An owner gets things moving with a phone call, or with the request form if writing suits better. A funding partner then asks for the records it needs, reviews the business and decides whether to make an offer. Redpark Lenders does not make that decision or set the terms.
Small business loan requirements a Lowndes County, MS physician office should gather
No single checklist applies, because what a partner asks for depends on the partner and on the product. The same handful of facts comes up in nearly every conversation, though, and a physician office can have them ready before the first call:
- Years in operation under the present owners, and their names and ownership shares.
- Monthly deposits for the last several months, and the yearly revenue figure.
- The amount needed and what it pays for, whether an ultrasound unit, a payroll gap or a partner buyout.
- Existing loans, leases and their monthly payments.
- Each owner’s personal credit, since a partner may pull it during its review.
- For equipment, the vendor’s written quote.
For a physician office, a partner can also ask how insurer payments arrive and how long claims stay open, because the gap between a visit and its payment is part of the cash picture.
What documents a Columbus, MS therapy practice needs for a small business loan
A partner names its own list once it takes up the request. For a therapy or chiropractic practice the list can include:
- Statements from the business bank account, going back as far as the partner sets.
- Business and personal tax returns.
- Income and expenses so far this year, plus what the practice owns and owes right now.
- An aging report of open insurer claims.
- A schedule of current debts and leases.
- Formation papers, the business license and the EIN.
None of these goes through the request form. Past the name, phone, email and company fields, the form asks for just three ranges: years in business, yearly revenue and the requested amount. Documents wait until a partner says which ones it wants to see.
The business loan underwriting process for a Lowndes County, MS pharmacy
In underwriting, the partner comes at one question several ways: can this pharmacy carry the payment? A partner can look at deposits and their pattern, existing debt payments, time in business, owner credit and, where it applies, collateral such as inventory or equipment.
A partner may also look at a business credit score. The FICO Small Business Scoring Service score, or SBSS, is one such score, and it runs from 0 to 300.
For a pharmacy, a partner can ask how sales split between the front store and the prescription counter, and how long reimbursements take to come in. The stages of a request run in this order:
- The owner phones (662) 445-7556 or fills in the site’s request form.
- A conversation about the amount, the use and the timing.
- The request goes to funding partners.
- Any partner interested in the request names the paperwork it wants.
- That partner weighs the business and either makes an offer or does not.
- If there is an offer, the owner compares the rate, fees, term and total cost before signing anything.
Step one: a call about what the Columbus, MS physician office needs funding for
On the first call the talk is about three things: how much, for what, and by when. A physician office might be adding an exam-room ultrasound, covering payroll while claims are open or buying out a retiring partner, and each of those points to a different product. Working out which one fits is what the call is for.
An owner who would rather start in writing can use the request form instead and talk through the details later. The business loan FAQ page answers common questions and the types of business loans page sets out the six products.
By Redpark Lenders · Updated