What are Different Type Of Practice Loans?

Medical, Chiropractic or dental loans give you the working capital you need to either take on additional patients, or cover operating expenses while waiting for slow insurance payments. Through National’s 75+ lender marketplace, you can get the best deal on financing. National also offers several exclusive benefits, including zero upfront fees, and financing options for medical professionals who have not yet opened a practice.

At National, we provide options for all medical and dental practices, regardless of FICO score and time in business. Whether you have a two-person LLC or a sprawling practice with several professionals, we can help you find a solution that works for your business.

National offers doctor loans and healthcare professional financing options of all kinds, including dentists, pharmaceutical professionals, veterinarians, chiropractors, optometrists, and primary care physicians to help their practices grow and succeed.

12 Coronavirus Small Business Relief Fund Programs You May Qualify For >> Read more

How to Get Medical Financing with Bad Credit >> Read more

Equipment Funding for the Healthcare Industry >> Read more

Funding for Medical Professionals with Established Practices >> Read more

How To Choose The Best Small Business Health Insurance >> Read more

FEW REASONS DOCTORS APPLY FOR A PRACTICE LOAN

Grow Your Practice

Buy new medical equipment and supplies, hire additional staff and grow your practice faster.

Cover Medical Business Expenses

Get medical financing to cover payroll, pay bills, purchase supplies and bridge gaps between slow insurance payments.

Pursue Business Opportunities

Expand or open a second practice, take on more patients, add new equipment or capitalize on unexpected opportunities.

There are no restrictions-use your capital to pursue any opportunity or overcome any challenge!

Business Line of Credit

Unique Benefits:

• Unsecured
• Same Day Funding Available
• Only Pay for What You Use
• Up to $250,000 Line of Credit
• True Revolver; Each Payment Frees Up. Additional Available Funds

Qualifications

• 1 Year Time in Business
• $25,000 Deposited Monthly in Business
Bank Account or $300,000 Annual Sales
• 600 Minimum FICO

Equipment Financing

Unique Benefits

• Rates Start at 6%
• Monthly Payments
• Longest Term: 5 Years
• $1,000,000 Max Amount for First Funding
• 65-100% LTV Depending on Program

Qualifications

• 1 Year Time in Business
• 675 Minimum FICO
• No Private Party Sales
• Invoice Required for Quote

Inventory Line of Credit

Unique Benefits

• Revolving Line of Credit
• Facility Size $250,000 – No Cap
• Line of Credit Amount Fluctuates as Inventory Fluctuates (up and down)
• Rates Starting at Prime + 2%
• Up to 85% Financing of Inventory Liquidation Value
• 7 – 14 Days Application to Funding

Qualifications

• $1 Million in Current Inventory
• $1 Million in Annual Sales
• 1 Year Time in Business
• No Minimum FICO

Financing for Healthcare

Unique Benefits

• Owning a Practice is Not a Requirement
• Low Rates and Long Terms
• Available to Most Licensed Medical
Professionals

Qualifications

• 1 Year Time in Business (*6 Months TIB if
Depositing Over $50,000 Per Month)
• $25,000 Deposited Monthly in Business
Bank Account or $300,000 Annual Sales
• No Minimum FICO

A/R Line of Credit

Unique Benefits

• Revolving Line of Credit
• Facility Size: $250,000 – No Cap
• Line of Credit Amount Fluctuates as A/R Fluctuates (up and down)
• Rates Starting at Prime + 2%
• Up 95% Financing of Current A/R
• 4 – 7 Days Application to Funding

Qualifications

• Minimum $100,000 in Open Receivables
on 30-60 Day Terms
• $1 Million in Annual Sales
• 1 Year Time in Business
• No Minimum FICO

SBA Loan

Unique Benefits

• No Prepayment Penalty
• Monthly Payments Available
• Reports to Business Credit Bureaus
• 10 – 25 Year Terms
• Refinance Up to 2 MCAs

Qualifications

• 2 Years Time in Business
• $25,000 Deposited Monthly in Business
Bank Account or $300,000 Annual Sales
• 660+ FICO
• No BKs/Liens/Foreclosures in Last 3 Years

Business Term Loan

Unique Benefits

• No Prepayment Penalty
• Monthly Payments Available
• Reports to Business Credit Bureaus
• 1 – 2 Year Terms
• Refinance Up to 2 MCAs

Qualifications

• 2 Years Time in Business
• $25,000 Deposited Monthly in Business
Bank Account or $300,000 Annual Sales
• 660+ FICO
• No BKs/Liens/Foreclosures in Last 3 Years

Business Advance

Unique Benefits

• Same Day Funding Available
• All Industries
• 6 – 24 Month Terms Available
• Up to $5 Million Funded Amount
• Flexible Terms

Qualifications

• 1 Year Time in Business (*6 Months TIB if
Depositing Over $50,000 Per Month)
• $25,000 Deposited Monthly in Business
Bank Account or $300,000 Annual Sales
• No Minimum FICO

Medical Bridge Credit Lines: Just What the Doctor Ordered!
Bridge the Gap Between Invoicing & Insurance Payments!

Insurance companies don’t always pay patient invoices as quickly as you’d like. A coding or other error can postpone payment, and to make things worse, insurance companies are known for delayed payments.

So how can you cover all of the expenses of running a practice— like operating costs, payroll, medical supplies, and more— while you’re waiting on insurance bills?

A medical bridge line of credit can help ease the pain of delayed payments, and keep your practice moving along without any difficulty.

With a medical bridge line of credit, you can gradually draw funding as you need it, and only pay interest based on the amount you withdraw!

