Doctor Operations
Case Overview
Reason: Operating Expenses
Funding Amount: $50,000
Approval: $200,000
Industry: Medical
Use of Funds: Operating expenses and Expansion
Program Type: Working Capital
The Story
Rio’s back again to talk about a doctor in California who received funding earlier this year. He walks us through his initial meeting with the client, what he needed to receive funding, and how quickly he could receive those funds.
Rio gives us the details that led to the client returning a couple of months later and asking for help securing more funds to expand his practice. He walks us through the client's needs and how he secured a line of credit and a term loan to meet all his needs.
The Details
The Client
A doctor based in California.
Runs a successful and growing medical practice.
Described as straightforward, efficient, and business-focused.
The Situation
First time: Needed quick funding to cover operating expenses.
Second time (nearly a year later):
Looking to expand the practice.
Needed additional funds for payroll and to hire new staff.
Wanted reserve capital for miscellaneous or unexpected costs.
The Solution
First Round of Funding:
Application and approval was completed the same day.
Funded within 24 hours.
The client was approved for up to $200,000, but opted to take $50,000.
Second Round of Funding (One Year Later):
Streamlined process using the existing application.
Submitted updated bank statements.
Business revenue had increased, leading to a higher approval of $250,000.
Customized funding solution:
$150,000 term loan for expansion.
$75,000 revolving line of credit for flexible use, like payroll or other expenses.
The client was already utilizing the line of credit within weeks (e.g., drew $50K).
The entire process was completed in 2 days.
The client was impressed and pleasantly surprised by the dual-solution approach.