The owner and head doctor of a large medical practice found himself at a crossroads with two choices. He could accept that traditional funding wasn’t an option for him and that he may never grow his successful multi-specialty medical practice. Or he could choose alternative funding and triple the number of offices he operated in mostly low-income urban neighborhoods.
“If you really believe in your business and you believe in your concept, no bank can hold that back from you,” the doctor said. “I’ve been able to grow this business when a bank wouldn’t give me enough money to buy a copier.”
In three years, through an on-going partnership with United Capital Source, this doctor has been able to grow his medical practice from just 10 offices in New Jersey to nearly 40. He now employs 50 healthcare providers and another 250 staff members.
“A lot of my employees are single moms in urban areas that probably wouldn’t have many other employment options,” he said.
In this case, tax liens were preventing him from qualifying for traditional loans.
“Tax issues are not uncommon in small businesses that are growing,” he said. “But when you have tax issues, it’s like you have kryptonite.”
Those liens are now in the final phases of being cleared up. In the meantime, he is getting ready to start a third round of funding with United Capital Source.
“United Capital Source is willing to work with companies that show they can support the funding levels they request,” he said. “The United team did their review of our finances; they reviewed us very well and very completely. It’s been a relationship that can best be described as ‘win-win.’”
That relationship is one of the reasons this doctor raves about United Capital Source.
“When I find a company or a person who works well with me, I tend to want to stick with them,” he said. “I like relationship-based businesses and funding.”
The doctor offers simple advice for other business owners who don’t qualify for traditional funding but are wary of non-traditional options: Don’t fool yourself.
“There’s a reason why traditional banks won’t give you money,” he said. “You need to look at your financing, see what the issues are, see what your bottom line looks like, and be very realistic and specific as to why you want the funds. If you’re making money, you can find a funding source.”