Qualifies?

Medical practice loans are loans designed to assist doctors and medical specialists in obtaining the funding they need for their business.

These business loans for healthcare professionals focus primarily on doctors, dentists, and healthcare professionals who are currently practicing in someone else’s clinic or who are already licensed and are looking to start a practice. There are also SBA loans for healthcare providers as well as healthcare business loans.

Qualifications

Most medical and healthcare professionals are eligible for these medical loans, including family and general physicians and specialists in areas including pediatrics, plastic surgery, dermatology, or podiatry.

However, this doesn’t mean that all lenders have these requirements.

Lenders and products exist in this industry to make medical practice loans available to doctors, dentists, and other medical professionals even during residency when they are still planning to open their first practice. There are also SBA loans for medical practices.

To qualify for the business loan, the loan provider will usually look at the economic health of the current practice (if there is one) and the credit of the individual requesting the loans.

All loans, which may be secured or unsecured loans, may expect the doctor borrowing to sign a personal guarantee which makes the doctor personally liable for repaying the loan. Always ensure you are aware of the fine print and know who is responsible for the loan.

Common Types of Financing for Qualifying Medical Practices

There are many different types of products that are available for medical practice loans with varying limits.

The most common types of medical practice loans are:

• Bank medical practice loans
• Non-bank loans
• Short-term loans
• Business lines of credit
• SBA 7(a) Loans offered through the U.S. Small Business Administration. They limit interest rates and regulate fees that must be paid. There are SBA loans for physicians.
• Equipment financing

Medical loan requirements determine the borrowing product, what the issuer offers, and what the doctor will use the money for, so they can vary wildly.

For example, a loan focused on medical equipment financing so an existing practice can purchase additional or improved inventory will be much less than a commercial loan for a doctor opening a new specialty practice that is being built from the ground up.

However, both are medical practice loans and will have similar requirements for the borrower. Medical business loan rates vary.

What Can a Medical Practice Loan Be Used For?

Frequently, medical practice loans are for purchasing a new clinic that is to be created from the ground up to the doctor’s specifics or for the purchase of an existing clinic, and then ownership changes hands. There are also medical business loans for doctors.

New Clinic Costs

• Buying or leasing the clinic building and associated fees
• Aesthetic and furnishings for the clinic
• Purchasing medical equipment
• Purchase office supplies and consumables
• Related vehicles for community work
• Obtaining and paying for insurance premiums
• Marketing, research, and advertising expenses
• Employment costs, including training

Existing Clinic Costs

• Pre-existing debts that the new owner is responsible for
• Renovations and re-branding
• Marketing and advertising to ensure continued support from previous clientele
• New equipment costs and repairing old equipment
• Staff salaries
• Consumables like office supplies
• Monthly expenses and insurance premiums

Choosing a Line of Credit For Medical Professionals

A credit line operates differently from a loan and is a viable option for medical professionals. Many banks are even offering a line of credit tailored for medical professionals.

This offer isn’t just for doctors purchasing their first clinic either; many offer “student” lines of credit for doctors in residency to help with their studies and assist in saving up for after they graduate.

Lines of credit connect to a bank account or credit card with lower interest rates. Businesses can use these lines of credit repeatedly while they are paid back. These are excellent options for a doctor who wants to partner with just one bank as all their financial products are under the same roof.

Apply in Seconds With Funding In Just a Few Hours

Applying for a medical practice loan is a straightforward process with ROK Financial. You’ll need 3 months of your recent business bank statements along with a signed application. Applying takes less than 1 minute and you can have approvals within 24 hours.

If you are an owner of a trucking company, knowing where to find funding might be difficult. As a new business start-up or a company struggling to make it through the economic impacts of COVID-19, we know that securing financing is an absolute necessity for a transportation business.

Below we will discuss the best loans for transportation businesses and alternative financing options available to trucking companies. Whether you are struggling this year or are just getting started as a company and need funding, there are different costs and requirements to consider when deciding on your funding options. We will go over the most popular types of financing for trucking companies in 2021 and what they entail.

Funding Your Fleet in 2021

As a trucking company, you have many different loan and financing options to choose from in 2021. Here are some of the most popular types of commercial business loans for trucking companies and what they require.

Bank Loans for Trucking Companies

Bank loans for trucking companies often come with the best rates out of all commercial loans because they are competitive. They provide loans with different term lengths, lines of credit, asset-backed loans, and more. Research to find the lowest rates and the best bank for trucking companies.

Borrowing from a bank often has tighter requirements than other lenders and makes it harder for you to get a loan. These include good personal credit, good business credit, steady cash flow, business collateral, steady income, and more.

• Rates are typically between 5% and 15%
• Funding varies from $50,000 to $5,000,000
• Collateral is required to obtain a loan
• The terms vary, ranging between 1 and 30 years
• The fees are considered medium costs

Lines of Credit for Trucking Companies

If you are looking for funding for a trucking business, you can take a line of credit from a bank to pay for your expenses. They allow you to access funds when you need them without taking out a new loan each time. You can take out a secured or unsecured line of credit with a trucking business.

