Medical Practice Loans
For years, UMC has been the go-to source for medical loans to patients needing all sorts of healthcare services.
2020 has already been a very difficult year for far too many people. America has been rocked by the COVID-19 pandemic and other public health emergencies. The Small Business Administration (SBA) is inundated with requests for loans from cash-strapped business owners of all kinds attempting to retain the financial leverage to keep their doors open, including healthcare providers. In this climate, obtaining a medical practice loan as a healthcare professional can seem like an overwhelming or even impossible task.
Now, we’re pleased to start offering medical practice financing to physicians, practitioners, and suppliers, including but not limited to:
- Medical supply stores
- Mental health providers
- Physical therapists
- Plastic and Cosmetic surgeons
- Private practices
- Veterinary practices
What is a medical practice loan or line of credit?
Medical practice loans are designed to help offset and manage regular, unexpected, and extraordinary expenditures related to the management, operation, or expansion of a medical practice.
Can you qualify for a medical practice loan as a startup?
Our network of loan specialists and business credit providers can help your practice access business lines of credit which meet your needs and your budget.
The application process is simple and straightforward, allowing you to devote more time to the business of your business. Whether you need a capital loan, cash advance, commercial real estate loans or medical equipment financing for your existing practice or health care startup, our healthcare practice loans, our lender network can help you access the cash flow you need to keep your patients healthy and continue to provide the best possible service for them.
Can recent medical school graduates receive a medical practice loan?
Accessing medical practice loans is simple.
All you need to do is fill out our convenient online application.
The types of business loans, loan amounts, and interest rates you may qualify for will be determined based on your type of personal and personal credit score. This gives you access to loan options with a personalized loan structure and monthly payments that work with your unique situation, in loan amounts from $5,000-$500,000.
Why should I consider medical practice financing from United Medical Credit as opposed to a bank or other lender?
One advantage of using United Medical Credit for your business lines of credit is that even bad credit business loans, unsecured business loans, and alternative business loans are available. Also, because our lender network primarily consists of private lenders, you could be approved in as little as 48 hours. Because a business term loan is paid off much the same way as a mortgage, you don’t have to share equity or ownership in your practice once the loan has been paid back. Best of all, once you receive the short term loan, it’s your money to use however you like!
For example, you can use your medical practice financing to:
- Acquire or upgrade your POS system and associated programs
- Aid in debt consolidation
- Upgrade the level of services and options you provide patients
- Upgrade, refurbish or renovate facilities and medical office space
- Purchase new medical equipment such as an X-ray machine
- Defray startup costs’ impact on your practice
- Pay off medical school or other outstanding student debt
- Practice acquisition
- Cover malpractice insurance premiums
- And more!
Are business loan payments tax deductible?
Generally, yes, you can deduct the interest on your loan from your tax bill. One question we’re often asked is, “Can I use medical practice funding to pay off my school loans?” You absolutely can—once you receive the funds, they are yours to do with as you wish. However, using these loans for personal expenditures may offset the tax deduction you can expect to receive for them. Be sure to consult your tax professional to ensure you fully understand the benefits and liabilities associated with using a business loan to pay for your educational expenditures, as tax codes and regulations are always changing.
Do I need collateral for medical practice financing?
Most loan requirements for the options our lender network services do not include collateral. However, this will be assessed on a per-case basis. Different lenders in our network may offer high-risk, “second chance” or bad credit loans which may require some form of security against the loan.
With United Medical Credit’s flexible medical professional loan programs, we are confident we can find you the perfect physician loan for your needs with a much faster turnaround than a traditional bank or SBA loans, at competitive rates.
In addition, we offer startup loans to other types of businesses, so if you’re considering diversifying your holdings or launching a side hustle, there’s never been a better time. To learn more about these loans and see how UMC can help you access the business finance capital you need quicker than you thought possible, click here to fill out our convenient online application!