If you are looking to buy a chiropractic practice in 2021 (or soon), there are some important SBA Loan updates and incentives you need to know.
As we reported in our recent post on How New SBA Loan Incentives Will Benefit Chiropractic Buyers in 2021, the SBA has put forth some very attractive terms for those looking to buy a chiropractic practice in 2021 – but I’ve got some good and bad news about it.
First, let’s start with the bad news
The Bad News: WHILE THE MONEY LASTS
If you’ve ever heard a sales pitch that attempts to motivate you by throwing out the disclaimer “while supplies last” – the SBA recently backpedaled a bit to deliver a similar message.
The original incentives wrapped into the 2021 relief package included borrowers receiving:
- Waived SBA loan fees
- No payments for up to 6 months on new SBA loans
- A deadline of the end of September 2021 to qualify
As it now stands, the SBA has changed their incentive package as follows:
- Waived SBA loan fees
- No payments for up to 6 3 months on new SBA loans
- A deadline of the end of September 2021 to qualify OR
- While funds last!
So as you can see, the “no loan payments” term was chopped in half and you now have a maximum of 3 months.
The SBA announced these revisions in February – not long after the original plans were announced – citing budgetary restrictions that would not enable them to move forward with the 6 month no payment program.
The GOOD News – Money is Still Available AND Affordable
Of course, there is a silver lining in this cloud for those looking to buy a chiropractic practice in 2021 and it’s simply this:
Money IS still available (at the time of writing this post) AND that this loan money is still incredibly affordable!
For example, if you were looking to buy a chiropractic practice in 2021, you’d still benefit from:
- Low Interest Rates
- Historically Low Downpayment Requirements
- SBA incentives of waived loan fees (which generally will save you 1-4% of the loan)
- SBA incentives of no payments (for a limited time period – but better than nothing!)
Chiropractors who are considering a practice purchase in the near future should strongly think about looking to buy a chiropractic practice in 2021…while these benefits last!
While that might sound like a cheesy informercial sales pitch, I’m confident that if the SBA and the Federal Government needed to revise their stimulus program out of fear that the funds may run out, you should probably take it seriously that there are NOT unlimited funds for these programs. We all know that money doesn’t grow on trees – even if those trees are supplied by our government. But you’d kick yourself if you were looking to buy a practice but missed out on these benefits – so act today!
If you have not yet found a practice, consider our chiropractic practices for sale we have listed here.
And if you need to know more about what it takes to get a loan to purchase, check our FREE WEBINAR – Chiropractic Practice Financing 101 and learn all about it.