Multiple types of small business funding exist for doctors and medical professionals, including Small Business Administration Loans, bank loans, and funding from alternative lenders.
SBA and bank loans typically have the lowest rates, largest loan amounts, and longest terms, but they also have the strictest approval requirements and can take weeks or months to receive a decision—all with no guarantee of approval. Alternative lenders offer smaller loan amounts typically at higher rates, but your application can be approved in as little as 24 hours.
Merchant cash advances are one of the most popular alternative funding options. We joined Physician’s Practice to share our expertise on this common form of alternative small business funding. Read the full article to learn more about:
- What a merchant cash advance is
- How merchant cash advances work for medical professionals
- Qualification requirements
- Merchant cash advance rates
- Who should apply for a merchant cash advance
- How to use a merchant cash advance to grow your medical practice