Dental Practice Loans
Why should I apply for a dental practice loan from United Medical Credit?
2020 has been a hard year for the medical community in America, including dental practices. The COVID pandemic and its follow-on recession effects on the global economy have disproportionately affected dentists, many of whose practices were deemed nonessential in the face of sweeping lockdowns and paralyzing social distancing requirements to help contain its spread. While COVID19 resources including Small Business Administration (SBA) 7a loans of up to $5 million, PPP loans, and similar financing options have been made available, the application processes to acquire these loans is often frustrating, impenetrable and difficult to navigate. They may take days, weeks, or even months to resolve. While dental practice owners are waiting, rent, payroll, interest on student loans, student debt from dental school and credit card bills keep piling up under the weight of negative cash flow.
When should a dentist get in contact with a lender about receiving a dental practice loan?
What kind of credit score do I need to get a traditional bank loan?
If this sounds familiar, you may wish to consider an alternative like United Medical Credit as soon as possible to help offset the damage COVID19 can do. Our online lender network offers business loans, helping dental practices access the business lines of credit they need to keep their patients and their dentistry offices healthy and secure. If your practice is struggling with the effects of the pandemic and recession, as so many are, UMC’s experienced loan specialists can help you find the right loans for all types of dental practices, even if you’ve been turned down by traditional banks or your personal credit isn’t the best.
Why should I apply for a dental practice loan from United Medical Credit?
Can I use a working capital loan or dental practice financing to finance dental equipment expenses?
- Dental practice business loans from UMC can be used to:
- Expand your practice offerings
- Purchase or use dental equipment loans for diagnostic and hygiene tools
- Payroll expenditures
- Obtain PPE for your staff and patients
- Pay down business credit cards
- Manage dental school debt
- Dental association dues and license fees
- And more!
Our online application process is simple and transparent. While we cannot guarantee you’ll qualify for a loan or what the timeframe might be for a firm answer on your application, we will help you through the process step by step to help you obtain a dental practice loan which is right for your business and situation as much as possible.
How much does my dental practice qualify for? And how soon can I get the money?
If you’ve been in practice for 3 years or longer and have a base annual revenue of $250,000, then you can apply for dental practice loans from $5,000-$500,000. Our lender network will review your financial and business bank account information, including in most cases your credit history. This credit check is a “soft check” which will not impact your credit score if it needs to be run. The financing option which is best for your practice is a very subjective matter, and dentists should carefully evaluate and consider the loan purpose, rate and payments on term loans offered to determine whether they are a good fit for your dental practice needs.
We cannot offer guarantees as to the exact loan amount you will qualify for, as this varies according to individual lender policies and borrower fitness criteria. For example, credit unions and community banks may return a reply more quickly than bank loans offered by providers such as Bank of America or the SBA’s direct portal, but may have additional business banking requirements such as having a bank account with them. We also cannot promise the timetable for receiving your loan, as the SBA online portal is frequently overwhelmed with applications and some dental practice financing applications may require additional vetting before approval. However, it’s common for our borrowers to receive answers and offers in as little as one business day, saving days or weeks of waiting versus going through more conventional channels.
Do I need to have collateral for dental practice business loans, and if so, what would be acceptable collateral for a dental practice loan?
Whether you need collateral depends on the type of financing you qualify for and is assessed on a per case basis. Secured business loans, which do require some form of collateral, are more likely to be offered to dental practices with potential credit issues or for larger loan amounts. Shortterm loans, smaller lines of credit or merchant cash advance financing may be either secured or unsecured, meaning collateral is not needed. When you are presented with the available options, United Medical Credit’s lending specialists can help you reach a decision as to which loan option is right for you and your practice, including the amount and type of collateral the loans require.
When should a dentist consider an SBA loan over a conventional loan?
If you qualify for any of the SBA’s currently available programs, including PPP, 7a or other small business loans, most borrowers will wish to consider those first. Many of these programs offer loan forgiveness, preferred rewards for business loans for dentists and other healthcare providers and other perks to qualifying borrowers.
Should I go through United Medical Credit because I’m not interested in securing a dental practice loan from a bank or the Small Business Administration (SBA)?
This depends on a number of factors, including the business loans you’re interested in and your reasons for seeking them. In addition, you have access to multiple lenders who can evaluate your loan application independently, giving you more options and flexibility. It is also possible to reduce your loan bill and buy essentials your practice needs more quickly working through our network rather than doing all the legwork yourself.
What type of information do you require to get a practice finance loan?
United Medical Credit’s easy to use online application portal guides you step by step through the initial loan process. We ask for information such as your name, how long you’ve been in business, the amount of the loan and basic financial and identifying information. Depending upon the amount of the loan and other factors, lenders may request additional information to help determine your eligibility and whether you qualify for interest rate discounts or other benefits. You are under no obligation to accept any specific loan package offered, and applying will not impact your credit.
What are the common mistakes dentists make that can delay a dental practice loan approval?
Some common mistakes we see include:
- Missing or omitted information
- Not providing detailed financial information when needed
- Entry errors including
- misspelled names
- incorrectly entering your date of birth
- incorrectly entering your SSN
- incorrectly entering numbers such as loan amount requested
- And similar errors
UMC’s online application portal is designed to help you catch many of these mistakes before you submit your application. By asking you to verify the accuracy of the information on each screen before moving to the next, and prompting you to correct any errors, our portal’s streamlined process reduces the likelihood of mistakes and omissions. However, no system is perfect, and it is your responsibility to ensure you provide the most accurate and detailed information possible. Some loan providers may require additional information to properly assess your creditworthiness. In these cases, we will reach out to you to clarify what information is needed.
United Medical Credit is proud to help dentists and dental practice owners access capital to help their practices thrive in these uncertain times. The application takes only a few minutes to complete, letting you get back to your day and patients while we work to find you the best possible finance options for your situation and unique needs. To learn more about United Medical Credit and see how much your dental practice may qualify for, click here to access our easy online application portal today!