Best Medical Practice Loans and How to Get One
Best Medical Practice Loans and How to Get One
Sort By
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.