Medical Practice Loans and Doctor Funding in Canada
With over 46,000 licensed physicians in Canada, access to fast and flexible medical practice loans and doctor funding is essential for growing a successful healthcare business. At Greenbox Capital, we provide customized medical practice financing solutions up to $500,000 to support Canadian doctors, clinics, and healthcare professionals.
Fast & Flexible Medical Practice Funding in Canada
Federal funding programs and commercial banks often consider doctors and medical practices to be ideal candidates for funding because of their high earning potential, high net worth, and stable income. However, the application process for these lenders can last months, and there’s no guarantee of approval. While you wait, your patients’ health may suffer, and opportunities to grow can vanish.
As an alternative lender, Greenbox Capital® can approve more medical practice funding than traditional lenders, and we can approve funding faster, with funds deposited in as little as one business day. We provide multiple types of doctor office funding to help grow your medical practice, with funding from as low as $3,000 up to $500,000 and no restrictions on how you can use your funds. We fund all medical specialties in Canada, including general practitioners, psychiatrists, dermatologists, veterinarians, and more.
How To Use Medical Practice Funding
There are no restrictions on how you can use your loan for doctor’s practice. Doctor office funding is ideal for supporting growth initiatives that will increase your practice’s revenue, such as improving or expanding your practice. Use your funding to:
- Hire staff so you can expand your practice’s services and take on more patients
- Upgrade or invest in new equipment or lab supplies
- Develop a secure website to offer new services like online booking or virtual care
- Energize your marketing and advertising to bring in more patients
- Purchase a new location or expand your current practice
- Renovate your office to offer a more comfortable patient experience
Sometimes, medical practices need a quick infusion of working capital to help meet the unique challenges of their field, such as:
- High patient turnover
- Delayed or denied insurance claims and trouble receiving timely payments
- Meeting new patient needs, such as offering remote care or shorter wait times
- High cost of medical equipment, technology, and supplies
- New equipment and training required to keep up with changing standards
Base Conditions of Medical Practice Financing
Below are the standard terms and fees associated with our medical practice financing options for Canadian healthcare professionals. These base conditions apply to most funding programs and may vary depending on loan type and applicant profile.
| Funding Range | up to $350K |
| Setup Fee | $349 minimum or 4% of funding amount |
| Funding Disbursement Fee | $95 CAD for Canadian-based entities |
| Term Canadian Provinces & Territories: | 1st Position: 3 – 18 months |
| 2nd Position: 3 – 10 months |
Business Loans for Opening or Expanding a Medical Practice
Whether you’re launching a new clinic or scaling an existing practice, Greenbox Capital offers tailored medical business financing to support your next step.
Our business loans for doctors can be used to:
- Open a satellite office or relocate your clinic
- Hire medical professionals and administrative staff
- Upgrade electronic health record (EHR) systems
- Expand diagnostic and lab service capacity
- Launch marketing campaigns to attract new patients
- Improve patient flow and interior layout
With flexible funding from $3,000 to $500,000, our solutions are designed for both growth and stability.
How to Apply for a Doctor Loan in Canada
- 1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
- 2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.
- 3
Get Funded
Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
- 4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
From Application to Funding in 24 Hours
Need quick access to working capital? Our process is built for speed.
- Apply online in minutes
- Speak to a Funding Advisor within 1 hour
- Receive approval the same day
- Get funded within 24 hours
That’s the Greenbox Capital advantage.
Bank Loans vs. Alternative Doctor Loans: What’s the Difference?
Traditional bank loans for physicians often come with strict eligibility requirements and slow approval processes that don’t align with the fast-paced demands of today’s healthcare professionals. Here’s how Greenbox Capital’s alternative doctor loans compare — helping you choose the best solution for your medical practice.
| Feature | Traditional Bank Loans | Greenbox Capital Doctor Loans |
|---|---|---|
| Approval Time | Weeks to months | As fast as 24 hours |
| Credit Score Requirements | High | Flexible |
| Application Process | Extensive paperwork | Simple and streamlined |
| Use of Funds Restrictions | Often restricted | No restrictions |
| Loan Amount | Limited by bank criteria | $3,000 – $500,000 |
| Suitable for New Practices? | Often not | Yes |
Will You Qualify for Doctor Office Funding?
