Medical Practice Financing & Business Loans

Best Business Loans for Doctors & Healthcare Professionals

Scaling up a medical practice or building a startup takes long hours and commitment. As a doctor, healthcare professional, and small business owner, navigating to find a medical practice loan can be a time drain. There are different types of financing options available that you should fully grasp to make a well-informed decision.

The great news is that medical professionals make perfect candidates for lenders. The high earning potential of healthcare professionals makes it easy to secure a loan at competitive APRs.

That's where Clarify comes in — we take the guesswork out of funding your private practice. Instead of hunting down lenders to find the best interest rates and compare loan terms, Clarify provides a central marketplace that makes it easy and quick. Our trusted advisors help you weigh the pros and cons of each financing offer so that you can focus on running your own practice and following your business plan.

What Medical Practice Loans Can Help You Do

Most medical practices rely on insurance company payments for revenue, which can delay payment for services provided. We're committed to helping doctors pursue the American dream. Healthcare businesses, large and small, can benefit from the simplicity of our lending marketplace and achievable eligibility. Here are some of the things a medical practice loan can help businesses do:

Start a New Practice

Beginning a new healthcare practice requires working capital and initial investment to set up an office, buy equipment, and hire staff. A small business loan can provide a lump sum or other funding options to get medical practitioners started on the right foot.

Grow Your Practice

Healthcare financing can provide the capital needed to replace aging technology, meet leasing requirements, buy commercial real estate, do renovations, and retain the people needed to grow your existing practice.

Acquire Another Practice

Get up to 100% of the funds needed to acquire a practice. Financing from a lender lowers your personal risk and ensures a smooth transition after the acquisition.

Lowest APR Financing

Our marketplace of 75+ lenders and banks competes to provide you with the lowest interest rates in the industry. Whether you have good or bad credit, your trusted Clarify adviser works with lenders to secure the best business financing rate.

Consolidate Debt

If you have outstanding debt, a loan from Clarify can consolidate them to a lower interest rate and smaller monthly payments. Consolidation can significantly improve your cash flow and set up your practice for growth.

Why Rely on Clarify Capital for a Medical Practice Loan

When choosing a lender for your medical practice loan, you need speed, affordability, and flexibility. Here's how Clarify Capital delivers on each of these fronts:

Fast Loan Approvals

We take pride in having the fastest business loan approval rates in the finance industry. While traditional bank loan programs can take weeks, Clarify can get your healthcare practice loan application approved and funded in one to two days.

Low APR Financing

Our marketplace of over 75 lenders and banks competes to provide you with the lowest interest rates in the industry. Whether you have good or bad credit, your trusted Clarify adviser works with lenders to secure the best business financing rate.

Apply for Medical Practice Loan

The 4 Best Loan Options for Doctors & Medical Practices

Let's look at the best financing options for healthcare professionals. When you apply for a loan through Clarify, your dedicated financial adviser will guide you through the process.

1. Term Loans for Doctors

When you think of business loans, you likely think of a term loan. A long or short-term loan is structured like traditional financing from a bank. You borrow a specific amount of capital at a specified APR and repayment terms. The duration of the loan term can be flexible based on your cash flow needs.

Why Choose a Term Loan for a Medical Practice

• These loans provide fast access to capital, meeting urgent financial needs.
• Credit approval and funding typically take only 24 to 48 hours.
• Unsecured term loans don't require collateral or a personal guarantee, reducing your risk.
• Lenders often approve both good and bad credit scores, making this option widely accessible.

• Apply for Term Loan

2. Business Line of Credit for Doctors

If you've ever had a home equity line of credit or used a business credit card, you already know the overall structure of a business line of credit. Lenders approve you for a maximum credit line, and you can withdraw funds as needed. You only pay interest on funds you use from the available credit line.

Why Choose a Line of Credit for a Medical Practice

• You can withdraw funds on demand as financial needs arise, offering flexibility.
• Interest is only charged on the amounts you withdraw, not your total credit limit.
• Using this credit responsibly can help improve your personal credit score over time.
• There's typically no prepayment penalty, allowing you to pay off the balance early without extra costs.

• Apply for Line of Credit

3. Medical Equipment Loans for Doctors

Medical equipment is the foundation of a successful practice. Aging technology can hamper your ability to provide quality care. Whether you have new equipment purchases or are paying to repair existing ones, equipment financing can cover up to 100% of the costs. The structure of an equipment loan is similar to a car loan — the equipment, such as an x-ray machine, serves as collateral for the financing.

Why Choose an Equipment Loan for a Medical Practice

• This financing option offers quick funding with minimal documentation required.
• A good credit score isn't necessary, as the equipment itself serves as collateral for the lender.
• These loans typically come with competitive interest rates, making them a cost-effective choice.

• Apply for Equipment Financing

4. SBA 7(a) Loan for Doctors

In cases where your working capital needs are further out into the future, an SBA 7(a) loan can provide some of the best interest rates and terms. SBA loans are secured partly by the U.S. Small Business Administration (SBA). Your actual loan is through an SBA-approved lender. The federal agency guarantees up to 85% of your loan.

Why Choose an SBA 7(a) Loan for a Medical Practice

• These loans offer long payment terms, with loan lengths ranging from five to 25 years.
• They typically come with good interest rates, making them an affordable financing option.
• The SBA guarantees up to 85% of the total loan amount to the lender, reducing their risk.

• Apply for SBA 7(a) Loan

FAQs About Loans for Medical Practices

Speedy access to working capital can give your practice the edge. Here are answers to top questions from doctors on medical practice funding.