5 Ways Unsecured Business Loans Help Your Construction Company

In the world of construction, companies often need capital to fund projects—and quickly.

Unfortunately, traditional financial institutions are unable to accommodate these need in a timely manner. In the event a bank approves you for a small business loan—which isn’t as likely as you might think—it may take 30 or even 60 days before those funds are available in your business’ bank account. In a demanding industry where you need to meet deadlines to keep your reputation intact, that’s not particularly helpful.

Luckily, construction business owners who need money fast aren’t completely out of luck. Instead of spending an incredible amount of time trying to secure a loan through a bank, they can instead turn to alternative lenders that offer unsecured business loans.

Easy to obtain, these kinds of business loans require minimal paperwork. You don’t have to put up any collateral to secure financing either; funding is determined by the performance of your business. And the best part? Once approved, money will appear in your bank account within a few business days. What’s not to like?

With that in mind, here are five ways unsecured business loans can help you grow your construction company.

1. Buying or leasing construction equipment.

Over time, construction equipment wears down. To continue being able to do great work, you need to either spend serious bucks tuning up machines—or you may even need to buy new ones altogether.

In other instances, new technologies are released which are truly transformative in nature. To increase efficiency and remain competitive, you may have no choice but to spring for a new machine.

Construction equipment, unfortunately, does not come cheap. Good news: Contractors can use unsecured business loans to buy or lease new or used construction equipment. With the new equipment in tow, they’re able to take on additional projects and grow their businesses.

2. Moving to a new facility or updating an existing one.

You have to house your construction equipment somewhere. But as you expand your business and add more machinery to the mix, you may simply need more space. To accommodate your growing fleet, you could either build a new facility on your existing property or move to a larger space.

Additionally, as your business grows, you may also determine that you need to open other locations that expand your geographical footprint. By opening a new facility two hours away from your current one, for example, you’re able to serve a much wider range of customers.

The decision to upgrade your facilities, expand to an additional location, or uproot your business altogether will almost certainly carry a hefty price tag. Unsecured business loans can help you absorb these costs.

3. Covering operating expenses.

Additional projects require extra manpower, supplies and equipment, among other things. When you stretch yourself thinly, it can be difficult to come up with the cash you need to cover your recurring expenses—like rent, utilities, insurance payments, taxes and payroll. It can also be difficult to pay vendors’ bills on time.

An unsecured business loan gives you the peace of mind that comes with knowing you’ll be able to pay all of these operating expenses in full—and on time. There’s no sense in stressing yourself out each month as you frantically wonder how you’re going to settle your bills. With an unsecured business loan, you won’t have to.

4. Marketing your business.

Like any other business, construction companies need to advertise their services from time to time to attract new customers and increase name recognition. Unfortunately, this is often easier said than done, as contractors have enough expenses as it is. Marketing can often be seen as a luxury.

With the funds from an unsecured business loan in your bank account, you can invest comfortably in strategic marketing campaigns that will generate revenues down the road. That way, you won’t have to worry about struggling to meet your other financial obligations—which is a major reason construction companies hesitate to launch advertising initiatives in the first place.

5. Hiring and training new employees.

It’s incredibly difficult to really expand a business without bringing new blood into the mix.

Any growing business needs additional employees from time to time, and construction companies are no different. In addition to the manpower needed on jobsites, successful construction companies also need an increasing number of employees to handle routine office responsibilities—like payroll, HR duties and communications.

Unsecured business loans can be used to hire and train new employees, getting them up to speed on their job responsibilities and what’s expected of employees at your company. With additional workers on board, you’re able to serve more customers and cover a larger area.

10 Things You Didn’t Know About Your Business Line of Credit

Every small business owner runs into a cash crunch from time to time.

Instead of being passive and letting cash flow problems derail operations, small business owners would be wise to thoroughly study the various financial instruments available to them that can be used to overcome cash shortages.

Business lines of credit are one such tool small business owners can turn to when they are low on cash. Unfamiliar with unsecured business lines of credit? Here are 10 things you need to know about the often life-saving funding option.