Exact qualification requirements depend on the type of medical practice funding you are seeking. Approval for medical practice funding from Greenbox Capital isn’t based solely on your credit score or financial history. We focus on the overall health of your business, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
Eligibility Criteria for Physician and Medical Business Loans
To qualify for our physician loans and medical business funding, applicants must meet the following basic eligibility criteria. These requirements help us ensure responsible lending while making funding accessible to a broad range of healthcare providers.
| Minimum Revenue | $10,000 / month |
| Length in Business | 5 months or more |
| Ownership % | Minimum of 51% Ownership |
| Business Activity | At least 2 transactions per month |
| Bank Balance | Positive average bank balance |
| Overdrafts & NSFs | Fewer than 25 overdrafts/NSFs in 3 months, and less than 20 negative balance day |
| Entity Types | All entity types, including sole proprietorships and non-profits |
Doctor Equipment Loans for Clinics and Healthcare Businesses
State-of-the-art medical equipment plays a pivotal role in the success of healthcare businesses. Our medical equipment financing service offers a lifeline to practitioners seeking to procure or lease cutting-edge equipment or enhance their existing inventory.
Whether you’re a solo practitioner, a small clinic, or a larger healthcare facility, our flexible financing options are designed to accommodate your specific requirements, enabling you to stay ahead in an ever-evolving medical landscape.
In the ever-evolving landscape of medicine, having access to cutting-edge equipment is not just a luxury, but a necessity for delivering superior patient care and staying competitive in the industry.
Our loans can be used for various needs for business development, including equipment. This means that, unlike standard equipment financing, our offerings are tailored to support a wide range of requirements for enhancing your business operations.
Whether you need to invest in new machinery, upgrade technology, or expand your infrastructure, our flexible loan options provide the financial support you need.
Customized Solutions for Doctor’s Business Loans
Healthcare providers, including hospitals, clinics, and diagnostic centers, are the backbone of our communities’ well-being. Yet, the cost of acquiring and maintaining advanced medical equipment can pose significant challenges to these essential businesses.
Our financing solutions are designed to alleviate these financial burdens and empower healthcare providers to focus on what truly matters – their patients. Whether you’re a solo practitioner or a large medical institution, our flexible financing options for healthcare equipment loans in Canada can be tailored to suit your unique needs and requirements.
Trusted by Healthcare Professionals Across Canada
- Over 800 Canadian medical businesses funded
- Up to $500,000 in available financing
- Serving all medical specialties, from general practitioners to specialists
- Funds delivered in as little as 24 hours
Benefits of Equipment Financing for Doctors and Similar Businesses
The benefits of medical equipment financing extend beyond just acquiring the necessary tools. For small businesses, in particular, where budget constraints are often a significant concern, our financing solutions provide a lifeline. Here are some key advantages:
- Preserve Working Capital: By opting for medical equipment loans, healthcare businesses can conserve their working capital for other essential expenses such as payroll, utilities, and marketing efforts.
- Tax Advantages: Financing medical equipment may offer tax benefits, including deductions for interest payments and depreciation, providing additional savings for the business.
- Stay Ahead of the Competition: Access to advanced medical equipment can enhance the quality of care provided by healthcare professionals, attracting more patients and enabling the business to stay ahead of the competition.
- Flexible Repayment Options: We offer flexible repayment terms tailored to suit the cash flow of the business, ensuring that payments on your healthcare equipment financing remain manageable and sustainable over time.
- Quick Access to Funds: Our streamlined application process and fast approval times mean that healthcare providers can acquire the equipment they need without lengthy delays, enabling them to start using their equipment to benefit their patients sooner.
Ready to take your medical practice to the next level? Apply for a medical equipment loan today with Greenbox Capital and unlock the full potential of your healthcare business. With our hassle-free application process and swift approval turnaround times, you can quickly access the financial resources necessary to invest in state-of-the-art medical equipment, enhance patient care, and elevate the efficiency and effectiveness of your practice.
