Dental Practice Small Business Loans

Different loan types available to dental practices

Our trusted lending partners have experience in customizing loans to suit the unique needs of a dentistry. However, it’s a good idea to understand what loan type might work best for your business. If you’re looking to expand your practice or renovate existing office space, there’s a loan type that can provide the financing to get you there, such as:

• Short-term business loans: Short-term loans address timely obligations and manage business expenses in the short term. Short-term loans provide an easy solution for near-term planning such as operational expenses or temporary advertising investments.
• Working capital loans: If you need funds for operational or overhead expenses needed to run the business, then a working capital loan may be right for you. This works best for businesses with inconsistent cash flow, seasonal lulls, or other disruptions caused by growth.
• Business bridge loan: Business bridge loans help businesses “bridge” the gap in expenses, whether cover an office lease payment or equipment purchases, a business bridge loan helps to pay for expenses when a business is in between invoices.

Financial obstacles faced by dental practice business owners

Almost every industry is faced with some economic uncertainty in this current climate. Dental practices, including orthodontics, endodontics, and pedodontics practices, all need to stay on top of best practices, industry trends, emerging dental technology, and ways to attract new clients. If you understand how these challenges shape your business growth, and can proactively find solutions, you can increase the profitability and success of your dental practice. Here are some examples of common obstacles that your business may face:

• Cash flow management: Unexpected expenses or revenue inconsistencies can make it a challenge to manage cash flow.
• Equipment upgrades: Dental chairs, x-ray imaging equipment, operating lights, and handpieces are all expensive, yet critical for running an effective dental practice.
• Hiring and retaining qualified staff: Dentists, lab assistants, and office assistants are all important staff members needed to run a dental practice.
• Marketing and advertising expenses: To attract new patients, you need to invest in marketing and advertising expenses in your community.
• Rising costs of insurance: Maintaining policies for your business and employees can be expensive.

What can dental business loans be used for?

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

How do I know if my dental business needs financing?

Running your own dental practice while also caring for patients and managing staff is already a full plate of responsibilities. Knowing the signs of financial instability to watch out for may get overlooked in the day-to-day running of your business. If you find yourself struggling to manage your budget, dealing with unforeseen costs, or are experiencing growing pains and can’t bridge expansion costs, it may be time to consider a business loan. Here are some indicators that it may be time to consider a financing solution:

• Difficulty managing the operational costs of your business
• Insufficient budget to promote your dental business and attract new clients
• Challenges expanding your service offerings or investing in more training for your staff
• Wanting to expand your practice but not having the cash on hand to grow effectively

A reputable lender, like one of our partners at SmallBusinessLoans.com, can help find solutions to manage these business challenges and find a loan personalized to your unique business needs.

How do I qualify for a dental business loan?

Our trusted lending partners take the guesswork out of eligibility requirements. It’s simple and straightforward to qualify with SmallBusinessLoans.com’s network of lenders. Our partners offer flexible requirements and personalized solutions to help meet the unique needs of your business. If your business meets these criteria, it may be eligible for a small business loan through one of our lending partners:

• At least six months in business
• Minimum $250,000 in annual gross sales ($21,000/month)
• Fair to excellent credit

How do I get a loan for my dental business?

Researching different lenders takes up too much of your valuable time. SmallBusinessLoans.com has already done the legwork of finding and sourcing trusted, reputable lenders for you – so you know you’re getting some of the best in the industry. Once you’ve identified the loan that best fits your needs and confirmed your eligibility, all you’ll have to do is follow these five easy steps to get started:

1. First, you’ll determine the loan you can afford and check if you meet the lender’s minimum qualifications. 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. After that, you’ll fill out an application and provide the necessary materials. This typically includes bank statements and both personal and business credit scores.
3. The lender will review your application, credit history, and other qualifications. At SmallBusinessLoans.com, we’ll pair you with a lender who quickly reviews applications.
4. The lender will then determine the loan amount, interest rate or cost of funds, and repayment terms. If you accept the loan terms, the funds will be transferred to your business.
5. Finally, you’ll repay the loan according to the agreement’s terms.

Why work with SmallBusinessLoans.com?

SmallBusinessLoans.com started with the belief that the traditional lending industry needed an easier path for business owners. Instead of time-consuming research, overly complicated applications, and long wait times, we cut through the noise by providing top-recommended lenders with expertise and efficiency. Our trusted lending partners offer simple applications, streamlined processes, and quick deposits so business owners can get the funds they need as quickly as possible. We’ll help you cut through the red tape of traditional lending options so you can get the capital you need without the unnecessary hassle. Our partners specialize in working with dental practices and will help you find the perfect financing solution to meet your needs.