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Small business medical practice loans can help expedite the launch or growth of your business. However, it’s important to make an educated choice when selecting a lender to set yourself up for success. PrimeRates.com can simplify the shopping and application process for medical practice loans. You can receive personalized loan offers through PrimeRates’ quick and simple pre-application online process. Below, we have compared some of the top lending options for medical practice loans.
Small business loans for medical practices can help doctors who own their own practice secure funding. Most doctors can qualify for a medical practice loan due to their solid net worth, high earning potential, and consistent revenue. Doctors can avoid hefty amounts of paperwork and save time using alternative lenders.
The specifics of how medical practice financing works can vary depending on the type of loan you use. If you use a term loan such as a personal loan or traditional business loan, the loan should be funded as a lump sum and repaid in monthly installments. If the loan has a fixed interest rate, payments should be the same during the life of the loan. If you use a line of credit, you will be able to draw money from the line of credit as needed. Interest will only be charged on the funds you draw. Just like a term loan, the funds borrowed will need to be repaid. Regardless of the type of loan you pursue, you will need to start by getting pre-qualified.
You can get a medical practice loan as long as you meet the lender’s qualifications. Most will want to see a high credit score and strong business history, but others may use assets as collateral. If you are unable to meet these qualifications, you may want to look into alternative loans and other financing options. Most banks and credit unions offer medical practice loans. In addition, online lenders can offer medical practice loans too. Online lenders are becoming increasingly popular for offering competitive terms and unbeatable convenience.
There are many types of medical practice loans available. Here are a few you can choose from.
Starting a medical practice can be expensive. Let’s take a look at some of the costs…
Dentistry – The average total cost for new dental startups can range from $350,000 to $500,000.
General Medicine – Starting a small general medicine practice can range from $70,000 to $100,000 plus.
And More Practices
No matter what kind of private practice you intend to open, initial startup costs can range from $20,000 to $30,000.
A medical practice loan is a loan designed to help healthcare professionals fund their practice. The loan provides the money that is required to either start, operate, or grow a business in the medical service industry. Medical practice loans can come in amounts of anywhere from $25,000 to $5,000,000. The loan can be used for a number of expenses, however, many lenders have restrictions on using medical practice loans to cover personal expenses. The money is only intended to be used to start a medical practice, purchase equipment, promote your business, or purchase an existing medical practice.
Although the lender most likely will not be overseeing how you use your funds, it is the IRS and the federal government who may take notice if you use medical practice loan money to pay off personal debts or to make personal purchases. It’s a good idea to keep diligent records of how you spend the money from a medical practice loan to have proof that you’re complying with all federal business regulations.
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The interest rates you pay for medical practice financing will vary depending on a few factors. One is the type of loan you’re getting. If you qualify for a bank or SBA loan, you may be looking at rates of 5.5% – 8%. SBA loans are designed for small businesses that need funding. The average business loan rate at banks is between 2.54% – 7.02%. Keep in mind that rates can vary depending on several factors so you may qualify for a rate higher or lower than the average. This is why it’s important to check several offers based on your financial situation to ensure you are getting the best deal possible.
Most lenders will want to see a good credit score before approving you for medical business loans. Basically, the higher your credit score is, the more likely you will be to get approved and the lower your interest rates will be.
To qualify for a business loan you should have a credit score 640 or better. However, it’s a good idea to aim even higher. The higher your credit score is, the lower your interest rates should be. It’s ideal to have a score of 700 or above.
If your score is below 640, you may still be able to qualify, but you will find it difficult to get anything other than a short-term loan that comes with high interest rates.A credit score of 600 is a little low but you can still qualify for a loan. Lending Club and Quarter Spot are two examples of lenders that can accept businesses with credit scores of 600 and even lower. You will have better chances of getting approved if you can accompany your score with a strong business history.
Keep in mind that lenders that accept lower credit scores may charge higher interest rates.
If you’re looking to open or expand a medical practice, you can use a medical practice loan to help pay for some or all of the costs associated with your undertaking. Again, medical practice loans are typically for any amount between $25,000 and $5,000,000, depending on how much you need and what you’re able to qualify for.
Here are some of the most common ways that medical professionals use medical practice loans.
