Medical practice funding
Founder Funding understands the needs of medical professionals.
Doctors, dentists, chiropractors, and specialists alike can find the right financing solutions to grow their practice
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Purchase medical equipment and supplies for your practice
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Refinance business debt
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Paying staff payroll
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Investing in your marketing and patient outreach
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Bridge capital between insurance payments
How to apply for medical practice funding.
1. Provide Business Information
Share a few details about your business by completing a quick and easy application in just minutes.
2. Submit Your Application
Submit your application. The process is free and won’t affect your credit score.
3. Review and Compare Offers
Explore funding options to find the terms that align with your business needs and goals.
4. Receive Your Funds
Once you accept an offer, the funds can be deposited into your bank account in as little as 24 hours.
An in-depth look at medial practice loans.
What is a Medical Practice Loan?
A medical practice loan provides working capital specifically designed for healthcare professionals with private practices. Unlike personal loans sometimes offered to practitioners, a medical practice loan is a business loan intended to support the operations and growth of the practice.
How Do Medical Practice Loans Work?
Medical practice loans function similarly to traditional business loans. A lender provides a lump sum of money that is repaid over time with interest. The loan amount, interest rates, and repayment terms depend on the lender and your financial qualifications.
What Are the Requirements for a Medical Practice Loan?
The specific requirements for a medical practice loan vary by lender and loan type. Typically, lenders evaluate:
- Credit Score: Your credit history and score influence loan terms.
- Revenue and Financial History: Proof of stable revenue and financial performance is crucial.
- Time in Business: Established practices may find it easier to qualify, but newer practices can still find options.
- Collateral: Some loans may require collateral to secure funding.
How Can You Use a Medical Practice Loan?
Medical practice loans can be used for a variety of business purposes, including:
- Purchasing new equipment or upgrading technology
- Expanding your office or opening a new location
- Hiring and training staff
- Refinancing existing debt to lower payments or interest rates
- Covering operating expenses during slow seasons or cash flow gaps
Why Choose Founder Funding for Your Medical Practice Loan?
At Founder Funding, we specialize in alternative financing solutions that cater to the unique needs of healthcare professionals. Our innovative funding options, such as business cash advances, often feature less stringent qualification requirements compared to traditional loans. With a streamlined application process, we make it simple for medical practitioners to explore and compare offers from multiple lenders.
How to Get a Medical Practice Loan
Securing a loan for your medical practice can be straightforward when you follow these steps:
1. Assess Your Financial Needs: Determine how much funding you require and its purpose, such as upgrading equipment or covering operational costs.
2. Check Your Credit Score: Review your credit report and address any issues to improve your chances of securing favorable loan terms.
3. Gather Necessary Documentation: Prepare key documents, including financial statements, tax returns, and your business license.
4. Complete the Application: Fill out the loan application accurately and include all required documentation.
5. Submit Your Application: Submit your application through Founder Funding to access funding solutions tailored to your needs.
6. Review Offers: Evaluate loan offers from different lenders, focusing on interest rates, repayment terms, and additional fees.
7. Select the Best Offer: Choose the loan that aligns with your practice’s financial needs and goals. Review the terms carefully before accepting.
8. Receive Funding: Once you accept an offer, the lender will process your loan, with funds often available in as little as 24 hours.
By working with Founder Funding, you’ll gain access to fast, flexible funding options that help support and grow your medical practice with minimal hassle.
What Types of Loans Are Available for Medical Practices?
We offer a wide range of funding for medical practices..
Equipment financing
Equipment financing enables medical practices to purchase or lease essential equipment without paying the full amount upfront. This loan covers medical devices, machinery, and technology, keeping your practice equipped with the latest tools.
Sba loan
An SBA (Small Business Administration) loan is a government-backed loan for small businesses. It usually has lower interest rates and longer repayment terms than traditional business loans. SBA loans can be used for various purposes, such as buying equipment, expanding, refinancing debt, or covering operational costs.
Line of credit
A line of credit offers medical practices flexible access to funds up to a set limit, allowing them to withdraw as needed for expenses. It's ideal for fluctuating cash flow, covering emergencies or supplies. Interest is charged only on the borrowed amount, making it cost-effective for practices with varied financial needs.
Term loan
A term loan is a traditional financing option where a borrower receives a fixed sum upfront and repays it with regular payments over time. It's ideal for medical practices needing funds for major expenses like new equipment, office renovations, or service expansions. Term loans typically have lower interest rates than other types, especially when secured by collateral.
*The information contained in this page is Founder Funding’s opinion based on Founder Funding’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (November 28, 2022). While Founder Funding strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements, and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Founder Funding may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.*
