Loans for a Medical Practice
Opening or expanding a licensed medical business is a challenge. Besides marketing your practice to patients, obtaining enough financing to be fully operational is another concern to consider.
Fortunately for doctors and healthcare professionals, any roadblocks that arise can be handled by taking certain steps. Being in the healthcare profession makes these steps not very difficult since it is a high earning industry.
The majority of medical practices depend on insurance company payments for revenue. This can lead to delays in receiving payment for your services provided. To keep your practice moving along, a line of credit or working capital loan can offer you the necessary funding.
Medical practice financing is offered by numerous lenders with each offering multiple solutions such as:
- - A long-term or short-term loan; some are unsecured or have no personal guarantee
- - A business line of credit; ideal for doctor to access when necessary
- - Medical equipment financing can cover up to 100% of the costs
- - An SBA 7(a) loan can provide some of the best interest rates and terms
- - Why opt for SBA 7(a) loans for a medical practice:
- Long payment terms -- loan term ranges from 5 to 25 years
- low interest rates of most business loans
- The govt. guarantees up to 85% of the total loan amount to the lenders