Whether you’re looking to open a new practice, expand an existing one, or acquire someone else’s practice, one major expense that you may need to reckon with is the commercial property that you intend to use. Medical practice loans are commonly used to pay for a commercial space for the practice to operate in.
If you’re looking to lease a property, then you can use the funds from a medical practice loan to cover the first and last month’s rent and the damage deposit. Depending on how much the rent is, that could easily be tens of thousands of dollars upfront.
If you’re looking at purchasing a commercial property, then you may want to consider an SBA 504 loan to cover the cost of buying, constructing, or renovating a commercial property.
Medical practice loans are designed to help a wide variety of healthcare professionals finance their businesses. Some of the most common medical professionals who obtain medical practice loans include physicians and dentists. However, these are not the only two professions that are allowed to access funds through medical practice loans.
Here is a list of some of the most common medical professionals who seek financing through medical practice loans.
Alternative lenders can fund medical practice loans as soon as one business day.
Online terms loans can secure your business a lump sum upfront that you must repay over a set period of time.
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Originally founded in 2017, OnDeck is one of the largest online small business lenders that can provide quick funding.
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| Loan Amounts | $5,000 to $500,000 |
| APR Range | As low as 9.99% |
| Repayment Terms | Term loans up to 3 years |
| Time to Funding | As fast as 1 day |
| Click “Check Rates” to apply to OnDeck Check Rates | |
» MORE: OnDeck Business Loans Review
StreetShares is an online lender that can provide lines of credit, installment loans, and contract financing for medical practices. It was originally founded by veterans for veterans, but can serve non-veterans as well.
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 Term Loan |
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| Loan Amounts | $2,000 to $250,000 |
| APR Range | 24.00% to 99.00%% |
| Repayment Terms | Up to 3 years |
| Time to Funding | Typically 1 – 5 days |
| Click “Check Rates” to apply to StreetShares Check Rates | |
» MORE: StreetShares Business Loans Review
LendingClub offers peer-to-peer lending options with fast approval and reasonable interest rates. Peer-to-peer lending connects people with money to people who need to borrow money.
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| Loan Amount: | $5,000 – $300,000 |
| APR Range: | 9.8% – 35.7% |
| Time To Fund: | As quick as 2 days |
| Loan Term: | One to five years |
| How To Qualify: | 600+ Personal Credit Score $75,000 Annual Revenue |
| Great Option For: | Good Personal Credit Works With All Entities Including Sole Proprietors |
| Click “Check Rates” to apply to LendingClub Apply Now | |
» MORE: LendingClub Business Loans Review
Founded in 2013, QuarterSpot is an online lender that can provide short-term loan products for medical practices.
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| Loan Amounts | $5,000 to $250,000 |
| APR Range | 30.00% to 70.00% |
| Repayment Terms | Up to 18 months |
| Time to Funding | As fast as 1 day |
| Click “Check Rates” to apply to QuarterSpot Check Rates | |
» MORE: QuarterSpot Business Loan Review
The Small Business Administration (SBA) is a government resource created to encourage the growth of small businesses. The SBA may be a more affordable and accessible option for medical practices that need funding.
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SmartBiz is an online lender that can provide financing for medical practices.
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| Loan Amount: | $30,000 – $350,000 |
| APR Range: | 9.7% – 11.04% |
| Time To Fund: | Typically take several weeks to fund, but can fund as quickly as within seven days. |
| Loan Term: | Maximum loan term is 10 years. |
| Origination Fee: | 4.00% |
| How To Qualify: | 675+ Personal credit score $50,000+ Annual revenue |
| Great Option For: | Borrowers with good credit SBA loans Funding real estate purchases Refinancing debt |
| Credit Check? | Soft credit check and hard pull |
| Co-Applicants Accepted? | No cosigners |
| Direct Pay-Off To Creditors? | No |
| Click “Check Rates” to apply to SmartBiz Apply Now | |
» MORE: SmartBiz SBA Loan Review
A business line of credit can be compared to a business credit card. However, with a business line of credit, you can withdraw cash if necessary.
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BlueVine can provide capital for small to medium-sized B2B and B2G businesses. This fintech company is known for invoice factoring and servicing funding requests faster than most of its competitors.
