Medical Practice Business Loans in Nebraska

What are Nebraska Medical Practice Business Loans?

Medical practice business loans in Nebraska are industry-specific loans offered by traditional and non-traditional lenders to support a range of business needs. It provides funds to small and growing practices to manage capital flow, purchase necessary equipment, run payroll, and more.

Types of Nebraska Medical Practices that can obtain a business loan:

• Primary Care Physicians
• Plastic Surgeons
• Pediatricians
• Dermatologists
• Psychologists
• Massage Therapists
• And Other Medical Related Practices

Like those mentioned above, various practices require many patients and working capital to operate. The best solution for a small or growing business is acquiring the working capital to enhance their endeavors. First Union Lending is here to help! There are a variety of loan options that can help your business thrive.

Types of Medical Practice Loans and Financing Options in Nebraska

Once you, the business owner, have determined the requirement for additional funds, consider the factors most important in acquiring a loan. Business owners in Nebraska should apply for loans that offer low-interest rates, down payments, and collateral requirements.

Here are the more widely used loans to help Nebraska businesses in the medical industry grow.

• SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Well-established companies looking to expand their initiatives can use several SBA loans.

  • Operate for profit
  • Be considered a small business, as defined by the SBA
  • Be engaged in, propose to do business in, the United States or its possessions
  • Used alternative financial resources, including personal assets, before seeking financial assistance
  • Not be delinquent on any existing debt obligations to the U.S. Government

  These SBA loans, in particular, can benefit small but growing businesses within the medical field.

• SBA 7(a) Loan: 7(a) loans are the most common within the SBA family. With access to up to $5 million in working capital for 25 years, these types are typically adequate for most industries. Interest rates are between 7-8% depending on trade and the nature of your business. Most businesses opt-in for an SBA loan fall under this 7(a) category.

• SBA 504/CDC Loan: 504 loans are particular; it provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. The borrower may need to provide 20% of the total value, with the SBA kicking in 40% and the lender the rest. The cap on this type of loan is generally $5 million.

  Nebraska Businesses must meet the following requirements to be considered eligible:

  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for two years preceding your application

• Business Lines of Credit: Banks, financial institutions, and other Nebraska licensed lenders often extend credit to creditworthy customers to address fluctuating cash flow needs. It is effectively a source of funds that borrowers can readily tap into at their discretion. Borrowers use this financing option rather than taking a significant, long-term business loan. When borrowers open a business line of credit, they receive access to a state amount of funds to use as needed. A monthly statement reflecting the amount of credit used will also include any interest charges, and borrowers will only pay interest on the funds used.

  Most lenders will require the following basic information during the application process:

  • Copy of Business License
  • Tax Returns
  • Three months of Bank Statements
  • Standard financial documents like P&L, AR, AP, Cash Flow, etc.
• Equipment Financing: Equipment loans are funding options that allow for business-related equipment purchases. Nebraska Businesses, especially bars, will often need to purchase, replace, repair, or upgrade various equipment to serve their customers better. Companies who opt-in for this loan can buy exam tables, x-ray imaging equipment, syringes, and more.
• Long-Term Business Loans: This type of term business loan provides borrowers with a lump sum of funds, with a repayment plan of regular intervals of 5 to 25 years. This financing option is best for businesses that need significant capital at a lower interest rate. A long-term business loan has a fixed floating interest rate and monthly or bi-monthly payments deducted from a business bank account.

• Short-Term Business Loans: Short-term loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. Small or medium-sized businesses can use these loans to enhance their activities. It provides a lump sum upfront to a borrower and has a repayment period ranging from three months to three years.

  The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well. Short-term loans have almost no limitations on their uses, and borrowers can decide how to spend the funds once they receive them within 1-2 business days.

How to Apply for Nebraska based Medical Practice Business Loans: Requirements and Getting Started

If your medical practice has come to the point where funds are needed to generate a greater profit return, acquiring a small business loan may be the best option.

First Union Lending is here to help!

Submit your Nebraska business information below to determine if you qualify for any available small business loans. Our Funding Specialists will analyze your qualifications and reach out to walk you through the required steps to receive funds.

While each of the available loans have varying qualifications, lenders will typically ask for the following general information:

• Business Operations History
• Business Revenue Statements
• Personal & Business Credit Scores
• Collateral if needed

Online lenders like First Union Lending provide various businesses across the United States with the funds needed to grow and generate revenue.

If you have any questions in regards to any medical business-related business loans, feel free to give us a call: 863-825-5626

Advantages of Medical Practice Business Loans and Financing in Nebraska

Depending on the loan you qualify for, there are many benefits in partnering with a lender to gain funds for business initiatives. The funds from these financing options can solve various challenges at a medical practice.

These loan options provide the working capital needed for borrowers to maintain day-to-day operations. Medical practices can use this working capital to cover payroll, make payments on equipment, or pay the monthly lease.

Nebraska based Medical practice business loans provide borrowers with funds to purchase or upgrade equipment. Depending on your medical niche, often, specific equipment is needed to help treat patients effectively. Equipment financing options can cover exam tables, x-ray imaging machines, computers, etc.

Medical practices in Nebraska looking to expand can also use these funds to renovate their existing office. If your business grows, you can use a loan to open a second location. Acquiring another medical practice is costly if paying out-of-pocket. Utilize a business loan to purchase an existing medical practice.

Nebraska Businesses can use these loans to help run their medical practices smoothly. Use the funds to purchase, upgrade, or enhance your business strategy. Use these funds also to attract new patients to your medical practice.

Utilizing out-of-pocket funds can be expensive and quickly burn a hole in your pocket. Rather than spend your working capital on tedious expenses, look to a lender to finance your initiatives.

Choose First Union Lending As Your Premier Lender

At First Union Lending, we have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have voluntarily acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture

We are here to consult, help you save, and guide you and your business to success.