Medical Equipment Financing

What is Medical Equipment Financing?

Running a successful medical facility or office practice depends upon many factors including access to effective, state of the art equipment. Medical equipment financing can reduce overhead costs, improve cash flow, keep medical equipment current and help provide patients with quality care they demand more quickly and efficiently.

What Companies Utilize Medical Equipment Financing?

Private medical practices, home healthcare suppliers, veterinarians’ offices, dialysis facilities, nursing homes, hospitals, and other medical businesses can make use of this type of financing with top-notch results.

Loans with Exclusive Benefits for Medical Professionals Lower Rates, Larger Amounts, & Longer Terms Grow your practice with a fast and easy process.

WHAT DO YOU NEED TO QUALIFY?

3+Months in Business

We fund all practices, from new to established offices and everything in between.

$120K in Annual Gross Sales

Whether you do $120K or $12M+ in billings, we have your back!

No Minimum Credit Score

(If you make $120K in annual gross sales & have been in business for 6+months) You don’t need squeaky clean credit to qualify-we work with all credit profiles.

Easy Business Loans for Doctors with Bad Credit

In addition to banks’ tight financing guidelines, another downside to borrowing from traditional financing sources is their timeline. Their applications require significant documentation and paperwork and the approvals process and funds release can take months. With bad credit, their borrowing options once appeared limited. However, over 90% of National’s clients had previously been turned down for loans from their banks.

The scenario for medical professionals seeking medical financing with bad credit through National is very different. Our Business Consultants will listen to your financial requirements and then strive to obtain the right financing for your practice.

Once approved, the money will be deposited into your account within days, not weeks. Terms are flexible and National does not restrict your vendor choice. Our online financing application takes approximately 60 seconds to complete. We are known for our fast response – usually within 24 hours or less.

Asset Based Lending

What Is Asset Based Lending?

Asset based lending is a type of business financing in which the lender secures the agreement with an asset or collateral. Asset based lending can give the borrower either a loan or line of credit. Asset based lending works like most other business financing options—you get cash to drive your business growth and pay it back over time. Asset based lending, however, involves putting up an asset (which will be explained below) as collateral. You can choose to put up real estate, but there are many other options that may be simpler, easier, and less risky.

How much extra cash could your assets unlock?

Find the best asset based lending options available through one simplified application. Understand your options based on the assets and collateral you’re willing to put up. Compare interest rates, term lengths, and funding amounts on National’s marketplace with expert guidance.

Apply in less than a minute. Hear your options explained right away. Get funded in as little as a day.

Payroll Funding

How to Get Fast Financing & Always Pay Employees

For most medical practices, patient copayments make up only a small percentage of working capital. Instead, most revenue comes from insurance company payments. But because of the way insurance companies make these payments, payouts are usually quite delayed.

Most insurance companies pay medical practices well after the visit to begin with, but other errors can cause these payouts to be delayed even further. Even a slight coding error might push payment off for a few weeks.

Payroll funding ensures that you can keep your practice moving forward, instead of waiting on receivables.

Practice loans and financing

Revolving Business Line of Credit

A business line of credit gives you immediate access to cash-on-hand whenever you need it. You also have the ability to draw more cash at a later date. You will only pay interest on what you use. This protects you from overpaying and over borrowing, while also lowering the cost of capital. It’s a great option when a credit card simply won’t cut it.

The business lines of credit offered through National also have revolving terms. This means funding will become available again as you pay the initial amount down. You aren’t obligated to use (or pay interest on) all the funds you borrow. Instead, you have the freedom to withdraw cash as you need it from your line of credit, or use it all at once—the choice is yours! Any funds that you are not using will always remain available for you to use in your credit line. Use our business line of credit calculator to find a credit line with terms that best match your business needs, and discover the convenience and flexibility of a true revolving business line of credit!

Accounts receivable factoring

AR Financing for Medical Practice Use

  • Cover slow healthcare payments
  • Pay for medical or dental supplies in bulk
  • Cover office expenses and utilities
  • Purchase, lease or upgrade medical equipment and machinery

Do You Qualify for AR Factoring?

All you need to get approved for accounts receivable factoring is:

  • 6+ Months in Business
  • $40K/Monthly Accounts Receivables

No minimum FICO or additional collateral (besides your accounts receivables) are needed to get approved.

SBA Loan

What is an SBA Loan?

A Small Business Administration-backed loan, or an SBA loan, can help your business to get working capital to accomplish any goal, like expanding, purchasing/refurbishing equipment, taking on new real estate or refinancing an existing mortgage or agreement, and more.

SBA loans are one of the most desirable and sought-after types of business loans.Many small business owners apply for an SBA loan before exploring other similar options. Between lower interest rates and substantially longer repayment terms, SBA loans tend to give you the funding you need, without disrupting your cash flow. 

Through most lenders, SBA loans come with one drawback: it can take forever (up to 8 months) to complete the process. Banks thoroughly review loan applications, business plans, personal credit score, and more before providing an answer. National has eliminated this issue by streamlining the process to 45 days! Through our network of 75+ lenders, we can speed up the funding process to complete it in nearly half the time, while also simplifying the long and complex procedure to make SBA funding much easier for you.

10 Reasons Why National is The Nationwide Leader

CONTACT US TODAY!

Your Business Financing Advisor Team

We’re here to help your business grow! Our Business Advisors fight every day to get you the funding you deserve and have a great time doing it! We weren’t named a top place to work for nothing!

Fill out the form to learn more

*This website is produced and sponsored by National’s partner program.