Obtaining a Loan for a Medical Practice
Every medical practice requires adequate funding to function properly. Many people often think doctors don’t need extra financing for their business, as they’re being adequately compensated for doing their job. Yes, doctors are paid very well, but their compensation might not be buoyant enough to sustain the business. This is mostly applicable to doctors running a private hospital or clinic.
Medical practices, just like other professional services, often leverage borrowed sums to support business growth. Doctors or medical practitioners can obtain loans to buy new equipment, purchase a new practice, purchase inventory, or for other business initiatives. If your medical practice needs financing, obtaining a medical practice loan could be your best option. The loan can be approved in about 2-3 days if you have a poor credit score but a predictable cash flow and at least 6 months of active operation.
How a Medical Practice Loan Works
Obtaining a medical practice loan is one of the easiest and quickest means of getting funds to inject into a medical business. These loans offer an opportunity for medical practitioners to cover every expense. There are several types of medical practice loans you can obtain. They are in the range of $5,000 to $1 million. Also, the terms and rates of medical practice loans vary, depending on the loan obtained.
Who Can Obtain a Medical Practice Loan?
Medical practices with more than 6 months of active operation and a good credit profile can obtain a medical practice loan. If you’re looking to obtain a loan to grow your business, you can apply to any medical practice loan through Globelend Capital. We offer some of the best rates and repayment terms around.
Who Can Obtain a Medical Practice Loan?
- Family practitioners
- Plastic surgeons
- Massage therapists
Financing Options for Medical Practices
There are several loan options for medical practitioners looking to inject funds into their business operations to sustain growth. Whether you’re looking for financing for an equipment purchase, inventory, or other medical business purposes, there are loans you can count on. They include:
SBA Loans:The Small Business Administration loan program is guaranteed by the federal government to cover a certain portion of the loan expenses if something goes wrong with the loan. Despite the guarantee, most local banks are very selective when offering an SBA loan. However, some certified lenders are always willing to offer one. Generally, the SBA loan was designed to serve as an alternative loan option for small businesses that are finding it difficult to get approved for traditional financing.
Short-Term Loans:As the name suggests, short-term loans are designed to span a short period of time. In essence, they’re suitable for covering quick business expenses. Typically, short-term business loans come with a short repayment term ranging from three months to three years. For auto repair shop business owners looking to inject quick cash into their business, a short-term loan could be the best option.
Merchant Cash Advances:This financing option may not be directly regarded as a loan program for auto repair shop owners, as merchant cash advance companies don’t actually lend money to auto repair shops. However, they often purchase future credit in return for providing upfront cash for small business, which an auto repair business can also benefit from. Merchant cash advances often come with different rates and repayment terms, depending on the lender.
Business Line of Credit:A business line of credit is one of the easiest ways for small businesses to access quick funds, repay the amount borrowed, and access funds again. The flexibility of lines of credit has made them a go-to financing option for most small business owners. A business line of credit differs from most conventional loans in that the borrower is given access to a lump sum which he/she can withdraw little by little based on the amount they need. They pay interest only on the withdrawn amount.
Equipment Loans:As the name suggests, equipment loans are loans offered by lenders to small businesses so they can purchase equipment needed for their operations. Many auto repair shops rely on equipment loans to finance their businesses.
- Loan amounts up to $50,000
- Repayment terms ranging between 5-25 years
- Interest rates starting at about 6%
- Loan amounts of $5,000 to $500,000
- Repayment terms of 3 months to 3 years
- Interest rate of about 10%
Merchant Cash Advances
- Loan amounts from $5,000 to $500,000
- Repayment terms of 3 months to 2 years
- Interest rate starting at about 16%
Business Line of Credit
- Credit line up to $500,000
- Weekly or monthly payments for up to a year
- Interest rate as low as 14%
- Loan amount of $5,000 to $150,000
- Repayment terms of 2-5 years
- Interest rate of about 11%
Why Globelend Capital?
If you’re in need of financing for your medical practice, getting approved for a medical practice loan through Globelend Capital is your best option. At Globelend Capital, we’ll connect you with lenders who provide you with the loan you need to improve the performance of your business. We work only with lenders that offer reasonable loan terms. No hard collateral needed! Get in touch with us today and let us connect you with a lender that’s right for you!