Business Loans and Financing for Medical and Dental Practices

If you want to open a medical and dental practice in Canada, chances are that you are dealing with a significant upfront cost. Not to mention the cost of your education to get to this point. Fortunately for you, there are resources available to help you jumpstart your initiative. For medical and dental practices there is whats known as a business loan for medical and dental practices. This is essentially a loan that you can tap into to help you launch your practice effectively.

Through Smarter Loans, these loans are even easier to procure as we have an extensive track record of helping other applicants successfully secure business loans for a variety of applications. We can help you secure a business loan for medical and dental practices entirely online through our online directory. The days of paperwork and mindless delays are over since today, you can get access to all of the information that you require in an extremely convenient manner. Access a directory below which includes all of the providers that offer business loans for medical and dental practices in Canada on a single page. From there, apply to the option that you deem most suitable for what you aim to accomplish.

Compare terms, rates and offers and then from there, click “Apply Now” to proceed with the provider that is deemed most optimally suitable for the scale and nature of your intended medical or dental practice. Alternatively, Smarter Loans can make this decision for you as far as a provider from Canada on your behalf if you pre-apply.

We can help connect you with the top business financing providers in Canada.

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Top Business Loans and Financing for Medical and Dental Practices Providers in Canada

Company
Amount
Interest Rate
Reviews
Terms
$5,000 - $250,000
Starting at 9%
3 - 18 months
$5,000 - $300,000
Starting at 8%
12 - 24 Months
$5000 - $500,000
Starting at 12.99%
6 - 18 Months
$4,000 - $300,000
5.49% - 22.79%
6 - 60 Months
$5,000 - $100,000
Starting at 29%
4 - 6 months
$5,000 - $100,000
Starting at 6.87%
3 - 18 Months
$5,000 – $500,000
Starting at 5.9%
3 – 60 Months
$5,000 - $300,000
Starting at 8.39%
6 - 12 Months
$5,000 - $150,000
8.99% - 18.99%
3 - 24 Months

Best Types of Business Loans for Medical/Dental Practices & Doctors


Canada Small Business Financing Program (CSBFP) Loans

All medical and dental practices can benefit from the better rates offered with CSBFP loans. The CSBFP works with certain Canadian lenders, sharing the risk and allowing the lenders to offer lower interest rates.

Term Loans

Term loans are the simplest medical or dental practice loans. A normal business loan can effectively finance most business expenses that come up in the medical and dental industries.

Business Line of Credit

A business line of credit can cover medical and dental practice expenses over a longer period. You have more freedom regarding how you pull and spend funds with a line of credit. The APRs of lines of credit are typically higher than the rates on term loans. However, when used properly, lines of credit can cover larger expenses. They are also better at covering consistent, smaller expenses over longer periods.

Merchant Cash Advance (MCA)

MCAs are a business financing option that comes with high rates, but more speed than most business loans. An MCA is an advance that you pay back through a factored rate on future credit card sales.

Equipment Loans

Medical and dental equipment is very expensive. Fortunately, there are specific loans for covering them available. Equipment loans are a lot like term loans, but they use the purchased equipment as collateral.

 

Medical/Dental Practices Loan Purposes


Covering Startup costs or Acquiring an existing medical practice

The first reason to get a medical or dental practice loan is so you can open your business in the first place! Startup expenses are the first major financial hurdle, so they are a common use for business loans.

Buying equipment/Equipment Repair

Equipment loans can be used to cover the costs of any new equipment. Any simple loan can be used for repairs, though you may find simple term loans particularly useful.

Purchasing supplies

Supplies are a regular expense at any medical or dental business. A line of credit or an inventory loan could help solve this concern.

Hiring staff

Hiring new staff members is a common reason to take out a business loan. You can use almost any type of business loan to cover hiring expenses.

Office remodelling

Remodelling can cost a lot if you want a good remodelling job done. You can take a loan out so you don’t need to put your cash flow at risk.

Opening a new office location

When a business starts getting too busy, the only thing left to do is expand. The problem is expansions can be costly. This is where business loans can prove the most useful.

Refinancing /consolidating debt

When you have multiple debts, it often makes sense to take a consolidation loan. This allows you to bundle all your debts into one, often with a lower interest rate.

Advertising and marketing for your practice

Advertising and marketing expenses will bring a high return on investment if spent properly. Many businesses take out a loan for that purpose.

 

How Do You Apply for a Medical/Dental Practices Loan?


First, you will need to decide on the kind of loan you need and find a lender that offers it. Be sure to look around and compare loans for the best rates.

When you’ve chosen your lender, you will have to send them an application. Your application will typically need to include some information on your business’s finances. The lender will go over your accounting and pull your credit score to decide on the terms they want to offer you. If your practice is consistently profitable and your credit score is high, you will have access to more lenders and better rates.

If or when the lender gets back to you with an offer, it’s then time to review it. If you like the terms, you can send a full application and receive the funding shortly thereafter. Then, the terms of the loan are active.

 

FAQs


How long does it take to get funds?

It can take anywhere from one day to several months for you to receive your funds. It all depends on the lender you go to. The typical bank will take about 2 weeks to send you your business loan, while an online lender may do so in just a few days.

Can I get a business loan for a medical practice with bad credit?

Yes, many bad credit lenders will loan money to you. You can’t expect them to offer great rates, but they will seldom turn an applicant down.

How big a business loan can I get?

Business loans for medical and dental practices come with a wide range. You can receive hundreds of thousands of dollars in funding in a matter of days in some cases.

The more attractive you appear to a lender, the more money they will trust you with. If your credit score is high and your practice is profitable, you could receive over $250,000 in business funding with the right lender.

Can you use the loan to purchase/acquire an existing medical or dental practice?

If you want to purchase an existing medical or dental practice, you can. You just need to make sure that the loan will cover the entire cost of the purchase.
Bankers and other lenders typically see doctors and dentists as relatively low-risk. If you don’t have bad credit, a history of bankruptcies, or a history of running an unprofitable business, you shouldn’t have serious problems financing a purchase of an existing practice.

Types of Business Loans and Financing for Medical and Dental Practices offered:

  • Term Loans
  • Merchant Cash Advance
  • Business Line of Credit
  • Dental or Medical Equipment Financing
  • Repairing or Upgrading Equipment
  • Office Renovations
  • Office Supplies
  • Run a Marketing Campaign

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