Business Loans for Professional Practices

Does your practice need an unsecured fixed rate loan?

VAT Loans for Doctors

Running a financially sound and successful practice – whether you are a doctor, a lawyer, architect, accountant, or any other professional – is challenging.

That challenge may be made all the more acute for some professionals as Britain moves towards its new post-Brexit identity. Some of the potential difficulties are described in an article that appeared in the Royal Institute of British Architect’s (RIBA) Journal on the 9th of May 2017 – but some of those same issues, such as access to suitably qualified staff, are likely to be shared by most professions.

Practice finance

Whatever the final deal on Brexit, however, all professional practices share a common concern in maintaining a robust financial standing that is capable of meeting the challenges of its particular market and the ability to seize new opportunities in a constantly changing world.

The largest part of your practice income, of course, comes from the fees and commissions you charge your clients. Capital on the other hand is likely to come from equity partners and other investors.

Borrowing

Capital may also be raised by way of loans and borrowing. Classically, the principal source of borrowing is likely to have been your local high street bank, through which you may have obtained a relatively long-term loan secured against assets of the practice or your own personal assets.

In today’s economic environment, however, the traditional bank loan such as this may be fraught with major drawbacks:

The answer to your more immediate problems, and a way to securing the funding you need as and when you need it, may lie in an unsecured, shorter-term loan.

Unsecured fixed rate practice loans

If you choose an unsecured loan arranged through us here at Professions Loans, you are assured of a fixed rate of interest throughout the term of the loan, with equal monthly repayments until the balance is repaid.

The fixed rate and equal monthly instalments means that you may budget for the necessary outgoings with simplicity and ease – so helping to manage that all-important cashflow.

You may choose the period over which you want to borrow the loan – as short as three months or as long as up to five years – but with this shorter payback period than for a secured loan, you may end up paying less in total interest charges. The shorter term also gives your practice the reassurance that the outstanding debt is repaid in the relatively near future and is not an ongoing commitment.

Why you might want an unsecured fixed rate practice loan

How you apply the loan we arrange is entirely a matter for your own financial targets and objectives. Some of the possibilities might include:

This is the type of business funding which may be applied to any number of demands from an ambitious and successful professional practice.

Exit mobile version