When you’re ready to buy, build or expand your dental practice, consider a practice expansion loan with Live Oak Bank. These loans offer the ability to borrow up to $9,000,000 with a 300 months repayment term and a relatively affordable starting interest rate of just 7.00%. What’s more, the company doesn’t impose formal time in business or annual revenue requirements to allow itself to serve startups.
However, Live Oak Bank’s loans come with longer funding times (30 to 90 days) than most other lenders on this list. You’ll also face a prepayment penalty and be obligated to sign a personal guarantee.
In order to qualify, you’ll need to meet Live Oak Bank’s criteria of:
$5,000,000
10.25% to 13.75%
13.75% for loans $50,000 or less
13.25% for loans $50,001 to $250,000
11.75% for loans $250,001 to $350,000
10.25% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.25% + a rate maximum set by the SBA.
12.25% to 15.25%
15.25% for loans $25,000 or less
14.25% for loans $25,001 to $50,000
13.25% for loans $50,001 to $250,000
12.25% for loans above $250,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.25% + a rate maximum set by the SBA.
Up to 300 months
If you’re unable to qualify for a traditional bank loan, consider a loan backed by the Small Business Administration (SBA) through Huntington National Bank. This lender offers SBA 7(a) loans, which are suitable for a variety of business expenses; SBA Express loans, which have faster turnaround times and smaller loan amounts; and SBA 504 loans, which can be used for real estate purchases.
As an SBA preferred lender, Huntington can make funding decisions faster, cutting down on the SBA’s notoriously long timelines. Plus, if you’re an underserved or minority entrepreneur, the bank has a program that’ll cover your SBA fees for you.
Still, this lender doesn’t disclose much of its rate or eligibility information, which can make it hard to tell if you qualify for a loan. Plus, you’ll need to be prepared to make at least a 10% down payment on any SBA funding that you receive.
Learn more about Huntington National Bank.
Huntington National Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for a loan.
Dentists who are interested in startup funding may want to consider Fundible. The company offers up to $2,500,000 in business term loans while requiring only a 500-plus credit score and at least 6 months in business to qualify. You can receive funding as soon as the next business day, and you may be given the opportunity to graduate into a different loan program in the middle of your loan term if you stay in good standing.
Still, be aware that Fundible may require collateral on your loan or a UCC filing against your business. Further, the company may share information you provide with third-party lenders.
Read our full Fundible review.
In order to qualify, you’ll need to meet Fundible’s criteria of:
When you need machinery for your office, think about taking out an equipment financing loan with U.S. Bank. The bank allows you to finance up to 125% of the equipment cost, which means you may be able to use financing to cover things like shipping costs and taxes. What’s more, U.S. Bank also offers a variety of payment options to fit your needs.
However, a $200,000 maximum loan amount may not be enough for all borrowers to get the equipment they need. This lender also charges an origination fee to speed up its credit decisions.
Read our full U.S. Bank review.
Like many big banks, U.S. Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for a loan.
If you need quick funding, consider taking out a loan with Fora Financial. The company offers funding up to $1,500,000, with access to funds as soon as the same business day. Fora is also an option if you need a bad credit business loan, as they work with borrowers who have credit scores as low as 570.
However, you may pay more for the privilege of borrowing. Fora Financial advertises a factor rate, which can make it more difficult to understand your total loan costs. They also charge an expensive 2.5% (or higher) origination fee on any loans that they provide.
Read our full Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Those borrowers who need flexible funding may want to consider a business line of credit with Fundbox. The company offers up to $250,000 in funding that you can draw on an as-needed basis. As an added bonus, its eligibility requirements are relatively lenient compared to those of other lenders.
At the same time, though, Fundbox’s repayment terms are relatively short. It will only extend the loan term up to one year if you subscribe to Fundbox Plus, its premium plan. Its maximum borrowing amount is also on the lower side.
Read our full Fundbox review.
In order to qualify, you’ll need to meet Fundbox’s criteria of: