Medical Practice Loans: Where to Get Business Loans for Doctors
Owning a medical practice is generally fulfilling and lucrative, but it can also be financially stressful. Whether you need funds to expand your practice, to invest in new equipment or to accomplish other goals, you may be ready to begin searching for loans for medical practices. These are the most common financing sources to consider.
Small Business Loans
SBA loans, or Small Business Administration loans, are specifically designed to provide essential capital to businesses like yours. Depending on your qualifications, you may obtain all of the funding that you need through an SBA loan. As you might expect, however, small business owners must cut through red tape in order to obtain this type of loan. For example, you will need to compile and submit numerous business and personal documents before your loan request can be reviewed and approved. There are minimum requirements for your credit score, personal and business income and other factors as well.
Traditional Bank Loans
You can apply for an SBA loan through a traditional bank, or you can apply for financing through a bank’s program. Each bank offers different financing solutions for businesses, and their requirements for the loan’s guarantor and for the business vary. With this in mind, it makes sense to begin your search by turning to the banks that you currently work with. If needed, you may then expand your search to local banks, credit unions, and other financial institutions.
Medical Practice Loans
There are also specific loans for medical practices available. These financing solutions are designed for healthcare offices like yours and are available through specialized lending companies. In many cases, the lending requirements and overall timeline for the loan process are more advantageous, but the guidelines and terms can vary significantly. Because of this, explore the options for medical practice loans thoroughly.
Before You Apply
You may need to provide lenders with some personal and business information to obtain accurate loan pricing from them. However, before you formally apply, define your specific financial needs for cash. Determine how manageable the loan payment would be. Compare loan programs carefully in the areas of timing, requirements, fees, loan term and loan amount. Remember that the loan program with the lowest interest rate is not always the most affordable financing solution overall.
Loans for medical practices can provide you with the essential capital that you need. Many loan processes take at least a month or two to complete. With this in mind, now is the ideal time to begin exploring the financing options available and to formally apply for the most advantageous program that meets your needs.