Background: Opened a small medical practice with 1 partner. We opened 18 months ago. We leased a small space because it was what we could afford at the time. We have had great growth and paying all expenses, small staff salary and ourselves a healthy salary as of the last 3 months. We both exhausted our own cash reserves and took out a small $20k line of credit to start up. We have paid off about 1/2 of the line of credit but have not yet built up much of a cash reserve. We only signed a 3 year lease because we expected to grow. We are 18 months into the lease. There is a possibility that our neighbor tenant will be leaving and this would allow us to take over the space and double our sq footage and add another staff provider. Problem is we will likely need $75 to $100k for build out and new equipment. What type of loan/bank/investor do we need to be talking to for this situation? Small local bank was source of line of credit.
TLDR; 18 month medical practice with good growth, limited cash due to start up 18 months ago, opportunity to expand but need $100k loan with minimal collateral.
TLDR; 18 month medical practice with good growth, limited cash due to start up 18 months ago, opportunity to expand but need $100k loan with minimal collateral.