Tom Ethan opens by emphasizing the importance of empowering audiologists with knowledge to manage their banking and financing decisions effectively. He stresses the need to select a bank that aligns with the specific needs of a small business, particularly in the audiology field. Key points include choosing a lender familiar with the industry, offering flexible communication, and demonstrating genuine interest in the practice’s growth. Ethan outlines the wide array of financing options available through the Small Business Administration (SBA), including loans for startups, expansions, acquisitions, real estate purchases, leasehold improvements, equipment, and working capital. He addresses common myths, clarifying that SBA loans are not necessarily expensive or cumbersome and can be completed in as little as 7–10 days. Several case studies highlight real-life financing solutions that offered favorable terms, minimal fees, and streamlined processes for audiologists.
Michelle Fuchs continues with a focus on equipment financing. She explains that Stearns Bank offers a “common sense” approach, financing both new and used equipment for businesses of any age. Startups may require a 20% down payment and additional bank statements. Fuchs describes a highly efficient process capable of completing financing in as little as 82 minutes, emphasizing personalized support and communication throughout. She presents customizable financing terms including deferred payments, seasonal adjustments, and early buyout options. Additional case studies illustrate scenarios such as combining equipment loans with SBA microloans to cover both tangible and soft costs like marketing and training.
The session concludes with a Q&A segment addressing refinancing non-traditional loans, the importance of not needing geographic proximity to work with a lender, and specific financial nuances for audiologists compared to other healthcare professionals. Both speakers underscore their team’s willingness to assist clients through the entire financing process and offer additional resources from the SBA for more complex planning.