Finding the right short term loan for your medical practice can be stressful. There is a wide range of different loans to choose from and it is hard to know where to start. Many banks and lending institutions won’t give long-term loans to businesses with a bad credit score which makes lending difficult. For this reason, short term loans are often the best option. That’s where alternative funding comes in. An experienced alternative medical practice lender can help you get the funding for your practice so you can start serving patients or improve your services as soon as possible. There are three common options available for funding a new medical practice:
SBA (7)a loan
The SBA 7(a) loan has long been regarded as one of the most popular loan programs for small businesses to get started or expand. Because it is flexible, affordable and can be customized to your needs. The Small Business Administration 7(a) loan is a government backed program for fast and easy approval of business loans for medical practices (and other small businesses). SBA 7(a) loans provide low interest rates and long repayment schedules that make it one of the most popular choices for a medical practice loan. The long repayment schedule gives you plenty of time to repay the money you borrow without being stressed about making payments every month. Because it is highly coveted, competition is high. The application process for a 7(a) loan can be lengthy and accompanied by a lot of paperwork. Because of this, an SBA 7(a) loan is not advisable for those who need fast access to funds.
Merchant Cash Advance (MCA)
Although merchant cash advance (MCA) is not a loan, it should be one of your options. A merchant cash advance is one option that can help you achieve your goals of growth. Merchant cash advances are a great way to get the money you need when you need it—no credit checks, no collateral, no hassle. Unlike traditional banks and lenders who require extensive checks on your credit history before approving any kind of loan application, merchant cash advance providers do not require any type of credit check or background check before approving an application. This allows small business owners with bad credit or no credit history, such as new doctors who have just graduated from medical school, access to the funds they need.
A merchant cash advance (MCA) is a type of financing that lets you get your hands on cash quickly by exchanging your future credit card sales for a lump sum. It’s the perfect option for short-term medical practice loans because it doesn’t require any collateral and is easy to apply for online. MCA funding is particularly useful if you’re looking to fund equipment purchases, marketing efforts, or any other business need that requires immediate access to capital.
Invoice factoring is the best option for medical practices because it offers the benefit of immediate access to funds while eliminating the risk of non-payment. In other words, you can get your money right away without having to wait on patients to pay their bills. You also won’t have to worry about whether or not they will pay you back—a huge stress reliever for doctors and dentists who are already working in high-stress environments.
When you choose invoice factoring as your short term medical practice loan provider, you’ll be able to access funds immediately and receive payments from clients up front. You’ll also be able to keep track of which invoices have been paid thanks to an automated system that verifies payments each day. This is good news for doctors who may not have time during their busy work days for tedious tasks like updating billing information.
In addition to these benefits of invoice factoring, you’ll also be able to use the funds however you see fit—you don’t have to worry about paying them back right away or within a certain period of time like some other types of loans require.
Where to get your short term medical practice loan?
Now that you know your options, you may be wondering the best place to get your short-term medical practice loan. Get the best financing for your needs from Alternative Funding Group. We offer flexible financing options for businesses in various industries including the medical field. We know that every business has unique needs, which is why we offer a variety of different loan types that can be tailored to your needs. Our short-term loans can help your business meet its short-term financial obligations while giving you time to get back on track with long-term financing options.
It is our goal to help your business grow. Save yourself from the hassle of applying for traditional bank loans and long waiting times. With Alternative Funding Group, get the funding you need quickly and easily. To learn more about how Alternative Funding Group can help your business grow, contact us today!