Secured lines of credit are backed with collateral from your company, such as machinery, real estate, or accounts receivable. An unsecured line of credit comes as a credit card and requires you have good credit.

Small Business Grants for Truck Drivers

If you are looking to obtain trucking business loans, bad credit can often get you into trouble. An alternative option to loans is grants. Grants are significant for small business starters because they are money you do not have to pay back. There are a variety of grants that truck drivers wanting to start their own business can obtain.

The US Federal Government has a variety of different small business grants for trucking available. You can research Grants.gov to see and apply for open grants. The SBA also has a grant search feature on its website. To obtain a grant, you have to apply and get accepted, and it may or may not matter how your personal or business credit is.

SBA Loans for Trucking Companies

An SBA loan for trucking companies is provided to small businesses and backed by the US Small Business Administration. They provide financial help to businesses that have not secured traditional financing from a bank. These are some of the best loans for truck drivers.

An SBA loan allows trucking businesses to get financing when they can’t get it from a bank. These loans aim to encourage typical bank lending by agreeing with the bank to pay back most of the loss if the borrower is unable to pay back the loan. You must meet specific requirements before acquiring an SBA loan and certain things you can do to prepare for an SBA loan.

• Rates are typically between 5% and 8%
• Funding varies from $50,000 to $500,000
• Collateral may be required to obtain a loan
• The terms vary, ranging between three and 25 years
• The fees are considered medium costs

How Truck Drivers Are Taking Advantage of Alternative Financing

There are several different financing options for trucking companies. These include bank loans, SBA loans, lines of credit, equipment financing, asset-based loans, and more. There are alternative funding options for trucking companies that don’t meet traditional bank and SBA loan guidelines.

Truck drivers can take out what is called a mid-prime alternative loan. They will not have as low of rates as the other loan options, but they are often lower than many of the online business loan options. They provide long-term loans and are often able to get you your funds much faster than typical banks.

Another option for alternative financing is Equipment financing for trucks. With these, you finance your equipment and repay the interest over a fixed amount of time. The equipment is the collateral for the loan, and when you have paid it off, the equipment is yours.

If you have bad credit, lack business documentation, or need financing immediately, you can also consider taking out a trucking cash advance. These are not loans, but rather it is a business-to-business selling of the revenue your trucking company will be making in the future. You essentially sell your future income and access the capital you typically would have to wait to receive.

Final Thoughts

If you are struggling to keep your trucking business funded or plan to start your own transportation business, there are many funding options available to you. You will want to get the loan or credit with the lowest rates and most extended terms to save you the most money in the long run.

If you’re looking to learn more about business loans for trucking, complete a 1-minute application to speak with one of ROK Financial’s Business Financing Advisors today.

You’re going for your dream of opening your own bar, or do you already own and operate one? Before you take the big leap, make sure you’re financially prepared for the expenses ahead. As with many other businesses, there are overhead costs, rent or mortgage payments,  inventory, payroll, taxes, and unexpected expenses that you will need to cover. If you don’t have the money upfront, a loan can still help you make that bar a reality. Here’s how to get a loan for a bar or restaurant.

Why Would you Need a Loan for a Bar?

Opening and running a bar takes money – often more than you may think. A loan can give you the cash you need to cover the expenses and give you time to pay it back as you start making a profit from running the bar. Below are some expenses that a loan can help you cover for your bar.

Renovations and Updates

Whether you’re opening a new bar or are taking over an existing one, you may want to update the space to fit your bar’s vibe. From changing the décor such as new paint and lighting to updating tables, chairs, and equipment, the amount you invest in updating your bar can pay off in the long run.

Inventory

Inventory can add up and while you’re waiting to turn a profit, you still need to pay for the initial stock of alcohol, glasses, silverware, dishes and cookware, if you’ll be serving food. Utilizing a business loan can help you pay for those upfront costs.

Repairs and Emergency Expenses

Equipment breaks, the new stock doesn’t sell, and life happens. In the ideal world, you would have money put aside to handle the unexpected expenses that can – and undoubtedly will – come up. Often times bar owners don’t have that extra cash on hand to cover these types of expenses. Having a business line of credit on hand can help you cover unexpected expenses when the arise.

Business Finance Options for Bars and Restaurants

There are a few types of loans you can try to get, depending on what you plan to use the loan for.

1. Family and Friends – The simplest and simultaneously most complex loan is borrowing from family and friends. While there will probably be less of a paperwork hassle than the other loans and they won’t run your credit score, the situation can be quite complicated if you are unable to repay the loan. Unless you’re willing to make them a partner in your bar, you may want to avoid borrowing from family and friends.

2. SBA Loans for Restaurants – The U.S. Small Business Administration (SBA) gives small businesses and restaurants loans for up to $50,000. It can be a tedious process to get qualified and it can take some time for you to get approved for the loan, but small business loans for restaurants are an excellent resource as the government helps subsidize it.

