What are the qualifications needed for a medical practice loan?

To qualify for medical practice financing we require at minimum: 6 months in business, $10,000 monthly gross revenue, a business bank account, a US-based business, and US citizenship or legal permanent residency.

What credit score is needed for a medical practice loan?

While requirements vary, a credit score of 680 or higher is typically preferred by lenders. However, some programs may accommodate lower scores, especially with strong business plans or collateral.

Can I use an SBA loan to purchase medical equipment?

Yes, SBA 7(a) and 504 loans can be used for purchasing medical equipment, among other practice-related expenses.

Are there financing options for new medical practices?

Absolutely. Startup loans are specifically designed to provide capital for new medical practices, covering costs like leasing space, purchasing equipment, and initial operational expenses.

How long does it take to get approved for a medical practice loan?

Approval times vary by lender and loan type. Traditional bank loans may take several weeks, while some specialized lenders offer faster approval processes. Before choosing a lender, explore insights from industry insiders in the AMA's guide on starting your private practice to understand financial needs and avoid common pitfalls.

Can medical billing services impact loan approval?

Efficient billing services can improve cash flow and financial stability, positively influencing loan approval chances by demonstrating effective revenue management.

Prescribe the Right Capital: Medical Practice Loans Built for Healthcare Pros

From Exam Room to Expansion—Finance Your Practice with Confidence

Step 1 of 2

How much capital do you need?

Business Name

How Long you have been in business?

Please describe the nature of your business?

What is your monthly average revenue range?

Applying WILL NOT impact your credit.

Prescribe the Right Capital: Medical Practice Loans Built for Healthcare Pros

From Exam Room to Expansion—Finance Your Practice with Confidence

Step 1 of 2

How much capital do you need?

Business Name

How Long you have been in business?

Please describe the nature of your business?

What is your monthly average revenue range?

Applying WILL NOT impact your credit to review your options*

Same Day Funding Available

Terms Up To 25 Yrs

One Application, Multiple Funding Options

No Hard Credit Check

Financing Growth in the Healthcare Sector: Medical Practice Loans Made Simple

Running a private medical practice requires more than just providing patient care—it demands smart financial management. From everyday operational expenses to unexpected equipment upgrades, medical practice loans offer the capital healthcare providers need to keep their offices running efficiently. Physicians and healthcare entrepreneurs use medical business loans to hire staff, invest in advanced diagnostic tools, expand their facilities, or cover temporary cash flow gaps. Whether you’re opening a new clinic or scaling an existing one, access to the right financing can empower your growth and elevate your level of care.

Compare medical business loans

Medical Practice Loans: Pros & Cons

Pros	Cons
Wide range of financing options for private practices and clinics	Some loans may require personal guarantees
Helps manage cash flow for operations, staffing, and patient billing	Higher interest rates on unsecured or alternative loan products
Access to equipment-specific financing for diagnostics and treatment	Debt service coverage ratio (DSCR) requirements for approval
SBA 7(a) and 504 loans available with competitive terms	Longer approval times for SBA and traditional bank loans
Possibility of building strong business credit for future expansion	Solid business plan and financial documentation often required

How Do You Apply For a Medical Practice Loan?

Evaluate Your Financing Needs

Before applying, define how much capital your medical practice truly needs. Are you purchasing new diagnostic equipment, hiring additional staff, or covering startup costs? Outlining specific use cases will help you choose the right medical business loan—whether it’s equipment financing, revenue-based funding, or an SBA 7(a) loan for broader working capital.

Gather Required Documentation

Most lenders require key documents, such as business tax returns, personal and business credit scores, profit-and-loss statements, and proof of medical licensure. If you’re a new physician, a strong business plan and cash flow forecast can increase your approval chances.

Choose a Lender and Submit Your Application

Compare loan offers from traditional banks, SBA-approved lenders, and alternative financing platforms like AMP Advance. Look for the best combination of interest rate, repayment terms, and funding speed. Once you’ve selected the right option, submit your completed application and wait for underwriting to review.

When to Use Healthcare practice financing

I appreciate the communication and knowledge the AMP team shared with me. I got the funding I needed in time and was able to pick up a big project I really wanted!