A Midwest based optometrist with a 10 year solo practice was a returning client who encountered two problems.
First, he needed funding to digitize his medical files in order to comply with federal law. Second, he needed working capital to secure another location for his practice.
When the client initially sought our services, he was scared that he wouldn’t be able to get the funding he needed in time to digitize his medical files. His credit was fair; however, his cash flow was consistent and growing. Another benefit was the amount of time he’d been practicing. He was able to prove a strong increase in revenue. Despite that, every traditional bank declined because of his credit.
Our lender wasn’t concerned about his credit. What mattered was the consistent cash flow he was able to prove. He was approved for $35K to upgrade his electronic file systems while complying with federal law.
A few months later, our client came back to us seeking additional funding. This time, he was presented with an opportunity to buy another location that would allow him to expand his optometry practice. In order to secure the additional location, he needed $60K. He mentioned that he’d like to secure additional working capital to have on the side.
Challenge: Because the optometrist had fair credit, he was declined by every traditional lender where he applied. He was working on a tight deadline because he needed to comply with federal law. Secondly, he needed financing to move quickly on an opportunity to expand his practice.
Solution: Both times, we located lenders that approved him for a total of $125,000 to digitize his medical files, secure a new practice location and provide additional working capital. The lenders weren’t concerned with his credit. They focused on the consistent cash flow he was able to prove. His first approved loan was for $35,000 that allowed him to digitize his medical files in a timely manner to meet federal law.
His second loan was approved for $90,000 to secure a new practice location and for working capital.
Loan Product: Merchant Cash Advance Loans
Conclusion: Fund & Thrive played a pivotal role in enabling our Midwest-based optometrist to overcome dual challenges, from digitizing medical records to seizing a new practice opportunity. Despite facing credit hurdles, our client’s consistent cash flow and revenue growth proved instrumental. The approval of $125,000 not only ensured compliance with federal law but also allowed the expansion of the optometry practice. This success story exemplifies Fund & Thrive’s unwavering commitment to delivering innovative funding solutions.
