Starting (or expanding) a medical practice is never easy. In addition to finding patients, there is another challenge to consider: obtaining enough financing to get up and running. As difficult as this may sound, there are steps you can take to overcome anything that comes your way.
There are many lenders that provide medical practice loans, with each one offering a variety of solutions.
It doesn’t matter if you are starting a medical practice or expanding on what you currently have, obtaining the appropriate amount of money, at a reasonable interest rate, is one of the most important steps you will take. This will allow you to grow your practice without overextending yourself.
Top 7 Companies Providing Medical Practice Loans
Just the same as any type of loan, it is important to compare a variety of medical practice lenders before making a final choice. This will ensure that you obtain the loan that best suits the needs of you, your practice, and your financial situation.
- Abcbizloans.com. There are many benefits of turning to this lender, including but not limited to:
- Unsecured loans up to $150,000.
- Loan programs up to $1 million.
- The lowest rates in the industry.
- A variety of loan types.
- Fast funding.
- BusinessFinancing.org. In addition to loans up to $150,000, there are two other reasons why BusinessFinancing.org attracts medical practice owners. Above all else, its rates are among the most competitive in the industry. This allows you to cheaply borrow money. Furthermore, and just as important, is how quickly the lender can provide you with financing. The wait time is kept to a minimum, making it easy for you to secure financing and use the money without delay.
- InitialLendingGroup.com. With medical practice loans from $25,000 to $150,000, you can be rest assured that this lender can point you in the right direction. Typical terms of a loan are:
- Rate: prime + 3.5%
- 60 month term
- Approvals within 48 hours
- Funding available within 24 hours of approval
- Wells Fargo Practice Finance. With the Wells Fargo name, many people immediately turn to this lender. In addition to a longstanding reputation for providing high quality service and a variety of products, this lender has the experience and knowledge necessary to assist those who are getting started or expanding their medical practice.
Wells Fargo provides financing for:
- Starting a practice
- Expanding a practice
- Upgrading equipment or systems
- Bank of America Physician Practice Financing. Just the same as Wells Fargo, Bank of America is a leader in this space thanks to its name recognition.
To go along with a full range of financing options, Bank of America can provide knowledge and data through its Practice Heartbeat program. This program is geared towards medical professionals who need assistance developing all areas of their practice.
- US Medical Funding. For 20 years, US Medical Funding has been providing doctors, veterinarians, and dentists with competitive loans and targeted expertise.
This lender can help improve your practice by providing funding for:
- Starting a practice
- Expanding a practice
- Real estate acquisition
- Refinancing and debt consolidation
- Medical equipment financing and leasing
- Lines of credit and working capital
- NewBridge Bank. This lender understands the unique wants and needs of medical and dental practices, which is why it offers a variety of custom lending solutions.
NewBridge Bank works with clients, one on one, to ensure that they receive the right type of financing. Some of its medical practice financing options include:
- Starting a new practice
- Medical practice acquisition
- Medical practice remodels and expansions
- Medical equipment loans and financing
- Medical practice debt consolidation
Choosing a Lender
All seven of these companies provide medical practice financing. Regardless of why you require a loan, be sure to consider all your options. In the end, the only thing that matters is that you are comfortable with the terms of the loan.
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.