Business Loans for Doctors
Small Business Loans for Physicians
Shield Funding has been offering small business loans for over a decade, and we can help you grow or expand your medical practice. Multiple funding options, competitive interest rates, and flexible payment terms mean we can work with you to find the best funding option for your business. We even with work physicians that have bad credit.
It’s no secret that medicine is very expensive. And while part of that is related to the American insurance system, it’s also affected by the high costs of running a medical practice.
Whether you’re looking to open a new location, expand your current one, or otherwise grow your business, you need a lot of money to do it. Unless you have a great deal of cash on hand, you’ll need funding. Get started on your business funding application now!
What Do I Need to Qualify?
Below is a list of the requirements to get approved for business funding with our most basic program. There may be additional factors that are considered, meeting these three requirements though gives you a very high chance of having your application approved.
How Do I Apply?
Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at
Submit your online application by clicking apply below and entering a few basic details about your business.
Physician Business Funding Options
No matter what type of expense you need to cover, a small business term loan can help. Whether you need to bring on more staff, make changes to your facilities, or open up an entirely new location, Shield Funding can make it happen with loans of up to $1,000,000.
You can use that money for any business cause, from day-to-day expenses to major expansions.
Rates on our small business loans range from 5–45%, and we offer repayment terms of up to 36 months. To qualify, you’ll need to have been in business for two months or more, have $8,000 in monthly revenues, and have a credit score of 500 or more.
This can be a big help when you want to add more equipment to your medical practice and offer additional services. An X-ray machine could cost you $50,000. Do you have that kind of cash available? If not, you’re going to need a loan.
No matter what you’re financing, Shield Funding can help.
Unlike traditional lenders, we offer unsecured business loans, so you don’t have to put up collateral. Because we only require two months in business before offering a small business loan, some of our clients don’t have much in the way of collateral.
But you don’t need to worry about it with Shield Funding. There’s no need to put your business on the line just to get a loan.
Many traditional lenders won’t give you a loan unless you have a great credit score. But we don’t believe that a few credit mistakes should disqualify you from running and growing your business.
So we offer business loans to borrowers with credit scores as low as 500. These loans have rates between 12% and 45%, and usually have terms of up to 18 months. But as long as you have $8,000 in monthly revenues and two months in business, you can get up to $1,000,000 to run or grow your business.
While you can use a term loan for just about anything, working capital loans are meant to help you with the day-to-day costs of running a medical practice. And there are a lot of those. Payroll, supplies, processing, and other costs require that you have cash on hand.
Working capital loans ensure that you have that cash when you need it. With up to $1,000,000, you’ll be set for any expense that comes up. Shield Funding’s working capital loans carry interest rates of 9–45% and have terms of 12–36 months.
To qualify, you’ll need a credit score of 650 or better, two months in business, and at least $10,000 in monthly revenue. If you meet those conditions, you can get the working capital you need to continue running or growing your business.
Almost half of all med-school graduates are women. We know that women need money to run their businesses too, and we’re committed to making that happen. So we offer business loans of up to $1,000,000 for female small business owners.
Rates range from 12–45% over terms of 2–36 months. And you only need a credit score of 500 to qualify. As long as you’ve been in business at least two months and you bring in $8,000 of monthly revenue, you can qualify for one of these loans.
Financing Tips for Your Expansion or Growth as a Medical Professional
Our physician customers use their business loans for many different costs. Here are some of the things you might pay for when running or growing your medical practice:
Billing and Vendors
Billing is a crucial part of your medical practice. You’ll need staffers who can correctly code your services, send out bills, pursue unpaid invoices, and make sure that money goes to the right place. It’s a surprisingly complicated process.
You might choose to hire a medical billing specialist in house, but that could cost you $40,000 (along with $7,500 for the necessary hardware and software). Or you could outsource your billing so you don’t have as many expenses. Either way, it’s going to cost thousands of dollars every year.
The same goes for the several other vendors you’ll likely contract. You’ll want an electronic health record (EHR) system to make it easier to access medical data, work with other practices, and transfer information between your own locations. You’ll also need vendors to handle things like credentialing and insurance enrollment, biohazard pickup, and others.
All of these vendors help you increase revenue by offering more and better services. So you’ll make up for the added expense. But when you’re expanding, you’ll need a lot of cash upfront to start the process.
Insurance is expensive, and especially so for medical practices. You’ll want to provide insurance as a benefit to your full-time employees, of course, and insure the building you operate out of.
But where insurance gets very costly is when you insure yourself against malpractice suits. Malpractice insurance usually costs around 3.2% of a physician’s income.
If you’re planning for it, that’s not a big deal. But if you’re low on cash, paying tens of thousands of dollars can be difficult. And if your insurance costs go up due to a malpractice suit, you might find yourself with a larger bill than you planned for.
Medical practices also face some unique insurance needs due to things like patient confidentiality and worker’s compensation for increased risk of illness.
No matter which policies you plan to take out, you need to make sure you’re well insured. And using a small business loan to kickstart that process is helpful.
Medical practices vary widely in the equipment they keep on site. How much you’ll pay for equipment depends on largely on the services you’ll provide. For example, you might pay tens of thousands for laser dermatology equipment, or you might not. That might not fit with what you’re trying to do at your practice.
But even without high-price medical equipment, you’re still looking at $15,000 or more for getting the office basics. The costs of computers, AEDs, sterilizers, cabinets, and phlebotomy equipment add up. Even a single exam table could cost you over $2,000.
Expanding your offerings is a great way to better service to your patients and potentially bring in more revenue. You could open an on-site pharmacy, for example, to save patients lots of trips to their local grocery store or pharmacy. But that’s going to require an investment in new equipment.
You might also buy the necessary equipment to do lab work on-site. That will speed up various procedures, but also requires a big investment.
Unless you have tens of thousands of dollars on hand, your best bet is to finance this equipment with a small business loan. The added revenue will help make that money back, but you’ll need something to start.
Medical practices have a wide range of operating costs that can add up to a significant portion of your revenue. Family practices, for example, average $189,000 in operating costs every year. That’s over half of their annual income. And specialists spend even more; an OB-GYN might spend as much as $300,000 annually.
Those operating costs cover a lot of things, including office supplies, utilities, non-physician staff salaries, equipment rental and maintenance, fees, and taxes. Medical supplies can become expensive quickly; a family practice might spend over $12,000 each year.
And that varies with the services you offer. The more services you do in house, the more you’ll pay for supplies. Add that to things like advertising, printing out forms, mailing bills and information, and you’re looking at a significant outlay.
Expanding your practice means you’ll be facing more expenditures of this type. Like equipment, the expansion will pay off. But you’ll need to have cash upfront to make it happen.
Whether you’re looking for a large business loan to buy new equipment or a smaller, shorter-term one to cover day-to-day expenses, Shield Funding can make sure you have the money you need to run and grow your medical practice.