What’s the Best Physician Business Loan?
The best physician business loan for your medical practice depends on your goals and how you intend to use your funding. Your medical practice loan should serve a purpose that aligns with your business goals, such as attracting more patients, offering new services, expanding your office, or purchasing new equipment.
For short-term funding, merchant cash advances or online invoice factoring can provide a fast infusion of working capital that can help you bridge the gap between insurance payments, invest in marketing, or kickstart your practice’s growth.
For long-term funding, BDC loans offer the best rates and terms, but are the hardest to acquire. Bank loans are a good alternative, especially if you work with a lender who offers funding options designed specifically for doctors. Some alternative lenders also offer long-term funding options if bank or BDC loans aren’t an option for your practice.
For fast funding, your best option is always an alternative lender. These lenders can approve and deposit funds in as little as 24 hours, while the BDC and banks can take weeks or months to approve your loan application with no guarantee of approval.