There are many costs associated with starting and growing a medical practice.
From one-time equipment purchases to the ongoing expenses of running your business, having enough working capital is crucial to your success.
There are 3 main ways to find a medical practice lender that is right for you.
The first type of lender can be found through a traditional bank.
Bank of America, U.S. Bank, Wells Fargo, and TD Bank all have dedicated loan programs specifically geared toward medical professionals.
The second way to find a medical practice lender is by going through an online company that offers unsecured funding to medical professionals.
If you have less than perfect credit or don’t like the idea of working with a traditional bank, a company like U.S. Medical Funding or Omega Funding could be perfect for you.
Finally, you can use the Small Business Administration as your medical practice lender.
The SBA has several loan programs available to small businesses that need to rent equipment.
Check out the 7(a) loan program and the 504 loan program for more information.
It takes a lot of working capital to get your medical practice up and running, but you don’t have to pay for your business expenses out of pocket.
Whether you choose a traditional bank, online lender, or the SBA, it’s easy to find a medical practice lender that will help your practice thrive.
To learn more about doctor credentialing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.
