Best Medical Practice Loans and How to Get One
Best Medical Practice Loans and How to Get One
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SBA 7(a) loan
Best for SBA loans for medical practices
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Best for SBA loans for medical practices
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Bank of America - Health care practice loan
Best for Bank medical practice loans
Pros
- Can fund startup practices; interest-only and graduated payment structures available for startups.
- Fee discounts for veterans and endorsed medical group members.
- Dedicated project managers assigned to project-based loans.
Cons
- Loan terms, interest rates and qualification requirements not available online.
- Must call to learn more about financing options and how to apply.
- Cannot make loan payments online.
Bank of America - Health care practice loan
Best for Bank medical practice loans
Pros
- Can fund startup practices; interest-only and graduated payment structures available for startups.
- Fee discounts for veterans and endorsed medical group members.
- Dedicated project managers assigned to project-based loans.
Cons
- Loan terms, interest rates and qualification requirements not available online.
- Must call to learn more about financing options and how to apply.
- Cannot make loan payments online.
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of 24 months.
- Minimum credit score is higher than some other lenders.
iBusiness Funding - Online term loan
Best for Fast funding
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of 24 months.
- Minimum credit score is higher than some other lenders.
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
Fora Financial - Online term loan
Best for Bad credit
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Short-term loans require daily or weekly repayment.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Online term loan
Best for Startups
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Short-term loans require daily or weekly repayment.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
Best for Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
What are medical practice loans?
- Start a new practice.
- Merge with or acquire another practice.
- Expand, update or relocate a practice.
- Purchase medical equipment, vehicles and supplies.
- Cover operational costs.
- Pay for advertising and marketing initiatives.
- Refinance or consolidate existing debt.
Where to get medical practice loans
Banks
- Fee discounts if you belong to an association that endorses the lender.
- Support programs to assist with practice management.
- Dedicated project managers.
- Fee discounts for additional banking products.
- Loan prepayment waivers.
- Interest-only payment options.
SBA lenders
Online lenders
🤓 Nerdy Tip
If you’re looking to buy equipment for your medical practice, start your search with specialized equipment financing companies. Because the equipment you purchase serves as collateral on the loan, equipment lenders may rely less heavily on traditional underwriting criteria, such as credit score or time in business. Equipment financing companies may also offer dedicated industry knowledge and expertise, as well as a more personalized funding experience.How to get medical practice loans
1. Evaluate your financing needs
2. Review your qualifications
3. Research and compare lenders
- Loan types.
- Maximum loan amounts.
- Repayment terms and schedule.
- Interest rates.
- Funding speed.
- Application process.
- Lender reputation.
4. Gather documentation and submit your application
- Basic information about you and any other business owners.
- Professional and business licenses and certificates.
- Personal and business bank statements.
- Personal and business tax returns.
- Business financial statements.
- A description of collateral.
5. Review your loan agreement and get funds
Next steps:
- If you can qualify for a bank loan: Compare the best banks for business loans.
- If you need fast funding or can’t qualify for traditional options: Explore the best online business loan options.
- If you’re a startup or have bad credit: Consider microlenders who have flexible qualifications, but competitive terms.
- If you don’t want to take on debt: Learn more about alternative funding types, such as small-business grants or equity financing.
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.