When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.
SBA loans are provided by SBA-approved lenders—including conventional banks or microlending institutions—and are guaranteed by the SBA up to a maximum amount (usually 80-90%). This means that if you default on your loan, the SBA will reimburse the lender for a portion of the total loan value.
“Alternative funding” refers to any lending that occurs outside of a traditional financial institution such as a bank or a credit union. It uses new technologies to support the underwriting process and provides a streamlined application with flexible approval requirements that are favorable to more medical practices.
Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:
What SBA loans are
Types of SBA funding
What alternative funding means
Types of alternative funding for medical practices
Advantages and disadvantages of SBA loans and alternative funding
When SBA loans or alternative funding make sense for your practice
When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.
Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:
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