Case Studies of Doctor Funding and Medical Equipment Loans
| Company | Medical Loans | Description | Outcome |
|---|---|---|---|
| Medical Clinic, Toronto | $85,000 medical equipment loan for new MRI scanner | Secured financing to upgrade its MRI machine, allowing it to offer more accurate and timely diagnoses. | Reduced diagnostic delays by 3 days, improved patient throughput by 28% |
| Lakeside Surgical Clinic, Vancouver, BC | $120,000 loan for surgical equipment upgrade | Utilized equipment financing to purchase state-of-the-art surgical equipment, leading to shorter procedure times and improved patient outcomes. | Increased operational efficiency and reduced wait times for patients. |
| Sunset Dermatology, Calgary, AB | $65,000 financing for laser therapy unit | Expanded its practice with financing for advanced laser therapy equipment, enabling it to offer a wider range of treatments and attract new patients seeking specialized dermatological services. | Increased patient satisfaction through expanded treatment options and improved results for various skin conditions. |
| Medical Practice in Halifax, NS | $45,000 small business loan for clinic expansion | Secured funding to expand clinic space by adding exam rooms and support staff. | Increased daily patient capacity by 40% and reduced average wait time for new appointments. |
| Diagnostic Centre in Winnipeg, MB | $90,000 for diagnostic equipment | Financed the purchase of advanced ultrasound and X-ray machines. | Reduced patient backlog by 2 weeks and gained new specialist referrals. |
FAQs About Medical Practice Funding in Canada
I am opening a satellite office and need to hire additional staff. What type of medical practice loan is best for me?
There are several funding options that may work for you, including a small business loan, collateral loan, or merchant cash advance. One of our Funding Advisors can assist you in selecting the best solution for your practice.
Can healthcare providers with less-than-perfect credit history still qualify for equipment financing?
As a medical equipment financing company, Greenbox Capital understands the challenges faced by healthcare providers, and we strive to provide financing solutions that are accessible to businesses with varying credit histories.
While credit history is a factor in our evaluation process, we also consider other factors such as business performance and revenue potential.
Are there any restrictions on how the financed equipment can be used?
Financing for medical devices is intended for business use related to healthcare services. However, within that scope, there are typically no restrictions on how the equipment can be utilized.
Whether it’s for patient care, diagnostic procedures, or administrative purposes, as long as it aligns with the operations of your healthcare business, you have the flexibility to use your medical equipment funding.
Can I use medical practice funding to pay off my school loans?
We do not restrict how you use your funds, but we always recommend using alternative loan to grow your practice, such as upgrading equipment, expanding to a new location, or adding new services.
Can equipment financing cover maintenance and servicing costs?
While funding for medical equipment in Canada primarily covers the acquisition or leasing of medical equipment, some financing options may also include provisions for maintenance and servicing costs.
Our financing specialists can work with you to explore options that best suit your needs and include provisions for ongoing maintenance and servicing to ensure the longevity and optimal performance of your equipment.
Can I get a doctor loan in Canada with low or poor credit?
Yes. At Greenbox Capital, we understand that credit history isn’t the only measure of a business’s health. Our doctor loans focus on factors such as cash flow, business performance, and revenue, which means healthcare providers with less-than-perfect credit may still qualify for funding.
Where To Get Medical Practice Funding In Canada
Greenbox Capital proudly provides medical practice loans and doctor funding to clinics and healthcare professionals across Canada. Whether you’re in a major city like Toronto, Vancouver, or Montreal, or in smaller communities such as Lethbridge, Whitehorse, or Fredericton, we’re here to support your practice’s growth with fast, flexible funding solutions tailored to your needs.
- Edmonton
- Calgary
- Red Deer
- Lethbridge
- Victoria
- Vancouver
- Abbotsford
- Surrey
- Richmond
- Winnipeg
Northwest Territories
- Yellowknife
- Whitehorse
- Toronto
- Ottawa
- Mississauga
- Hamilton
- Kingston
- London
- Thunder Bay
- Windsor
- Kitchener
- Brampton
- Markham
- Peterborough
- Cambridge
- Oshawa
- Vaughan
- Caledon
- Halton Hills
- Milton
- Burlington
- Oakville
- Richmond Hill
- Stouffville
- East Gwillimbury
- Georgina
- Uxbridge
- Pickering
- Ajax
- Whitby
- Clarington
- North York
- Etobicoke
- Barrie
- Scarborough
- Innisfil
- Newmarket
- Aurora
Nunavut
- Iqaluit
- Halifax
Quebec
- Quebec City
- Montreal
New Brunswick
- Fredericton
- Moncton
Newfoundland and Labrador
- St. John’s
- Regina
- Saskatoon
Prince Edward Island
- Charlottetown