1. It’s a credit card for your business.

While the name might be a bit confusing if you’ve never heard it before, businesses lines of credit can be considered as credit cards you can use solely for business-related expenses. Assuming you’re familiar with using a credit card, there’s nothing exotic about these financial vehicles.

2. You usually get slightly better rates.

Compared to a regular credit card, interest rates are usually slightly better on business lines of credit. So if you need to borrow money for a couple of months, you’ll generally owe less than if you floated that same amount on your personal card, for example.

3. It’s a revolving line of credit.

Unlike one-time loans that provide a fixed amount of money, business lines of credit are revolving. As long as you pay off your business credit card in full each month (or within the terms of your contract if it’s a longer period), you’ll retain access to your line of credit in full.

4. You’ll enjoy breathing room.

Business lines of credit are widely used by small business owners to conquer cash flow problems. You probably don’t want to rely on your credit card exclusively and max it out. But in the event an emergency pops up and you needed a couple thousand dollars to cover it, your business line of credit will give you the peace of mind that comes with knowing the money is there when you need it.

5. Business lines of credit are versatile.

Some more traditional loans require small business owners to explicitly state what they’re going to use the money for. Business lines of credit have no such constraints. So long as you pay your bills regularly and never spend more than your line allows, you can pretty much use your card on any business-related expense.

6. You can get approved even if you have bad credit.

You may think that your below-average personal credit score might hinder your chances of getting approved for a business line of credit. But you’d be wrong. Lenders do not typically look at your personal credit score to determine whether to approve you for a business line of credit. Instead, they look at the overall performance of your business to make that determination.

7. The approval process is quick.

It can take months to secure funding through traditional financial institutions or agencies. That’s time that a vast majority of small business owners simply don’t have the luxury of spending idly. In most instances, owners can fill out a minimal amount of paperwork and be approved for a line of credit within a few business days—which means they can put their money to work right away if they need to.

8. You’ll build your business’ credit score.

Just like most folks try to make their personal credit scores climb as high as possible, business owners should be interested in doing the same thing. The longer you pay off your business line of credit in full each month, the more creditworthy your company will become. The morecreditworthy your business is, the more favorable loan terms you should receive in the future. You also stand to benefit from more favorable insurance premiums.

9. It’s easier to separate your personal and business finances.

Using your personal credit card to cover business expenses can make things tricky during tax time. With access to a business line of credit, you’re able to keep all of your business-related expenses in one place, making it incredibly easy to track your expenses and manage both your personal and business finances.

10. You may qualify for rewards.

Just like you can qualify for cash rewards on your personal credit cards, some business lines of credit have similar rewards programs. So in addition to serving as a reliable, versatile source of financing, your business line of credit could also help you reap cash rewards if you use it wisely.

To learn more about how your company can benefit from a business line of credit, please click here.

5 Ways Invoice Factoring Affects Your Physician’s Office

Doctors aren’t immune from cash flow problems for a variety of reasons. For starters, 20% of Americans simply don’t have enough money to pay their medical bills, according to the Centers for Disease Control. How can doctors expect to have money if they’re not getting paid for their services?

Beyond that, doctors have to spend a lot of money buying equipment and supplies—not to mention the various types of insurance they have to carry. And who knows? There’s always the lurking possibility that a disgruntled patient will decide to file a lawsuit. Even if you’ve done nothing wrong, you’ll have to cover legal fees.

Like any other business owner, physicians need access to cash to keep their doors open. You can’t expect your medical assistants and clerical staff to stick around if you’re not able to make payroll. And utility companies aren’t exactly thrilled by the idea of customers routinely struggling to pay their bills on time. Landlords aren’t either.

Luckily, physicians struggling with cash flow problems aren’t completely out of luck. If they don’t have the time or patience required to secure a loan through a traditional financial institution or the Small Business Administration, they can turn to alternative lenders to plug cash gaps. Some of these alternative financial vehicles—like working capital loans—require physicians to take on debt. But when given the option, many of them are hesitant to do so.

