OVERVIEW
Specialized Financing For Your Medical Practice
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy
Application
Easy application and approval process.
Expert
Support
Funding specialist support from start to finish.
Flexible
Options
Tailored financing options for your business.
Quick
Funding
Get funded within 24 hours from loan approval.
MEDICAL SMALL BUSINESS LOANS OVERVIEW
What Is a Medical Business Loan?
All medical practices and physicians know the necessity of keeping up with the newest medical equipment, technology, and techniques to give patients the best treatment possible. Nevertheless, investing in these critical practice components may be expensive. Creating a pleasant and comfortable office space, recruiting skilled personnel, and paying other expenditures like salary and supplies may add up rapidly.
By obtaining a small business loan, you can gain the capital you need to cover expenses or take your practice to the next level. Steer Financial can find the best lender who specializes in working with healthcare practices and understands the unique challenges that physicians and their practices face. This means that you can receive a customized loan designed to meet your specific needs, whether you are looking to invest in the latest medical technologies or expand your practice.
Medical Small Business Loan Topics:
Our lending partners can offer funding in as little as 24 hours, allowing you to access the capital you need quickly and easily. With this financial assistance, you can focus on providing the highest quality care to your patients without having to worry about the high costs associated with running a medical practice.
In addition to providing access to funding, Steer Financial will offer guidance and support throughout the loan application process. Our team of experts can help you navigate the application process and ensure that you have all the necessary information to make an informed decision about your financing options.
Overall, a small business loan can be an invaluable resource for medical professionals looking to grow and improve their practices. By working with Steer Financial and our lending partners, you can gain the financial support you need to provide the best possible care to your patients and achieve success in your field.
A medical small business loan is an effective financial solution for medical practices to acquire the necessary capital to fund business expenses when they need it most. With the help of such loans, healthcare practices can purchase new medical equipment, hire staff, buy insurance, or update their office space. The funds can help bridge the gap in expenses or carry the medical practice through a period of growth.
Medical practices can secure business loans through traditional lenders or alternative lenders. Steer Financial partners with 45+ lenders who specialize in helping businesses fill gaps in funding when traditional banks slow them down. Our experienced lending partners provide funding much more efficiently and with fewer requirements than banks or government institutions. This allows medical practices to get the capital they need to keep their businesses running smoothly without the long wait times and strict eligibility criteria associated with traditional lending.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Medical Small Business Loans
There are various types of medical small business loans available for healthcare practices seeking funding for their business expenses. Each type of loan has its own advantages and can be tailored to meet the specific needs of medical practices. Here are some common types of medical small business loans:
Medical Small Business Loan Options:
Equipment Financing
This type of loan is used to purchase medical equipment, such as X-ray machines, MRI scanners, and surgical tools. Equipment financing can help medical practices stay up-to-date with the latest technology and improve patient care.
Working Capital Loans
Working capital loans provide medical practices with the funds needed to cover everyday expenses, such as rent, payroll, and inventory. These loans are often used to bridge the gap between billing and payment cycles and can help keep medical practices financially stable.
Business Line of Credit
A business line of credit gives medical practices access to a predetermined amount of funds that can be borrowed and repaid as needed. This type of loan can be used for a variety of purposes, such as purchasing inventory or paying for unexpected expenses.
Practice Acquisition Loans
These loans are used to acquire an existing medical practice or to merge with another healthcare company. Practice acquisition loans can help medical practices expand their patient base and increase revenue.
In conclusion, medical small business loans come in different forms and offer various benefits. Medical practices can choose the type of loan that best suits their needs to improve patient care, expand their businesses, or cover everyday expenses.
LOAN USES
What Can Medical Loans Be Used For?
Medical loans can be used for a wide range of purposes related to medical practices. They provide the necessary capital to fund various expenses that medical practices might incur, including purchasing new medical equipment, hiring new staff, updating the office space, buying insurance, or consolidating debts.
Purchasing new medical equipment
Medical equipment is expensive, and purchasing it requires a significant amount of capital. Medical loans can help medical practices purchase new equipment that they need to provide better care for their patients.
Hiring new staff or additional physicians
A medical practice's success depends on having a highly qualified and skilled staff. Medical loans can be used to recruit new staff, whether it's additional physicians, nurses, or administrative staff.
Updating office space
A comfortable and welcoming office space can go a long way in attracting and retaining patients. Medical loans can help practices make necessary updates and renovations to their office space, such as updating waiting rooms, installing new lighting fixtures, or adding additional exam rooms.
Consolidating debts
Like any other business, medical practices can accumulate debt over time. Medical loans can be used to consolidate debts, which can simplify debt management and reduce the amount of interest paid.
In summary, medical loans are a flexible financing option that can be used for a variety of purposes related to medical practices. They provide the necessary capital to help practices grow, expand, and provide better care to their patients.
MINIMUM REQUIREMENTS
How To Qualify for a Medical Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a medical small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
-
At least 6 months in business.
Monthly Revenue
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At least $15,000 per month in deposits.
Personal Credit
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Minimum of 600+ personal credit score.
Financial History
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1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Medical Small Business Loan
Same-Day
Decisions
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
Fast
Funding
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.
