How To Get Medical Practice Loans

Starting a medical practice is an exciting venture, but it can be difficult to get the financing you need. Medical practice loans are a type of business financing that medical practitioners can use to cover the costs of opening or operating a medical office. This may include everything from purchasing equipment to covering payroll costs.
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Medical practice loans are designed to help finance the various needs of medical professionals. They provide access to working capital, allowing doctors and other medical staff to obtain money to purchase equipment, refinance loans, expand an existing business and cover other expenses related to running a business. Borrowers also can use loan funds for business needs like advertising, acquisition of an existing practice and purchase of ambulatory vehicles.
Medical practice loans come with repayment terms from a few months up to 25 years. Borrowing limits may range from $1,000 to $5 million, depending on the lender, loan type and borrower qualifications. These loans typically offer interest rates between 5% and 30% or more—though some lenders may require collateral for the lowest rates.
For many medical professionals, taking out a medical practice loan is essential to maintaining their operation and sustaining growth within their field.
How To Get a Business Loan for a Medical Practice
The process of getting a business loan for a medical practice varies depending on the type of financing and the financial institution. However, there are a few general steps you can follow to get this type of financing for your business.
1. Gather Your Business’s Financial Documents
Acquiring business financing is a multi-step process that usually begins with preparing your company’s financial documents. This usually includes your balance sheet, income statement, bank statements and annual tax returns from the previous two years. Depending on the lender, you may also have to provide a business plan with financial projections, articles of incorporation, necessary business licenses and current commercial lease agreements.
2. Determine How Much You Need to Borrow
Next, calculate exactly how much money you need to borrow for your medical practice. Also identify why you need to borrow funds and use a loan calculator to determine how much you can afford to borrow based on likely monthly payments. Understanding your borrowing needs—and budget—can lend credibility to your application and improve your approval odds.
3. Choose a Lender and Submit a Loan Application
Based on your borrowing needs, compare lenders and loan types to identify the option that best meets your needs. Consider available interest rates, repayment terms, additional fees and funding speeds. Once you select a loan type and lender, complete and submit your loan application and all relevant supporting documentation.
4. Await Approval
Depending on the lender, you may receive a lending decision as soon as the same day; however, more traditional financial institutions may take longer. If a lender representative requests additional information, respond quickly to keep your application on track. Many lenders offer online portals where you can track the status of your application and manage the loan once approved.
Types of Medical Practice Loans
Several types of medical practice loans are available, depending on your individual needs. The best option for your medical practice depends on several factors, including your creditworthiness, the loan purpose, how much you need to borrow and what you can afford in monthly payments.
These are some of the most common types of medical practice loans:
SBA 7(a) Loans
The U.S. Small Business Administration (SBA) 7(a) loan program helps businesses access the capital they need to start, maintain and grow their operations. Loan amounts are flexible and extend up to $5 million. SBA loans also have some of the most attractive interest rates among medical practice loans, with a maximum rate of the prime rate plus 4.75%. Repayment terms go up to 25 years for real estate and 10 years for equipment, working capital and inventory loans.
Medical practices may use SBA 7(a) loans for almost anything related to their business, from purchasing medical equipment and renting office space to hiring new employees or marketing campaigns. That said, the application and approval process can be lengthy and complex, and applicants must meet extensive eligibility requirements. SBA 7(a) loans aren’t usually a good option for businesses that need cash fast.

Pros
Cons

Lower interest rates compared to other options
Significant paperwork and application process

Flexible repayment terms of up to 25 years
Lengthy processing and approval periods

High borrowing limits
Not available to all medical practices

Traditional Bank Loans
Traditional bank loans are useful for those looking to finance their medical practice. Qualification typically requires a credit score of around 700, a minimum of two years in business, a business plan demonstrating growth potential and, in some cases, collateral.
This type of small business loan usually comes with moderate funding speeds, making it easier to take advantage of opportunities that arise in your practice. Interest rates typically start around 6.75%. That said, many traditional financial institutions charge origination fees, which may not be the case with some online lenders.
Bank loans are a good option for medical practice owners who have an established relationship with a bank or prefer an in-person borrowing experience. As with other loans, make sure you understand the repayment terms and fees before signing a loan agreement.

Pros
Cons

Flexible repayment terms and loan amounts
May require collateral

More accessible qualification requirements
Can be difficult to qualify for

Ability to work with a local branch
Approval and funding times are often slow

Term Loans
Term loans are a type of long-term business loan typically used to purchase long-term assets and assist with significant capital expenses. They have a fixed interest rate and repayment schedule—usually three to 10 years—making it easier to budget for loan payments. Term loans are often secured, meaning lenders require collateral to protect their security interests.
Qualification requirements for term loans vary from lender to lender but generally include debt-to-income (DTI) ratio, credit profile and cash flow. When it comes to medical practice loans, lenders may require additional documentation about the business or qualifications of the practice’s personnel.

Pros
Cons

Easier to qualify for than bank loans
Typically more expensive than bank loans

Fast approval and funding speeds compared to traditional loans
Can be difficult to qualify for

May be tailored to the medical field
Repayment schedules lack flexibility

Short-term Loans
Short-term business loans can provide a much-needed cash infusion for businesses that need it quickly. They are typically unsecured and offer various maturity periods ranging from three months to three years. Interest rates may be higher than for lengthier loan terms—ranging from 3% to around 50%, depending on borrower creditworthiness and other factors.
To qualify, most short-term loan providers require personal and business financials, tax returns and credit scores of 620 or above. Lenders don’t usually require a down payment, allowing medical professionals to cover immediate needs such as equipment repairs and working capital requirements while navigating a convenient payment option.

Pros
Cons

Fast approval and funding times
Shorter loan repayment terms

Accessible qualification requirements
High monthly payment amounts

Interest accrues over a shorter period of time
Interest rates may be high

Business Lines of Credit
Business lines of credit can be an effective way for medical practices to gain access to short-term capital or bridge interim cash flow gaps. A line of credit is a type of loan where the borrower can draw from a specified limit and then make regular payments based on the amount borrowed.
The best business lines of credit are usually unsecured, meaning they do not require collateral. They often have very flexible qualification requirements with score minimums as low as 580.
These loans typically have draw periods from 12 to 24 months, repayment periods ranging from six months to five years and APRs from 4% to 60%. Not only are repayment terms flexible, but they are revolving, meaning business owners can access the line of credit repeatedly as needed and pay off the balance. When used correctly, business lines of credit can provide flexible capital that companies need to grow their businesses.

Pros
Cons

Can be accessed on an as-needed basis
Borrowing limits may be low

Fast approval and funding speeds
Additional fees may be high

No interest if balance paid each month
Not well-suited to one-time purchases

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Equipment Financing
Medical professionals can use equipment loans to finance the purchase of instruments and tools necessary to keep their practice running. This may include furniture and exam tables, stethoscopes, wheelchairs, X-ray machines, CAT scans, MRI machines and even digital record keeping systems. In general, business owners can use equipment financing to cover between 80% and 100% of the purchase price, with an average down payment of 15%.
Because equipment loans are secured, they often come with less rigorous qualification requirements than other types of financing. In general, medical professionals may qualify for an equipment loan with a credit score of 600. Interest rates typically range from 2% to 20%, and repayment terms may be available from three to 10 years.

Pros
Cons

Accessible qualification requirements
Limited to purchase of equipment

Do not require additional collateral
May come with high interest rates

Offers an accessible alternative to leasing
Usually secured by the underlying equipment

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