It required the creation and enforcement of multiple regulations for various purposes. For example, patients have the right to: Security The HIPAA Security Rule requires a dental practice to conduct a written risk assessment and develop safeguards to protect electronic patient information.
Apply for an unsecured small business line of credit. Start small — basically with whatever size line a lender is willing to provide. The important thing is to get a foot into the bank financing door.
Even if the credit line is small, put it to immediate use and pay it off diligently and always on time. A Flexible Financial Tool A business credit line is a flexible financial tool that can help you grow if you use it right.
Establishing the revolving credit line is cheap, you only pay interest on what you borrow and you can use the line for almost anything. Six things a credit line can be used for: Remodel, expand or upgrade your store, offices or other facilities.
Buy new computers, servers, office technology or other equipment.
Purchase extra inventory for upcoming promotions or seasonal spikes. Launch a new online marketing campaign. Create a new product prototype, pursue a promising business opportunity. Banks are still a good place to look for credit lines.
Sure, bankers are dental office business plan template more tight-fisted these days, but they do have money to lend — especially for established businesses — and credit lines are one way they are doing it.
Credit lines are also appealing because of their low costs. Interest rates will vary with prevailing market rates, but many lenders allow you to tap the line — via paper check, online, check card or other method — for no fee. Ask about interest rate protection You should also ask if the lender offers some kind of interest rate protection or lock-in feature to protect you against rising rates in the future.
Some lenders will let you lock in an interest rate on your business line of credit for a year. How to apply for a Business line of Credit To obtain a credit line, you will probably need to supply some financial information about your business as well as yourself, so be prepared with income and other statements or tax returns.
Sources of small business credit lines are numerous. To find the perfect fit and absolute best terms, you should plan to comparison shop among several lenders.
Some banks also offer unsecured revolving lines of credit backed by the U. Loan proceeds can only be used to finance seasonal increases of accounts receivable and inventory or in some cases associated increased labor costsbut can be revolving or non-revolving.
This line finances the direct labor and material cost associated with performing an assignable contract and can be revolving or non-revolving. If you are a small general contractor or builder constructing or renovating commercial or residential buildings, this can finance direct labor and material costs.
The building project serves as the collateral and loans can be revolving or non-revolving. This is an asset-based revolving line of credit for businesses unable to meet credit standards associated with long-term credit.
Repayment comes from converting short-term assets into cash, which is used to pay back the lender. Your business can continually draw from this line of credit, based on existing assets. This line is generally used by businesses that provide credit to other businesses.
It operates like a standard asset-based line except that some of the stricter servicing requirements are waived, as long as your business can show repayment ability from cash flow for the full amount. Periodically paying down the debt completely will keep the credit in place and your lender happy.
One key factor in obtaining a credit line will be your business cash flow.
Remember, the best time to set up a business line of credit is before your business actually needs it. Follow Main Share and Enjoy: Daniel Kehrer, Founder and Chief Content Officer of BizBest Media, is a senior-level leader in digital media, content development and online marketing with special expertise in startups, SMB, social media and generating traffic, engagement and leads.What is Mobirise?
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You and your dependents may be eligible for state-sponsored dental insurance, available from one of several dental plans. Eligible employees may enroll in a dental plan within the first 60 days of employment or eligibility or during the annual Open Enrollment period.