An optometry loan is funding made available for the purpose of opening and running an eye care practice or relocation and expansion.
Opening and Optometry Practice
You may need to take out an optometry loan of $150,000 to several hundreds of thousands of dollars to begin a practice. Initial expenses include real estate, eye charts, examination equipment, and an inventory of eyeglass frames for patients to choose from. Working capital such as salary for employees (such as a receptionist), property leasing, utilities and other operational expenses can also be covered with your loan. Borrowers need to have proper training and licensing prior to beginning the practice.
Expanding and Relocating
If you already have a practice, and wish to expand inventory, add more examination rooms and/or hire additional employees, you can used borrowed finances. Optometry loans can cover up to 100% of the expenses related to expansion, such as renovation, for low fixed rates.
You can also borrow money if you wish to relocate your practice. A relocation loan can cover the cost of new real estate, additional equipment and other costs. Working capital may also be covered during your time of transition.
Loan terms for an optometry practice can last for as little time as five years up to 25 years (if the loan is to cover real estate). Loans for working capital usually have a shorter term. Fixed interest rates may be offered as well.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?
Make sure you know you are pre-qualified before you apply. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.