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How Healthcare Business Loans Can Help You

Healthcare business loans are an excellent way for medical professionals to get the funds they need to start or expand their practice. With healthcare business loans, medical professionals can access muchneeded capital to purchase medical supplies, upgrade medical equipment, and pay for medical staff. Healthcare business loans are also great options for medical professionals who want to expand their practice, open a new location, or purchase additional medical equipment. 

Qualifications for a Healthcare Loan

1. Good Credit: Borrowers should have a good credit history to qualify for a healthcare business loan. Lenders will review the borrowers credit score and credit report to evaluate their creditworthiness.

2. Collateral: Depending on the amount of the loan, lenders may require collateral to secure the loan. Collateral could include real estate, equipment, or other assets.

3. Business Plan: Borrowers should have a detailed business plan that outlines their shortterm and longterm objectives. The plan should include a market analysis, financial projections, and strategies for success.

4. Financial Documents: Borrowers should provide lenders with financial statements, tax returns, and other documents to prove their ability to pay back the loan.

5. Experienced Management: Lenders want to make sure that the borrower has the necessary experience and skills to run a successful healthcare business. They will evaluate the qualifications of the management team and look for evidence of successful management in the past.

6. Operating History: Lenders will review the borrowers operating history to determine their ability to generate income and maintain a healthy cash flow.

7. Growth Potential: Lenders will evaluate the borrowers potential for growth and profitability. They will consider the current market conditions and the borrowers ability to capitalize on opportunities.

Best Working Capital Loan

SBA 7(a) Loan

SBA 7(a) Loans

Some of the most popular options include Small Business Administration (SBA) loan programs, merchant cash advances, and traditional bank loans. Depending on the size of the business, a term loan or line of credit may be the most cost-effective option. Each of these options has different terms, fees, and requirements, so it is important to compare them before making a decision.

Best SBA Loan Alternative

Merchant Cash Advance

Merchant Cash Advance

One of the best alternatives to an SBA loan for a healthcare business is a merchant cash advance. Merchant cash advances are a great option for businesses that need quick access to capital, as they provide a lump sum of money that can be used to cover immediate expenses. Typically, they are easier to qualify for than traditional business loans, and they don't require collateral or a credit check.

Best Healthcare Loan for Supplemental Purchases

Business Line of Credit

Business Line of Credit

A business line of credit is a great tool, as it provides the ability to draw from a sum that has been pre-approved by a lender. This type of loan is like a combination of a traditional loan and a cash advance on a credit card. It is "revolving," meaning that once you pay it back, you can draw against it again.

Best Healthcare Loan for Everyday Expenses

Business Credit Card

Business Credit Card

With a 0% intro APR business credit card, you can make purchases without having to pay interest for an introductory period. This is like taking out a loan without the extra cost of interest. Furthermore, if you pay off your balance in full and on time, you will be building your company's credit history which can lead to more options in the future.

Best Loan to Finance Equipment

Equipment Financing

Equipment Financing

Generally, a business loan or equipment financing are the two most common types of financing for business equipment. Business loans are typically unsecured loans that can be used for a variety of purposes, including financing equipment. Equipment financing is typically a longer-term loan that is secured against the equipment purchased. The terms and rates for each loan option will vary by lender.

Best Healthcare Loan for Cash Flow

Invoice Financing

Invoice Financing

Many businesses face cash flow issues due to unpaid invoices. Invoice financing can be a great solution to this problem, as it allows you to receive a large portion of the invoice (usually 85%) upfront from a lender. This money can then be used to pay staff, purchase supplies, and keep your business running as usual.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your healthcare company. Apply online and we will give you a decision within minutes. One of our Loan Specialists will tailor a loan package for your business needs. As soon as we receive the application and documents, your dedicated Funding Advisor will be in touch to discuss the application and next steps. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!

FAQs

What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

Ready to Apply?