Your medical practice needs state-of-the-art equipment and a steady influx of working capital in order to stay competitive.
With a wide variety of medical lending options to help you purchase equipment and maintain daily operations, it can be difficult to know how to choose the right medical practice lender.
When considering how to finance the needs of your practice, be sure to choose a lender that specializes in medical lending, offers competitive interest rates, and is open to working with medical startups.
There are almost as many small business lenders in the United States as there as small business. Choose a lender with a dedicated medical lending program. Only lenders with direct medical experience understand the needs and challenges of operating a medical practice, and will work with you to ensure those needs are met.
Next, choose a medical practice lender that offers a competitive interest rate. While not all banks will lend to newer medical practices, the majority of lenders want your business and will compete to get it. The SBA offers loans with interest rates as low as 3%, so don’t be afraid to shop around.
Finally, choose a medical practice lender that specializes in working with startups, new businesses, and smaller practices.
If you’re lacking in positive cash flow or have annual sales that are below $10 million, some lenders may not want to work with you. Choose a lender that understands the challenges of a medical startup. They will be more open to approving you for a loan and giving you the capital you need to get started.
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