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Healthcare Business Loans - For Your Medical Practice.
Do you need new equipment, employees or inventory for your healthcare business? We have the healthcare financing tools you need to grow. Compare healthcare business loans with Upwise.
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Healthcare Business Loans: How They Can Help You
Running a medical practice comes with many challenges unique to the industry in health care management. Whether you’re on the front lines facing supply shortages or you’re a specialist who’s seen a dip in patients due to social distancing orders, we understand that healthcare businesses need support.  It might seem overwhelming to manage cash flow through these unexpected ups and downs. That’s where business loans for healthcare companies can help. Â
Open a New Location or Upgrade Your Technology & Equipment
If you are a small business owner looking to remodel your healthcare office or open a new location, then a healthcare loan can be used to finance your renovation project. Additionally, if you need a business loan for medical equipment, see our financing and leasing options.
What can a Healthcare Business Loan be used for?
Software & Technology
- Put yourself ahead of the competition by purchasing new software and technology using a healthcare business loan
- Have the extra funds to acquire new technology such as, patient management, treatment and record keeping softwares
Hire More Staff
- With healthcare business financing, you can address the need for hiring more staff
- Apart from financing hiring, you may also use funds from a healthcare loan for training costs and payroll to keep your employees happy
Marketing & Advertising
- Use a healthcare loan to advertise and grow your customer base or promote a new medical practice
- Build or optimize your website, add new signage, or place a magazine or newspaper ad to generate new patients
Manage Cash Flow
- Maintain your capital cash flow to manage expenses when experiencing unforeseen medical practice issues
- Utilize healthcare financing loan options to fund your account receivables and payroll, before your cash flow gets low
New Medical Equipment
- You can use a healthcare loan to buy new medical equipment to deploy new tests and treatments
- Use equipment leasing and financing to purchase all types of medical equipment to improve patient care
Purchase New Practice
- Importantly, medical practice acquisition is going on at an ever-increasing rate
- Healthcare financing can be taken advantage of to cover the sale price, which allows you to expand your practice without coming out of pocket too much
6 Best Business Loan Options for a Healthcare Business
Working Capital for Healthcare Companies
The healthcare industry has unique challenges when it comes to managing cash flow and working capital. Undoubtedly, staffing, payroll, receivables and collections are some of the issues we see doctors face. Therefore, you can use a working capital healthcare loan to bridge the gap between the time you receive payment and meeting your capital needs. Working capital loans provide a fixed amount of money, with a fixed cost which are paid back over a term of 3-18 months.
Equipment Financing for Healthcare Companies
An equipment financing loan can be a great option for a medical practice loan, especially if you are looking to lease or finance a piece of equipment. Many healthcare companies utilize the latest technology and equipment in order to give the best patient care. Therefore, a new piece of equipment can certainly have a huge impact on the growth of the business. A business loan for medical equipment is usually structured as a lease to purchase or a fixed-term loan.
Lines of Credit for Healthcare Companies
Healthcare lines of credit have the flexibility that other loans do not. Similar to a credit card in the sense that it’s a revolving line of credit which allows you to draw funds as you need it. Also, you only pay interest on the funds that you draw. Additionally, early repayment discounts work great for healthcare businesses because once you’ve finished using the money, you can pay it back and save drastically on interest.
Term Loan for Healthcare Companies
A business term loan is another great option for healthcare or medical practice companies. Term loans are meant for those established doctors. In other words, those that are showing a profit on their most recent tax returns, have been in business at least 2 years and have a good credit score. The proceeds from this type of healthcare loan can be used for a multitude of business purposes such as marketing, expansion or remodeling.
SBA Loans for Healthcare Companies
A Small Business Administration loan or SBA loan is a loan guaranteed by the Small Business Administration. On the contrary, the SBA is not the lender, but they do guarantee the loan through an approved SBA lender. Even so, a healthcare SBA loan is a highly desirable financing product, however the process is long with many paperwork requirements and high credit standards. See how an SBA loan for a healthcare business can help you.Â
Real Estate Financing for Healthcare Companies
A real estate financing loan can also be a great option for medical practice financing, especially if you have collateral to secure against the loan. Many healthcare professionals we come across have equipment, buildings or invoices which can be used as an asset to secure a healthcare business loan. For instance, medical practice owners will use an asset for more favorable terms, resulting in a higher approval and lower interest rate. Similarly to an SBA loan, the process can be long and require lengthy paperwork.