To get the money they need to grow their practices without incurring debt, many physicians are turning to invoice factoring, the process in which accounts receivables are sold to a third party that generally pays somewhere in the neighborhood of 80% of the total sum. While factoring can be expensive, accounts receivables that are collecting dust aren’t particularly useful. It’s not like you can pay your staff with them.

If your physician’s practice is struggling with cash flow, invoice factoring may be precisely what you’re looking for. The benefits speak for themselves:

  • You get cash quickly. It can take as long as 60-90 days to secure a loan through a bank. Once you’re approved for invoice factoring, funds appear in your bank account within a few business days.
  • You don’t have to waste time trying to collect from customers. Instead of having your employees spend their time tracking down customers and following up with them about where their payments are, they can spend their time on other important business endeavors—like trying to attract new customers.
  • You don’t have to put up any collateral or take on any debt. Because you’re selling assets, you don’t have to worry about taking on any debt. Sure, you will lose out on some of your income. But who knows if your customers were planning to pay you anytime soon—if they were planning to pay you at all.
  • You can invest funds to grow your business. Once you decide to move forward with factoring, money will be in your account shortly. That means you won’t have to wait forever to invest the funds as you see fit.
  • You can get a lot of money. Today, banks are much more hesitant to lend money to small businesses. And if your practice did qualify for a loan, odds are it might not be as lucrative as you hoped. Assuming you’re sitting on a huge pile of receivables, chances are you’ll get a lot more money from a factoring company than you’d get from a traditional loan.

If you need money to keep your practice afloat, it may be time for you to give invoice factoring a try. Yes, you’ll have to forego a portion of your receipts. But if your choice is between factoring and shutting your doors for good, is that really so bad of an option?

Thanks to small business loan comparison services, it’s easier than ever for doctors to find the funding they need to grow their practices. You can search a ton of factoring companies at once to find the most favorable rates. If you have cash flow problems—or anticipate them rearing their ugly heads in the future—take a look at invoice factoring. It may be the game-changing financial vehicle you’re looking for.

New Call-to-action

Restaurant Equipment Financing & How to Get Started

You need a lot of equipment to run a restaurant.

Aside from pots, pans, dishes, glasses, and silverware, restaurateurs need refrigerators, freezers, stoves, ovens, heating stations, countertops and more. There’s also the need for computers, POS systems, and accounting software. The list is endless.

All things considered, restaurant owners need to buy a lot of equipment when they’re opening their establishments. And these purchases can be quite expensive. According to recent research, the average restaurant owner who’s just starting out can expect to pay $115,655 on kitchen and bar equipment. With so many other costs to consider—rent, salary expenses, furniture, utilities, the costs of food and drink—it can be downright impossible for new restaurant owners to piece together that kind of cash on their own.

To open their restaurants without compromising on the quality of the equipment that’s powering the kitchen, many owners turn to outside funding to help cover costs. There are a number of options they can pursue:

  • They can sell equity to other investors. But many restaurant owners may hesitate to sell slices of their business to outside partners.
  • They can apply for a loan through the Small Business Administration. But it can take a while to secure funds through the government agency.
  • They can head to the bank to apply for a traditional small business loan. But unfortunately, many banks are hesitant to approve loans for small businesses. According to a recent piece in the Wall Street Journalsmall business lending is down 38% from its peak in 2006.
  • They can turn to alternative small business lenders that offer a variety of financial vehicles—like working capital loans, merchant cash advances, short term business loans, and business lines of credit. These kinds of loans are generally a lot easier—and faster—to obtain.

Due to the fact that restaurant owners don’t want to have to sell equity or waste their time trying to secure a loan that they never end up getting, many of them are turning to working capital loans to get the funds they need to grow their businesses.

Quite simply, working capital loans are designed specifically to help business owners with their day-to-day operations. You can use working capital loans to purchase inventory, buy new equipment, open an additional location, remodel your existing restaurant and stay current with payroll, among other things.

