Are you a doctor or dentist looking to expand your practice? Or maybe you’ve always dreamed of having your own practice and are ready to move forward? Either way, you’ll need capital, and if you don’t have the funds on hand, a loan could be a suitable option.
Quick and Easy Small Business Loans
Are There Business Loans Specifically for Doctors?
Yes, personal loans are available exclusively for doctors and dentists. You can use an online lending platform like National Business Capital to help streamline your search and identify lenders that can assist you with your funding needs.
What Can You Use a Doctor Loan For?
Loans designed for medical professionals and dental practitioners can be used in many ways, such as:
Starting a New Practice
If you’ve dreamed of opening your own practice, a loan can provide the funding needed to cover the added costs.
Buying an Existing Practice
You can also use the loan proceeds to invest in a second practice that’s already up and running.
Getting Working Capital
Operational expenses, including the cost of supplies, payroll, and insurance, can be covered with the loan proceeds.
If you’re planning to expand your scope of offerings, you can use the loan to hire additional employees.
Purchasing Medical or Dental Equipment
Medical and dental equipment is pricey and can quickly drain your reserves, but you can use a loan to cover the costs and make monthly payments over time.
Purchasing Software, Technology and Office Equipment
It’s vital to keep your medical or dental office up to date with the latest software and technology. These innovative tools can be pricey, but a loan can help you cover the associated costs on a more manageable schedule.
Quick and Easy Small Business Loans
Renovating, Expanding Property or Practice Rooms
Does your office need improvements? Consider renovating the interior with the funds from your loan to give the practice room a facelift or expand the facility to accommodate more patients.
Word-of-mouth marketing is an effective way to spread the word about your practice, but you can ramp up your efforts significantly by investing in professional marketing services.
What Do You Need to Qualify for a Medical or Dental Practice Loan?
The eligibility criteria for a doctor loan vary by lender, but here are some general guidelines to be aware of:
Most lenders prefer physicians or dentists with practices that are at least three months old. However, getting approved for funding is possible even if you haven’t yet opened the doors to your new office.
Annual Gross Sales
Your annual gross sales should be at least $120,000 to have the best chance of qualifying for funding.
Credit Score (In lieu of Business Sales)
Perfect credit isn’t required to get approved for a loan if you meet the minimum criteria for annual gross sales and your practice has been open for at least six months. If you have stellar credit, you could still be eligible for funding even if you haven’t opened your medical or dental practice yet.
Get Financing for Your Medical or Dental Practice
Secure the capital needed to start or grow your medical or dental practice. Apply now with National Business Capital to view loan products for healthcare professionals that you may be eligible for. Your information will be presented to their vast network of over 75 lenders; Then, their experienced Business Finance Advisors will identify the best funding options for your situation.
Loan amounts range from $10,000 to $5 million, and you’ll generally get between six months and ten years to repay what you owe. In addition, there’s no minimum FICO score requirement, and you may be eligible even if you haven’t yet opened the doors to your own practice. Best of all, loan proceeds are dispersed in just one to three days following approval, so you can get to work on opening your business or growing a profitable practice promptly.
If a doctor or dentist loan isn’t a good fit, you may be eligible for another form of financing, like a small business loan, SBA loan, or business line of credit. The process is fast, easy, and won’t impact your credit score.
You can complete the application in a minute or less, and the only documentation you’ll need to provide is three months of your most recent bank statements – no need to dig through piles of paperwork to find your tax returns. Enquire today to explore your options.