Healthcare & medical practice loans

Faster, easier small business financing with one simple application—no bank needed.

Applying is free and won’t impact your credit.

Reviews from business owners.

Sahil Dosaj

APRIL 26, 2022


Rocky Christensen from Lendio helped me secure a business loan

Rocky Christensen from Lendio helped me secure a loan for purchasing my medical building. He put me in contact with Monarch Financial. Working with them was a pleasure. They are both very attentive to details and highly responsive to any questions. They made the process easier and stress free. I would highly recommend them.

M Colvin DO

FEBRUARY 17, 2021


We are so grateful for the Lendio Application process!

The process was fairly easy to follow, there were directions for every step. We recommend printing the list of what you may need to upload to make the application process go smoothly without timing out. We were able to log in to view the process step by step. Thank you and Thank You to our Hartford. Insurance for partnering with you and letting us know! We highly recommend Lendio, you helped save our private medical practice during this trying time.

Dr Marianne Goodman

June 3, 2020


Well done job for a somewhat unconventional client

Once the issue of organizational documents was cleared up (there are none since I am a single practitioner in the medical field unincorporated and unaffiliated with other partners or organizations) the process was smooth and executed efficiently and speedily. Thank you for your assistance especially in the face of all the confusion and difficulty finding a lender.

Lendio knows medical practice small businesses.

Whether you’re looking to buy an existing medical practice, launch your own from the ground up, or grow the practice you already have, Lendio has you covered.

With a medical practice loan, you can start, operate, or grow your medical business. There are many lenders who offer solutions for all types of healthcare professionals, like doctors and dentists. No matter what your goals are, a medical practice loan may help you meet—or even exceed—them.

Ready to find the right business loan for your medical practice? Simply fill out one short application to get matched to a number of financing offers. We take the time and hassle out of financing your medical practice, so you can focus on what you’re good at: serving your patients and improving your bottom line.

What is a medical practice loan?

Outside of lenders that specialize in insurance receivables, there are no loans that are exclusively designed for medical practices. However, there are multiple types of business financing solutions that can provide working capital to cover business expenses or facilitate growth for a medical practice. These include invoice factoring, revenue-based financing, debt financing, line of credit, and equipment financing.

What can I use a medical practice loan for?

A medical practice loan offers you the flexibility to use funds in a way that best serves the growth and development of your practice. Some ways you can use a medical practice loan include:

  1. Startup costs: Secure the essential funds to start your medical practice right, covering everything from lease payments to licensing fees.
  2. Working capital: Ensure smooth cash flow for day-to-day operations, covering unexpected expenses and short-term financial needs without disrupting your medical services.
  3. Equipment purchase: Upgrade to the latest medical technologies to ensure you’re providing top-notch care to your patients.
  4. Inventory: Maintain an adequate stock of essential medical supplies and pharmaceuticals, ensuring you can meet patient needs promptly without worrying about shortages.
  5. Staff hiring: Expand your team of healthcare professionals to enhance patient service and reduce long wait times.
  6. Office refurbishments: Transform your waiting area into a more comfortable and welcoming space for your patients.
  7. Expansion plans: Dream of having multiple clinics? Our loan can fuel your growth and turn that dream into reality.
  8. Operational costs: Manage everyday expenses stress-free, from utility bills to payroll and supplies.

Why Lendio?

Quick & easy

Apply in just 15 minutes and get funded in as little as 24 hours

Your partner in business financing

Get personalized support throughout the funding process. Your funding manager will be with you every step of the way to answer your questions and advocate for you.

Offers tailored to your business

Compare loan offers from multiple lenders. With over 75+ lenders in our network, your funding manager will work with you to ensure you get the best rates and terms for your business.

How to apply for a medical practice loan.

STEP
1

Fill out our simple application.

Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.

STEP
2

We’ll connect you with a funding specialist.

One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.

STEP
3

Compare loan offers.

Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.

STEP
4

Get funded.

We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.

Business loans for multiple types of medical practices.

Types of business loans for medical practices.

Invoice factoring and revenue-based financing

Invoice factoring and revenue-based financing both use future revenue as collateral for a loan. Certain lenders we work with specialize in factoring specific to the medical industry, based on your insurance receivables.

TERM LENGTH

1-15 months
MAX LOAN AMOUNT

$50 million (factoring); $1 million (RBF)

Debt financing

Debt financing is when you borrow money for your medical practice for a set term with a set rate and monthly payment. Two examples of debt financing include term loans, which offer a lump sum of money upfront, and SBA loans, which are partially guaranteed by the U.S. Small Business Administration (SBA).

TERM LENGTH

6 months-25 years
MAX LOAN AMOUNT

$5 million

Line of credit

A line of credit offers a flexible way to finance your medical practice. Upon approval, you can withdraw funds as you need to, up to a set credit limit. You’ll pay interest only on the amount you borrow, rather than the entire amount for which you’re approved.

TERM LENGTH

6-24 months
MAX LOAN AMOUNT

Up to $250,000

Equipment financing

Equipment financing is an option if you’d like to buy or lease equipment for your medical practice, like X-ray machines, patient monitors, or surgical tables.

TERM LENGTH

1-5 years
MAX LOAN AMOUNT

$5 million

FAQs

Requirements for a medical practice loan vary by lender and loan type. Minimum requirements start at the following:

  • A credit score minimum of 600 
  • Monthly revenue of $8,000 or more
  • A business history of at least six months

 

There are several types of providers a medical professional can seek financing from. The Small Business Administration (SBA) offers partially guaranteed loans through an SBA-approved lender. Banks and credit unions also offer term loans, equipment financing and lines of credit. Online lenders offer a range of products including term loans, lines of credit, equipment financing, cash advances, and invoice factoring. These online lenders frequently have easier eligibility criteria than a bank or the SBA.

An online marketplace like Lendio lets you apply in just 15 minutes and get funded in as little as 24 hours. You can compare medical practice loans from multiple lenders and work with a funding manager to lock in the best rates and terms. Plus, you’ll receive personalized support along the way.

An SBA loan is partially guaranteed by the U.S. Small Business Administration and distributed by an SBA-approved lender. Depending on the loan type and your unique situation, you may receive up to $5 million in funding and lock in lengthy repayment terms of up to 25 years.

There are several types of SBA loans, such as SBA 7(a) loans, SBA 504 loans, and microloans. These products can help you cover working capital, debt financing, fixed assets, like a building, land, or machinery.

8 out of 10 Lendio employees* or their families own a small business.

*based on 136 Lendio employees who responded to an internal poll

Compare loan options from multiple funders.

Applying is free and won’t impact your credit.
Talk to a rep at (855) 853-6346
Mon-Fri 7:30am-5pm MST