How to Apply for a Healthcare Business Loan
Healthcare Funding Solutions
to Boost your Success
Small business healthcare loans are easy to secure. It only takes a few minutes to apply, and Upwise will present you with options.
Applying won’t impact your credit score.
Why Upwise for Healthcare
- We Know Healthcare Businesses
- Trusted by Companies Like Yours
- Personalized Experience
- Fast & East Application Process
- Loan Specialists Who Are Wiser & Care
- Transparent Terms & Automatic Payments
Types of Healthcare Companies We Serve
We offer medical practice loans to a wide range of industries and companies. You deserve options. Therefore, Upwise provides healthcare working capital, lines of credit for healthcare companies, commercial loans, business loans for medical practices, medical equipment financing, business term loans, real estate financing and other healthcare business financing options, to meet all your needs. So, here are some of the healthcare companies & industries we’ve worked with:
- Doctors & Physicians
- Dentists & Dental Practices
- Pharmacy
- Nurse Practitioners
- Physical Therapy
- Veterinary Practice
- Optometry Practice
- Physician Assistants
- Physical Therapy
- Private Practice
- Hospice Care Providers
- Chiropractors
Compare All Healthcare Business Loan Options
Max Loan Amount
$25K to $20MM
Profitability
Shown on Tax Returns
Loan Term
5 to 30 Years
Credit Score
620+
Interest Rate
7 % - 30 %
Time in Business
Greater than 2 Years
Speed
As Fast As 2 Days
Annual Revenue
Over $200K
Term Loan
A traditional business term loan is a lump sum of capital that you pay back with regular repayments at a fixed interest rate. The “term” in “term loan” comes from its set repayment term length, which will typically be one to five years long. Most business owners use the proceeds of term loans to finance a specific, one-off investment for their small business.
- Bi-Weekly & Monthly Payments
- Longer Payment Terms
- Lower Interest Rates
Loan Amount
$5K to $250K
Unsecured Line of Credit
Loan Amount
$100K to $10MM
Secured Line of Credit
Loan Term
6 Months to 2 Years
Credit Score
500+
Secured Line of Credit: 620+
Interest Rate
7 % - 25 %
Time in Business
Greater than 1 Year
Speed
As Fast As Same Day
Annual Revenue
$150K+
Business Line of Credit
A revolving business line of credit gives access to a pool of funds to draw from when a business owner needs capital. Unlike a traditional business loan, you have the flexibility to borrow up to a set amount, repaying only the amount you withdraw, plus interest.
- Weekly or Monthly Payments
- Only Pay Interest on the Funds you Draw
- Save on Interest by Paying Back Early
Max Loan Amount
100% of Equipment Value
History
Good Financial History
and Tradelines
Loan Term
1 to 8 Years
or Expected Life of Equipment
Credit Score
500+
Interest Rate
As Low As 4 %
Time in Business
6 Months +
Start Ups Encouraged to Apply
Speed
As Fast As 2 Days
Annual Revenue
100K+
Equipment Financing
Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. A fast and easy way to finance the purchase of all types of equipment. With a secured loan against your equipment, you can take advantage of the equity in your existing equipment, or use newly-purchased equipment as collateral.
- Avoid large upfront costs for equipment purchased
- Equipment used as collateral
- Monthly Payments
Max Loan Amount
Up to 100% of Invoice Amount
Invoices
From Credible Clients
Repayment
When Customer Pays Invoice
Credit Score
Over 600+
Factor Rate
8 % - 30 %
Time in Business
Greater than 1 Year
Speed
As Fast As Same Day
Annual Revenue
150K+
Invoice Financing
Invoice financing is a type of asset-based financing that allows business owners to free up unpaid invoices. With invoice financing, you can get a fast advance of about 85% of the value of your invoices, with most of the other 15% paid to you later.
- No Need to Wait for Invoice from Customers
- Low Interest Rates
- Invoice is used as Collateral
Loan Amount
$5K to $5MM
History
Positive Payment History
Loan Term
3 Months to 2 Years
Credit Score
500+
Interest Rate
9.99 % - 24.99%
Time in Business
6 Months +
Speed
As Fast As Same Day
Annual Revenue
120K+
Short Term Loan
Short-term business loans are lump-sum loans that are designed to be paid back in less than 18 months. They can be a flexible financial tool, best used for financing short-term needs—including managing cash flow, dealing with unexpected needs for extra cash, bridging larger financing options, paying off expensive debt, or taking advantage of unforeseen business opportunities.
- Bad Credit Accepted
- Minimal Paperwork & Fast Funding
- Prepayment Discounts for Early Payoff