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 Line Of Credit |
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| Loan Amounts | $5,000 to $250,000 |
| APR Range | 15% to 78% |
| Repayment Terms | 6 or 12 months |
| Time to Funding | As fast as 24 hours |
| Click “Check Rates” to apply to Blue Vine Apply Now | |
» MORE: BlueVine Business Loan Review
EasyFunding is an online lender that can work with bad credit borrowers and finance medical practices.
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Traditional bank loans may have lower interest rates but can be harder to qualify for.
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Determining which types of medical practice financing is right for your business will depend on several factors including what you can qualify for, how much money you need, what loan terms you’re comfortable with, what you want to use the money for and what works best for your business. Once you consider these factors, you will be able to decide on an option that’s best suited to your needs.
When you determine which type of lender and loan are right for you, compare two or three similar options based on the APR which includes loan fees and interest rates. The one with the lowest APR should be a priority.
To qualify for a medical practice loan, you should first be a healthcare professional who is looking at opening their own practice or expanding an existing one. Also, if you’re a healthcare professional looking to acquire someone else’s existing practice, then you may qualify for a medical practice loan as well.
Whether you’re a physician, chiropractor, or any other type of medical professional, you should be fully licensed in your profession. Lenders may require proof of licensure during the application process.
Aside from being a healthcare professional, you’re going to need good to excellent business and/or personal credit scores to qualify for a medical practice loan. If you have bad credit, you still may be able to qualify for a medical practice loan, however, you may be required to provide some collateral in the form of business or personal assets.
If you already have your own practice, then a lender may require that you use the business property or specialized medical equipment as collateral to secure the loan.
If you’re just starting out, then you may be required to sign a personal guarantee which allows a lender to come after your personal assets if you should happen to default on the medical practice loan.
Other factors that lenders may consider to determine your eligibility for a medical practice loan include business experience, income, and net worth.
The initial first step toward qualifying if getting pre qualified. However, asking out specific requirements before proceeding with the loan will help you prepare and avoid any major challenges or disappointments.
There are many different places where you can apply for a medical practice loan. If you belong to a large bank, you could always check with them to see if they offer medical practice business loans and what it takes to qualify. Otherwise, you could always look for a medical practice loan through a local credit union, online lender, or the SBA.
The Small business administration is a great place to find medical practice loans, however, they are typically much more difficult to qualify for than a conventional medical practice loan through a bank, credit union, or online lender. Not only are SBA loans much harder to qualify for, but the process can also take much longer as well.
The main reason for this is that a large portion of an SBA loan is guaranteed by the US government. Because of this, SBA loans often can come in larger amounts, with longer terms, and lower interest rates than conventional business loans.
Either way, the process for applying is pretty straightforward and similar.
If you’re looking for an easier way to obtain a business loan, you can start shopping online. There are plenty of competitive and legitimate lenders that operate online. At PrimeRates you can access an entire network of trusted and vetter lenders. By checking offers at PrimeRates you can shop real offers with no credit impact, thus expediting the business loan process.
Here are five steps involved with applying and securing a medical practice business loan.
Prepare all the required documents: Whether you’re applying for a conventional business loan or an SBA loan, you’re going to need a large number of documents to qualify for a medical practice loan. Although every lender may require different documents, here is a list of the most commonly needed documents to determine eligibility for a medical practice loan.
Check offers: Once you have documentation ready to go, you can shop offers. Getting pre qualified usually involves a soft credit check following an inquiry. At PrimeRates you can check multiple personalized loan offers in one place with no credit impact. Simply select the offer that works best and proceed with step three with the lender.
Apply: When you find a loan offer and a lender you would like to work with, you can go ahead and complete the loan application process with them. Once all the information and required documents have been received, the lender will then prepare a loan agreement. The loan agreement will detail all of the terms and conditions of the loan including monthly payment amount and payment due date, interest rate, and if there are any other fees or penalties that could apply under specific circumstances. If you’re comfortable with all of the terms and conditions outlined in the loan agreement, go ahead and sign.
Receive funding: After the loan agreement has been signed, funding could hit your business account in as little as 24 hours or within a certain number of business days. Funding times differ depending on the lender.
Pay back the loan: After you receive the funds, go ahead and make the monthly payments until the loan plus interest is paid in full.
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