I
am aware that obtaining a bank loan today can be rather difficult. But we read
in the newspapers that banks are currently sitting on many dollars and they
appear to enjoy counting them every day!
It
has now become difficult for a DME/HME provider to get a loan from a bank. In
their minds, many dealers may fail or reduce the size of their operation because
of “Obama Care.” (I use the term “Obama Care” since that is what it is called on
the TV or in the newspapers). The loan officers are hesitant and think it will
be very detrimental to small business.
I
have studied this and have also watched what has happened in Massachusetts. I
now feel this presents a major opportunity for DME/HME providers.
“Obama
Care” is far from perfect. It has many problems, but I believe they will be corrected. Look back to when FDR
established Social Security and note the many changes made over the years. Then
think about LBJ and Medicare. This legislation is going through all types of
alterations, but by and far, it has done much good.
So
with the economy starting to return back slowly, but optimistically, the real
entrepreneurs are featuring new OTC cash sales in their operations. Smart
business people developing more over the counter cash sales opportunities! These DME/HME
providers are all looking for new ones when they go to Medtrade this October.
But
what we seem to be missing is co-operation from the banks. I wonder why? Having
spoken to several loan officers, both at big and small banks, I want to tell
this to you.
When
you recognize that your direction must change with this new economy, then you
will be taking a giant step in the right direction. That is what they like to
hear.
You
are going to after a large piece of the burgeoning new market. Your plan is to
hire another employee or two! They will be out selling emergency and first aid
supplies everywhere people gather or shop in your town. It’s the law!
It
is important to keep your company name in front of the community. To accomplish this you will need
additional funds. Where should you find them? From your bank! You sell medical supplies, the banks
sell money. I spoke with a number of loan officers. What should you tell them?
Keep
it simple and short. Ask for a sufficient amount of money. Prepare a good
business plan showing exactly how the money will be used. Be sure you bring a
current financial statement, prepared by your CPA. What the bank officer will see is how your company has fared the past few years. They want to be
satisfied that when they provide the requested funds there will be sufficient
new income to meet your goals and repay the bank. There is a lot more, but
this is usually how negotiations start.
Make
that first step and get your plans for the future launched. Come to Medtrade prepared
to locate every new opportunity that is offered and will fit within your
operation.
www.medtrade.com
Let me know your thoughts on this topic! I would love to hear from you! shelly.prial@att.net
|
Monday, August 6, 2012
Looking for a Loan?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Share your thoughts with Shelly!