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It can be tough for a startup to secure capital. However, Dr. Vim Patel had several things going for him when he applied for his SBA loan:
Recurring cash flow: His Evolve Personal Health practice’s subscription-service model, similar to a gym membership, provides recurring revenue each month, which is appealing to lenders.
Collateral: This is an important part of any loan but especially with startups. In Evolve Personal Health’s case, the real estate purchased with the loan served as collateral.
Experience: Nearly 20 years as a physician provided Dr. Patel with plenty of training to start his own practice.
– Garrett VonEye, USAmeriBank