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Volume 38 |
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You’ve finally decided it’s time to start your own vision care practice, and of course, you’ll need to secure financing. Let’s say you’re still in significant debt from your student loan. What kind of impact will your credit profile have on your ability to obtain an acquisition or start-up loan with reasonable interest rates? In a word – major. Good credit is the basis for all of your financial investments, whether you’re buying or building your first practice, or your first home. While lenders look at a number of factors when making a credit decision, the most critical aspects of your financial profile are your personal debt – including student loans, credit cards and lines of credit – and your overall credit rating based on amount of debt and timeliness of monthly payments. Credit decisions for practice acquisition loans are usually based on an assessment of practice cash flow and your ability to repay the loan while covering your expenses and lifestyle. Credit decisions for practice start-up loans are primarily based on your debt-to-asset ratio. The amount of your personal debt will factor directly into both equations, and generally, a low level of debt yields a higher credit limit decision, while high debt results in a lower credit limit determination. Following are 10 simple steps you can take to improve your credit rating and ensure a healthy financial profile... |
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August is Children's Eye Health & Safety Month |
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This month, we ask three questions about credit issues.
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"Never mistake knowledge for wisdom. One helps you make a living, the other helps you make a life."
—Sandra Carey |
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iNEWS, published by Williams Group, is a free resource to members of the optometric community. You don't have to be a client to receive these valuable insights on the optometric market. |
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