1. Canada Small Business Financing Program (CSBFP): This federal initiative assists small businesses in obtaining loans by sharing the risk with lenders. Eligible businesses, including start-ups with gross annual revenues of $10 million or less, can access loans for various purposes such as purchasing equipment or improving leased properties.
Helping small businesses get loans
2. Lines of Credit (LOC): Many financial institutions offer lines of credit tailored for entrepreneurs. Establishing a relationship with a bank manager, especially those with professional service divisions, can be beneficial. These LOCs provide flexibility in managing cash flow and operational expenses.
Canadian Dental Hygienists Association
Independent Practice - Financing
3. Equity from Owned Properties: Leveraging equity from existing properties is a viable option. This involves refinancing or securing a home equity loan to fund your practice. It's essential to consult with financial advisors to assess the risks and benefits associated with this approach.
4. Alternative Funding Sources: Alternative lenders offer various funding solutions, including short-term loans and equipment financing. These options often have more flexible requirements and faster approval processes compared to traditional banks.
Dental Practice Funding: The Essential Dental Practice Loan Guide - Greenbox Capital
5. Professional Associations and Resources: Organizations like the Canadian Dental Hygienists Association (CDHA) and the Ontario Dental Hygienists' Association (ODHA) provide resources and guidance for starting an independent practice. They offer business planning tools and templates to assist in the development of your practice.
Canadian Dental Hygienists Association
Independent Practice - Business Planning
6. Health Professional Corporations: In Ontario, dental hygienists can establish a Health Professional Corporation to practice. This requires obtaining a Certificate of Authorization from the College of Dental Hygienists of Ontario (CDHO). Consulting with legal and financial professionals is recommended to ensure compliance with regulatory requirements.
Before proceeding, it's advisable to develop a comprehensive business plan and consult with financial advisors to determine the most suitable financing option for your specific situation.