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We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 6 of the best medical practice loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA loans for medical practices | $5,000,000 | 650 | with Fundera by NerdWallet |
Bank of America Health Care Practice Loan Read Review | Best for Bank medical practice loans | $5,000,000 | Undisclosed | Read Review |
iBusiness Funding - Online term loan | 4.2/5 Best for Fast funding | $500,000 | 660 | with Fundera by NerdWallet |
Fora Financial - Online term loan | 4.7/5 Best for Bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
National Funding - Online Term Loan | 4.3/5 Best for Startups | $500,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing | 4.0/5 Best for Equipment financing | $250,000 | 575 | with Fundera by NerdWallet |
Here are 6 of the best medical practice loans
Best for SBA loans for medical practices
Best for Bank medical practice loans
Best for Fast funding
Best for Bad credit
Best for Startups
Best for Equipment financing
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Our pick for
SBA loans for medical practices
SBA 7(a) loans can be used for a variety of purposes, including working capital, inventory or equipment purchases and general expansion. So far in fiscal year 2024, 9.4% of all 7(a) loans have been issued to businesses in the health care industry.
SBA 7(a) loan
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
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Qualifications:
- For-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
Our pick for
Bank medical practice loans
Bank of America’s dedicated health care practice loans can fund veterinary, dental and medical practices. Endorsed medical group members and veterans can access fee discounts.
Bank of America Health Care Practice Loan
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
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.
Qualifications:
- Bank of America does not specify qualification requirements for these loans on its website, but like all bank financing products, you’ll likely need to meet strict eligibility criteria to qualify.
Our pick for
Fast funding
iBusiness Funding (formerly Funding Circle) provides medical practice loans for established businesses with good credit. Funds can be available in as little as two days.
iBusiness Funding - Online term loan
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
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.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: 24 months.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
Our pick for
Bad credit
Fora Financial offers medical business loans up to $1.5 million. You may be able to qualify with a minimum credit score of 570.
Fora Financial - Online term loan
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
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.
Qualifications:
- In business for at least six months.
- At least $20,000 per month in revenue.
- No open bankruptcies or dismissed bankruptcies within the past year.
Our pick for
Startups
You may be able to qualify for medical practice financing from National Funding with just six months in business. Loans are available up to $500,000.
National Funding - Online Term Loan
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
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.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
Equipment financing
With Triton Capital, you can finance equipment for your medical practice, including X-ray machines, CT scanners and ultrasound machines, among other supplies.
Triton Capital - 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.
Triton Capital - 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.
Qualifications:
- Minimum credit score: 580.
- Minimum time in business: 24 months.
- Minimum annual revenue: $150,000.
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.