Medical Practice Small Business Loans  

A medical practice business loan gives medical practices capital to fund their business expenses when they need it most. Healthcare companies can use the funds to purchase new medical equipment, buy insurance, hire staff, or update office space. Funding helps bridge the gap in expenses or carry a medical practice through a period of growth. 

Business loans can be secured through traditional lenders or alternative lenders. SmallBusinessLoans.com partners with alternative lenders who help businesses fill gaps in funding when traditional banks slow businesses down. Our experienced partners provide funding much more efficiently and with less requirements than banks or government institutions so you can get the capital you need to get back to running your business. 

There are almost as many loan types as there are business needs. SmallBusinessLoans.com partners with lenders who are experienced in tailoring loans for healthcare companies and securing the terms that work best for your practice, but here are some common loan types that might work for you: 

Short-term business loan
When you need quick funding to help foster growth – whether it’s hiring more staff or expanding the business – a short-term business loan offers a solution. This is a temporary financing solution with short repayment terms, often eighteen months or less.  

Working capital loan
A working capital loan helps businesses bridge the gap in expenses by covering everyday costs, as opposed to focusing on long-term assets or planning. A working capital loan covers operational expenses and gives you access to funding for your peace of mind. 

Equipment financing loan
Equipment financing helps business owners pay for new equipment or upgrades crucial to their business. Many types of new or pre-owned equipment can qualify, whether your practice needs new exam tables or laboratory diagnostic equipment. 

Whether you’re looking to grow your medical practice or are short on capital while waiting for payments to clear, a small business loan can cover your costs. You can use your medical practice business loan for expenses like: 

• Hire staff 
  Hire nurses, administrative support, or more doctors to grow your practice
  Use the funds to cover training expenses so your staff stays sharp and up to date on best practices 

• Finance equipment 
  Upgrade medical devices such as diagnostic equipment or imaging machines
  Give your patients the best possible care with the latest technology 

• Streamline your business  
  Increase efficiencies by upgrading payroll or appointment booking software
  Update filing systems for patient records 

• Invest in your business 
  Purchase insurance for your business to protect your practice
  Update waiting room furniture to create a more welcoming space for your patients 

Now that you have an idea of what loan might work best for your healthcare business and what you can put funding toward, let’s break down the eligibility requirements. Our lending partners keep qualifications for a small business loan simple.  

Here’s an example of what you may need to qualify: 

• At least six months in business  
• Minimum $250,000 in annual gross sales  

• Fair to excellent credit  

Many traditional lenders have a lot of requirements to fulfill for their loan – but our partners keep the qualifications to a minimum. Required materials are often limited to a credit check and bank statements so you can get approved for funding faster.  

With flexible qualifications, it’s efficient and easy to get approved for a medical practice business loan. Here are five easy steps to take to secure a loan for your healthcare company.  

1. The business owner determines the loan they can afford and if they meet the minimum qualifications for a loan set by the lender. 
   Most alternative lenders we partner with require a business to be in operation for six months and a minimum of $250,000 in annual gross sales.   
2. The business owner then fills out an application and provides the required materials. 
   Often, you’ll be asked to provide bank statements and business and personal credit scores.  
3. The lender examines the loan application, credit history of the borrower, and other qualifications. 
   At SmallBusinessLoans.com, you’ll be paired with a lender who quickly reviews applications.  
4. The lender determines the loan amount, interest rate, and repayment terms. 
   If the business owner accepts the loan terms, the funds are then transferred to the business.   
5. The business owner repays the loan according to the terms of the agreement.  

We’re committed to helping small businesses like yours succeed. Access to financing shouldn’t stop your business from reaching its potential. With SmallBusinessLoans.com, plan for growth or make critical upgrades to your practice without sacrificing capital. Get matched with one of our trusted partners who specializes in the unique needs of a medical practice and in little as 24 hours, you could be approved for up to $500,000¹ from one of our lending partners.