3. Equipment Financing – Equipment loans are used to specifically cover your bar equipment, such as a new refrigerator or taps. The interest rates are usually low, and the lender has a hold on the equipment as collateral in case you don’t repay the loan.

4. Commercial Loans – Loans from larger institutions such as banks and credit unions are helpful if you need a larger amount than small business loans for bars will provide. Research the best banks for restaurant loans to find the one that will give you the best rates and terms. However, commercial loans tend to have must stricter guidelines. So if you’re planning on applying with a traditional bank, make sure your personal credit is up to par.

5. Alternative Lenders – Online or alternative lenders, like ROK Financial are great options for Restaurants looking to expand. Guidelines tend to be much less strict than traditional lenders, and personal credit scores do not have to be perfect. Also, less paperwork is required and funding can be complete in as little as 24 hours.

Common Challenges for Getting a Loan for a Bar

Obtaining a bar or restaurant loan is not as simple as asking how to get funding for a restaurant. When working with traditional banks, lenders want to make sure you will be able to pay back the loan. To ensure that you can qualify for a loan, make sure you have a business plan, have a good credit history, and work to improve your credit score if you don’t. Here are four tips for how to qualify for a restaurant loan.

However, if choosing to work with an alternative lender there is limited paperwork, simple application, and fast approvals and funding process compared to a traditional lender.

Bottom Line

If you are determined to make your bar successful and just need the capital to make it happen or need quick restaurant funding, a loan can help you. While getting small business loans for restaurants can be challenging, there are several routes you can take to secure a loan for a bar in 2023.

To learn more about obtaining a loan from a bar, you can speak with an experienced Business Financing Advisor today at ROK Financial to learn more about your options.

During these challenging times, it has been difficult for many business owners to stay afloat and remain financially secure. This is especially true for small businesses that are feeling the effects of little to no consumer spending.

There are still bills and expenses associated with not only their homes but their business as well. A small business loan can be beneficial to support your financial needs during a recession.

What is an SBA Loan?

An SBA Loan is a loan that the government issues to expand or start a business.

Types of SBA Loans

If you want to know how to get an SBA loan, you’ll need to inform yourself of which types of small business loans are out there. It’s important to note the differences between them so that you’re aware of which program best suits your needs.

*SBA loan terms may vary.

• SBA 7(a)
• SBA CAPLines
• SBA 504 (asset-based loan)
• Disaster Assistance
• SBA Export Program

How to Apply?

If you’re wondering how to apply for an SBA loan, follow these comprehensive steps.

Step 1. Check your eligibility: Be sure that your company qualifies before beginning the application process

Step 2. Select a program: Make sure you choose the appropriate program for your business.

Step 3. Designate a lender: The SBA aren’t the lenders for the loans; you must select a lender to provide you with the loan and process your application.

Step 4. Organize your documents: Gather all of the necessary documents needed for the application; the paperwork may vary by lender.

Step 5. Do the Application: Be as detailed as possible when filling out the application.

Step 6. Complete the forms: The forms you complete will depend on the type of loan, type of business, and your personal history, but you’ll probably have to complete a minimum of two forms for SBA loans.

Qualifications

General requirements:

• Owners must have a very good personal credit score because it may be more difficult to apply for a small business loan with bad credit.
• A business that’s based in the US and is “for-profit”
• The company must have been active for a minimum of two years
• Documented proof that the business unsuccessfully tried to obtain loans from alternate lenders
• No defaults or delinquencies on other government loans
• Your business must be defined as “small”, according to the SBA definition
• Equity was invested by the owner (reasonable amount)
• Specific programs or lenders may have additional requirements for eligibility.

Defining a Small Business

To be considered a small business, a company has to fit the size standard, which is the largest size that a business can be while still being defined as “small”. Size standards are different in every industry but they’re typically identified by annual receipts and how many employees a company has.

The SBA states that there are less than 1500 employees within a business and no more than $38.5 million being spent annually.

Coronavirus Impact

The impact of COVID-19 has placed financial stress on small businesses that are trying to avoid permanent closure. The pandemic has been the catalyst for creating loan programs detailed within the CAREs Act (Coronavirus Aid, Relief, and Economic Security).

This bill offers emergency funds and other resources to small business owners and makes it possible for companies to apply for an SBA loan funded by the government.

Check here to see how to apply for an SBA disaster loan, which falls under this category.

Know Your Options

It’s pertinent to understand what’s available to you as a small business owner. Go over the following questions when you’re seeking support from a lender to keep your business active.

• What is the limit on borrowing?
• How much are the interest rates?
• Are there any down payments required?
• Do they have a specific program for my business?
• How much and what type of collateral do I need?
• How can I check my SBA loan application status?
• How do I make SBA loan payments?

These questions will help you make the best choice with the highest likelihood for approval when applying for a small business loan. To know which option is best for your business, call ROK Financial and speak with one of our experienced financial business advisors.