Resisting Impulse Buys - Physician Guide to Financial Planning

January 19, 2007

As physicians, you never have too much time on your hands. In fact, it’s just the opposite. Every day, you continually juggle work and family obligations. So when you have free time, the last thing you want to do is manage your money. But taking control of your finances today is the first step toward a secure tomorrow. And it begins with creating a budget.

Without a budget, it’s easy to lose sight of your goals and your money. A budget, however, can keep you on track and give you a clear picture of your finances. Read more

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Understand how SBA-guaranteed loans work so you can increase your chances of obtaining one

January 13, 2007

One of the best programs in the United States for helping start new businesses is the Small Business Administration (SBA) loan program. As with any government-run program, it can be easily misunderstood. Many people think an SBA loan is a low-interest, non-collateralized loan issued by a government agency. In reality, a lending institution makes the loan to you, with the SBA guaranteeing a portion of it. The SBA limits its guarantee to loans greater than $150,000 to 75 percent of the loan value, so the lender is still on the hook for 25 percent of the loan if it goes into default. The primary benefit of an SBA-backed loan is that the lending institution probably wouldn’t have provided the loan otherwise.

SBA-backed loans fill a void, helping new business owners start businesses. You can use SBA loan proceeds to pay for land, buildings, equipment, fixtures, supplies, construction costs, and provide working capital while you get your medical spa up and running. The term is usually 10 years, or longer if a building is included. Read more

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