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SBA Express Loans for Doctor's Offices

With almost a quarter of a million medical practices in the U.S. generating hundreds of billions of dollars per year in revenue, it’s never been a better time to be a doctor (except for those pesky student loans.) So, if you’re a doctor, chiropractor, or another type of medical professional who wants affordable financing to start or expand a medical practice, you may want to look into the Small Business Administration’s SBA Express loan program.

How Medical Practices Can Benefit From The SBA Express Loan Program

SBA Express loans can be used for a variety of business purposes, including equipment, working capital, and owner-occupied commercial real estate. Express loans typically offer up to 10-year terms for equipment and working capital, and up to 25-year terms for commercial real estate. Commercial lines of credit with up to 7-year terms are also available.

Many doctor’s offices and medical practices decide to use their SBA Express loan proceeds for purposes including:

  • Refinancing business debt: If you’ve already taken out a business loan to start or expand your medical practice, and you’re having a tough time paying it back due to high interest rates or other unreasonable loan terms, you may be able to use an SBA Express loan to refinance it.

  • Working capital: Doctors, chiropractors, physical therapists, and other medical professionals who are starting a practice from the ground up often need significant funds just to pay for their everyday expenses, such as rent, employee salaries, utilities, and marketing. Fortunately, SBA Express loans can provide up to $350,000 of working capital to help medical practices get started on the right foot.

  • Buying equipment: High quality medical equipment isn’t cheap, and if you need funds to purchase some, an SBA Express loan can help.

  • Partner buyouts: If one of your partners is moving or retiring, you might want to purchase their stake in the practice— and an SBA Express loan could be a great way to help you do so.

Other SBA Loan Options for Medical Practices

SBA Express loans can be a great option for medical professionals who don’t want to deal with a lot of paperwork, and want their funds fast, since Express loans can be funded in as little as 30-45 days. However, many medical professionals need more than $350,000; and if this describes you, you may want to check out the SBA 7(a) loan. SBA 7(a) loans can offer up to $5 million in funds to eligible borrowers, and can be used for purposes including equipment, working capital, and owner-occupied commercial real estate.

In contrast, if you’re looking for financing solely for commercial real estate, you might want to check out the SBA 504 loan. SBA 504 loans are offered in amounts of up to $5.5 million, and while they can’t be used for working capital, they do offer significantly lower interest rates than SBA 7(a) or SBA Express loans.