Best Medical Practice Loans and Financing Options

SBA 7(a) loans stand out as an affordable option for businesses that can’t qualify for bank financing, but still have good credit and finances. 7(a) loans offer low interest rates, long repayment terms and large funding amounts. These loans can also be used for a variety of purposes, including working capital, business expansions or purchasing equipment and supplies.

• For-profit U.S. business.
• Unable to access credit on reasonable terms from nongovernment sources.
• Financial qualifications determined by individual lender.

Triton Capital stands out as an online equipment lender for borrowers with lower credit scores. Triton Capital can finance new or used equipment in a variety of industries. The lender offers competitive interest rates, long repayment terms and flexible payment options. You may be able to get approved and receive funding in as fast as one business day.

• Minimum credit score: 575.
• Minimum time in business: 24 months.
• Minimum annual revenue: $250,000.

iBusiness Funding is a good option for qualified business owners who don’t want to wait for bank financing. The lender offers competitive interest rates and long repayment terms, but can fund much more quickly than traditional lenders. And with a large maximum funding amount, this loan can be used for a variety of long-term expansion projects, as well as refinancing existing debt.

• Minimum credit score: 660.
• Minimum time in business: 24 months.
• Minimum annual revenue: $50,000.
• No bankruptcies in the past seven years.

Bank of America offers dedicated, customizable financing solutions for medical, dental and veterinary practices. The lender can provide large loan amounts and funding is available for both established and startup practices. Veterans and endorsed medical group members can access fee discounts.

• 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.

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital. National Funding has flexible qualification requirements and can fund applications in as little as 24 hours. The lender also offers prepayment discounts for those who can repay their loans early.

• Minimum credit score: 600.
• Minimum time in business: Six months.
• Minimum annual revenue: $250,000.

Fora Financial stands out as a fast funding option for borrowers who may fall short of qualifying for traditional bank financing. The lender can work with startups and borrowers with bad credit — as long as they have strong revenue. Fora offers large maximum loan amounts and can provide prepayment discounts for those who repay early.

• 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.

Bluevine stands out for its fast funding speed and flexible qualification requirements. To get a line of credit, you can apply quickly online and receive funding in as little as 24 hours. Newer businesses and borrowers with bad credit may be able to qualify. Bluevine also offers a larger credit line maximum compared to some competitors and doesn’t charge draw or account maintenance fees.

• Minimum credit score: 625.
• Minimum time in business: 12 months.
• Minimum annual revenue: $120,000.
• No bankruptcies in the past year.