Business Loans for Doctors

Like all professionals, finance options are available for those operating in the medical sector. Business loans for doctors are designed with the requirements of the profession and the challenges it presents in mind.

Loans are usually aimed at ensuring that a practice keeps pace with the advancement of technology and growing demands of its patients. Business loans can be employed for a diverse array of purposes include expanding existing operations, purchasing new equipment, hiring and training more staff and managing cashflow.

Government-backed loans

In the US there is a Small Business Administration (SBA) loan programme that helps professionals like doctors to secure government-backed loans at competitive interest rates that are accessible when other financing options are exhausted. However, the UK has similar options like Start Up loans for new practices that meet the government’s criteria.

Medical practice loans

Finance options are also available for doctors seeking to start a new practice or buy into an existing one. Medical practice loans can also help practice partners buy out a doctor who wants to leave the business. When doctors want to expand their practice, hiring more qualified staff and take on more patients, medical practice loans can also fund their plans.

Equipment financings

Asset finance is available that lets doctors kit out new practices with the expensive medical equipment they require to run. Funds are supplied that allow practices to get immediate access to the equipment that they need and pay for it in manageable monthly instalments over flexible terms. Among the easier finance products to secure, asset finance ensures that working capital isn’t impacted by having to pay out a lump sum when buying new or updated equipment.

Unsecured and secured bank loans

Unsecured loans for doctors don't require any collateral, just the personal guarantee of the director of the practice. This makes them a more suitable option for smaller companies that don’t hold assets to put up as security. However, practising doctors can also secure loans against a high-value asset like a property.

How can you access business loans for doctors?

If you are a healthcare professional seeking finance, you can count on us at AJL Finance. Complete our contact form for the opportunity to secure business loans for doctors of £5,000 or more.