Get the Best Dental Practice Business Loan Options
The dental industry is a complex and competitive industry that will often require financing to navigate the different issues faced by dentists. It’s essential to understand the types, terms, and uses of the various business financing options available in the marketplace so a dental practice can make informed decisions and get the best terms for what you are using the money for.
Are you in the early stages of your dental practice and can't get a traditional bank loan? Are you an established dentist practice that is looking to expand your business? Perhaps you’re a dentist who is looking for better equipment. Regardless, understanding the different dentist loan products, dental lenders, online lenders as well as other lending institutions that are available in the marketplace is very important.
Financing Your Dental Practice
When beginning the process of potentially financing your dental practice, the first question your average small business owner will need to ask yourself is, why? What is the purpose, and how will the financing benefit your business? The purpose and use may dictate what dental business loans you will choose and drive the best terms for the use. It’s not just about the rates. You need to balance interest rates with costs, terms, payment frequency, and product flexibility when making the best choice for practice solutions. Not to mention, what you qualify for. It’s recommended to always explore every financing option in the marketplace.
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9 Best Dental Practice Loans Options (May 2023)
SBA Loans for a Dental Practice
The Small Business Administration offers a variety of government-backed business loans with great interest rates and terms. SBA partners with approved lenders in setting SBA guidelines which vary depending on product selection. You can also use commercial real estate as collateral with SBA loans that involve real estate financing.
Small Business Loans for Dentists
Dental Business loans come in varying loan terms and come in many forms, shapes, and sizes as there is no standard dental loan. Explore your options like many dentists do.
Dental Business Lines of Credit
A line of credit is a revolving credit facility with the ability to draw money on demand up to a credit limit. You only pay interest on the current outstanding balance.
Long-Term Loans for Dental Practices
A Long term loan is great for larger dental practices looking to expand and grow and need large loan amounts that are spread out over years for affordable payments with a good interest rate and reduced fees.
Short-Term Loans for Dental Practices
A Short term loan is a great option for immediate cash flow needs and needs a quick turnaround for approval to fund.
Merchant Cash Advance for Dentists
A merchant cash advance is a great option when traditional banks and loan approval is not an option due to credit history, time in business, financial statement issues, or other concerns. Repayment is made with a percentage of future credit card sales making repayment flexible. Fast credit approval.
Business Cash Advance for Dentists
A business Cash advance is available for credit-impaired or newer businesses that can't get approved by other traditional products like lines of credit. Repayment is flexible, as a set percentage of future sales is deducted to repay the funding. A quick lending process with fast credit approval. Great product for working capital needs.
Dental Equipment Financing
Dental Equipment financing opportunities are available through an equipment loan or equipment lease. Equipment loans and leases use the equipment as collateral to offer better terms.
Business Credit Cards for Dentists
Credit Cards are always a valuable tool in your toolbox of financial products for small business owners. Great for paying bills, working capital, quick purchases, and emergencies. Credit cards are available to anyone with good credit payment history.
Benefits and Best Uses of a Dental Practice
Loan for My Existing Dental Practice
The use is pretty obvious. The best use of this type of financing is to acquire an existing or new dental practice. The benefits of this type of financing allow dentist to operate their own practice. Below are a few of the most common reasons dentists need a business loan for the dental office:
- Office space and office loans
- Debt consolidation of installment loans
- Refinance student loans and student loan debt
- Finance business plan
- Equipment purchases and equipment loans
- Real estate for office
- Working capital needs
- Cash flow
- Technology
- Renovation work
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Frequently Asked Questions
How to Apply and Qualify for
Dental Practice Financing
Check out How to Find the Best Small Business Loans to weigh all the benefits and evaluate the decision to get funding for your practice.
Dentists applying for a loan with AdvancePoint Capital can expect a simple application process. Start with this online form by providing a name, email address, and phone number. Then fill out the short application page, wait a few hours for your approval to go through, and get your approval!
