The medical field is projected to have the greatest amount of growth in the next five years versus any other industry. Ensuring that your medical practice thus stays up to date and competitive is essential if you want to be a part of the expected boom in healthcare. Often, however, procuring the money for new equipment or practice expansion can be a tedious, if not downright difficult process. Banks are getting more and more stringent in their lending practices. Did you know that online lenders are fast becoming the number one financial solution when it comes to medical loan options?
Medical Loans: The Basics
The upside to having a medical practice is that lenders do like the strong earning potential of doctors and their practices. That said, you want to understand what types of loans are available and how they might benefit you.
SBA loans: The SBA 7(a/) loan is a very popular one with medical practitioners. The SBA backs up to 85% of the amount borrowed, meaning you're less of a risk for the lender. Keep in mind however, the process can be on the longer side and funding can sometimes take weeks if not months.
Medical term loans: These generally come from alternative lenders. You are given a lump sum and agree to pay that back within a specified term. The interest rates can be higher with these, but the duration is also shorter. Not to mention, the entire process generally takes only a matter of days.
Medical Practice Lines of Credit: These are pretty flexible as you pay interest on the amount you borrow. So for example, if you qualify for 100k but only use 25k, then you would only pay interest on the latter amount.
We want to help you find your perfect loan program. We have short-term loans, lines of credit, as well as loans specifically tailored to medical practices. Our goal is to help your practice thrive. Call today to get started!