2011 Brings Growth Opportunities for Medical Professionals Seeking Expansion

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Mar 17, 2011, 08:10 ET

BOISE, Idaho, March 17, 2011 /PRNewswire/ -- The Bureau of Labor Statistics points to the healthcare industry as one of the fastest-growing fields today, projecting that it will increase 22 percent through 2018, compared to 11 percent for all industries. The projections indicate that more healthcare professionals and facilities will be needed as the number of older people continues to grow, and as new developments allow for the treatment of more medical conditions.

According to Craig Vogel, president and founder of Western Capital Consultants, these projections, in combination with low interest rates and real estate prices, present medical professionals with an extraordinary opportunity for growth.

"There's never been a better time for medical professionals to start their own practices, expand their existing practices, or upgrade their offices in preparation for the healthcare boom," says Vogel. "Because rates are low and real estate is so affordable right now, you can purchase your own building less expensively than you could if you were to lease."

Vogel is excited to help the medical community, and is recommending the Small Business Association 7(a) loan opportunity made through the SBA guaranteed loan program. Vogel explains, "The SBA 7(a) loan is a great fit for this situation because the program provides up to 130 percent of loan-to-value for medical professionals. For example, if your building costs $1 million, you could qualify for a loan for up to $1.3 million. Furthermore, the medical professional can spend the extra money on anything it takes to get a business up and running, such as working capital, remodeling, office equipment, marketing, or payroll. It's easy to structure the loan to fit a medical practice's unique needs."

Vogel indicates the eligibility requirements are designed to be as broad as possible. Furthermore, he works with lenders who specialize in the medical industry and who understand the unique challenges of medical professionals. Loan amounts range from $250,000 to $6 million, and the term can extend up to 25 years. There are no balloons or calls, and no loan origination fee. There is a one-time SBA loan guarantee fee based on the size of the loan and the good faith deposit applies to loan closing costs. Overall, the process can be completed quickly and easily.

Western Capital Consultants is designated as a preferred financial services company by Preferred SBA lenders. Consequently, they are able to provide faster and more efficient processing of SBA loans.

Vogel urges medical professionals to consider the possibilities. "If you're a medical professional and you've been working under a large health organization's umbrella for the last five to 10 years but you've always wanted to have your own practice, the timing couldn't be better. Also, if you are expanding your practice and need more space, this is the ideal time to look into that new building you've been considering."

To learn more about Western Capital Consultants' small business financing and leasing programs, visit the company website at http://www.westerncapitalconsultants.com or call 1-208-319-3518 for a no-cost, no-obligation SBA loan program analysis.