When you are looking for small business loans for doctors, you will typically consider two options:
- SBA Loan (long term loan).
- Alternative Loans.
SBA loans can finance more substantial expenses as it’s possible to apply up for $5,000,000 while alternative loans usually offer up to $500,000. Still, waiting for SBA loan approval and receiving the funds is usually a long process. 1 week is an average time for initial approval. Then a process of receiving funds takes 30-90 days! This option isn’t about urgent financial help.
Still, there are substantial advantages over alternative loans, namely reasonable APRs – 6-9.5%. Alternative loans offer 30-50% annually. Speaking of the credit score, alternative loans finance borrowers with credit score 500, while SBA loans require 680+.
It’s up to you to choose the best small business loans for doctors – you can choose among governmental offers and private ones. If your priority is trustworthy lenders and safe repayment process, you should consider the help of SBA. If you can’t qualify for them or look for more flexible terms, you should conduct research and find a reliable online provider.
Don’t forget to check out the Bank of America Corporation and its offers. There are many options starting with equipment financing ending with debt consolidation.