The Funding Your Medical Practice Needs

Our Funding Advisors can connect you to funding for every credit situation, from SBA and bank loans to alternatives.

Amount:

$20,000 – $350,000

Term:

1 – 4 Years

Amount:

Up to $200,000

Payment Options:

Daily, Weekly or Semi-Monthly Payments

Amount:

$5,000 – $150,000

Term:

1 – 3 Years

Amount:

85% – 95% of Invoice Value

Actual offers vary based on your application information and lender.

The length of the current economic recovery has left no business or person immune to its effects, and in these trying times, many are looking for help staying afloat.

“Many small businesses rely on banks as a primary source of funding, and are almost four times more likely to seek funding from financial institutions than any other source.”1

Difficulties Finding Medical Funding

Unfortunately, banks have also been affected by the slow recovery. They have tightened their lending standards, leaving few options for those looking to obtain business financing. Small businesses have suffered, but there is another overlooked sector that has also struggled: Medical practice funding.

Patients are opting not to visit their doctors as often, leaving many doctors in a financial bind. With banks offering fewer medical practice loans, medical practice financing has been hard to come by. Alternative lenders have become major providers of business loans for doctors and other medical professionals.

Medical Funding Alternatives

There are a few things you should know if you plan on using alternative lending for medical practice finance needs. Alternative lenders specialize in alternative methods for medical practice loans, like using a client’s unpaid invoices to secure loans. Because they have the flexibility to be creative, they’re often able to provide more attractive payment plans and quicker approval processes than most banks.

However, there is a trade-off: More creative options are often riskier. Many lenders make up for the risk with higher lending rates.

What You Should Look for in a Lender

Savvy alternative lenders guide prospective clients through all possible options. This could include revolving lines of credit, traditional business loans, short-term loans and more. It’s an ideal solution for practices looking for cash to pay vendors and cover payroll expenses while waiting on accounts receivable.

The current financial setbacks many professionals are experiencing aren’t insurmountable. With a strong lender in your corner it’s possible to weather the storm and find peace of mind for your medical practice needs.

Why Choose The Business Backer?

The Business Backer wants to ensure your business has the right funding to succeed. We offer our own, in-house funding solutions, but we also have a network of trusted partners who offer a variety of other financing options.

We have been tailoring funding solutions for a wide variety of businesses since 2007. Speak with a Funding Advisor today to get matched with the product your business needs to grow.

References:

1. (n.d.). The state of small business in America 2016. Babson College. Retrieved September 7, 2016 from http://www.babson.edu/executive-education/custom-programs/entrepreneurship/10k-small-business/Documents/goldman-10ksb-report-2016.pdf