Medical Professionals who have plans to upgrade their facilities now have the opportunity to obtain the relevant credit from a local financial institution.
Scotiabank, last week Wednesday launched its Scotia Professional Plan to meet the needs of accredited professionals.
Senior Manager of Small Business from the International Bank in Toronto, Canada, Nalini Doon-Pundit who presented SPP to a pack conference room of professionals at the Spice Island Beach Resort gave a detailed outline of how the plan can be beneficial to professionals and their businesses.
Doon-Pundit said that Scotiabank is committed to supporting the professionals and their businesses through a convenient choice of services and products that are best suited to their needs.
She assured them that the bank is giving an undertaking to work with its professional customers by providing them with a range of solutions to their business and personal needs.
“When we look at professionals around the region, we know that you are building more than a practice. We are asking you to give us the opportunity to assist you in meeting your banking needs so you can focus on building a rewarding professional career and do what you do best – taking care of your patients and clients,” she said.
Professionals can access up to $1.3m through the Scotiabank SPP, and obtain up to one hundred percent financing of equipment to be purchased.
Under the programme, professionals can qualify for up to $135,000.00 in unsecured funding.
SPP is also being extended to other business professionals including pharmacists, lawyers, and accountants.
The international banker drew the professionals’ attention to a number of customer educational seminars and workshops that assist with the management of businesses. One of the workshops deals with proper record-keeping.
Doon-Pundit emphasized the need for professionals to avoid co-mingling.
She said when professional funds are co-mingled with the business, it means that they are treating the business funds as their own.
President of the Grenada Medical Association, Dr. Francis Martin who identified SPP as being healthy for his colleagues, recommended that they buy into the plan being offered by Scotiabank.
Dr. Martin believes the innovation is quite timely as most medical professionals are operating “within shrinking fiscal space.”
He said just as how business patterns are changing, the modus operandi of medical professionals has to change as well.
The Medical Doctor expressed the wish for the innovation to go one step further than just giving doctors money to put up offices.
“I want the innovation to speak to the needs of physicians and to speak to the needs of the population that we serve,” he said.
Dr. Martin noted that in developing countries such as Grenada, they cannot afford to maintain the cost of curative care, but can look at disease prevention and health promotion.
“So if the innovation can speak to those important aspects, then I think we would have done what we need to do and care not, just for the physicians, but the country on a whole,” he said.