Unlike other kinds of loans, you won’t have to fill out an endless amount of paperwork to qualify for your working capital loan. Instead, you can use a business loan comparison serviceto browse a wide variety of lenders at once. Once you find the business lender with the most favorable and flexible rates, fill out a page or two of paperwork and you’ll be that much closer to acquiring the equipment you need to keep your customers satisfied.

Have a bad credit score? Not a problem. Financing is based on the performance of your business. What’s more, you don’t have to put up any collateral or a personal guarantee, either. So in the unlikely event that you’re unable to pay back your loan, you won’t have to lose any of your own assets (e.g., your home or your car).

Once approved, funds from working capital loans will be in your bank account within a matter of a few business days. So after you do your due diligence and find the small business loan that works best for your business, you’ll be able to buy new equipment shortly thereafter. Then you can get to work cooking up even more delicious dishes for your customers.

You can’t expect to be able to provide the best possible dining experience to your customers if your kitchen looks like it was designed decades ago. With a kitchen full of modern equipment, you’ll be able to attract the best chefs who can cook amazing meals thanks to the cutting-edge technologies that power your new appliances.

Working capital loans give restaurant owners the peace of mind that comes with knowing they’ll be able to cover any expenses they need to create the best dining establishment possible. If you’re in need of money to grow your restaurant, apply for a working capital loantoday. Good luck!


How to Fix Up Your Restaurant’s Kitchen with Fast Business Loans

In the restaurant world, success starts and stops in the kitchen. You can’t expect to serve astonishing meals and generate a ton of buzz if you’re cooking with equipment that’s been around forever—if for no other reason than the fact great chefs aren’t interested in working in such environments.

And beyond that, older equipment is incredibly inefficient. Not surprisingly, newer equipment is extremely efficient—meaning your electric, water and gas bills will likely shrink, at least a bit, after you install new appliances.

While many restaurant owners are clearly interested in giving their kitchens a facelift, it’s not always that easy. Like any other small business owner, many restaurateurs often deal with cash flow problems for a number of reasons, including:

  • Bills. Your cable company doesn’t care if you have 1 million customers or seven customers during any particular month. They’ll charge you the same regardless.
  • Payroll. You can’t really expect your employees to stick around if you’re routinely late on paying them. You have to make payroll—always.
  • Weather. A blizzard can blanket your region, forcing you to close your restaurant unexpectedly for an extended period of time. You won’t generate revenue when your doors are shut.
  • Ingredients. A drought can occur, forcing suppliers to jack up their prices. You may have no choice but to stomach the increase.
  • Competition. A new restaurant might open nearby, stealing some of your customers. You’ll get them back eventually, but that won’t help you in the short-term.
  • Preference. Customers might choose other options based on seasonal preferences. If diners prefer eating on the water during the summer and you’re not on the water, there’s not much you can do.

Since cash flow problems are essentially baked into a restaurant’s business plan, how are owners supposed to find the cash they need to remodel their kitchens?

Sure, there are always traditional small business loans that are given out by banks. But these financial vehicles are hard enough to secure for the average small business owner, let alone the average restaurateur. On top of that, the application process can stretch out for quite some time. Believe it or not, even if you are approved, you might not see any money for 30 or even 60 days.

How can you possibly afford to wait that long?

Luckily, there are other options. For example, you can apply for a fast business loan available through an alternative lender. Unlike traditional small business loans, these unsecured business loans are much easier for restaurant owners to obtain. Just fill out a little bit of paperwork, and money should be in your bank account within a few business days—which means you can start shopping appliances and other kitchen equipment right now.

Because fast business loans are unsecured, you won’t have to put up any collateral or offer a personal guarantee in order to secure funding. This means that in the unfortunate event your restaurant goes out of business, you won’t be personally responsible for repaying the loan. What’s more, you can even qualify for a fast business loan if you have a terrible credit score. Financing is based on the performance of your business—nothing more, nothing less.

And you won’t have to spend countless hours shopping your options, either. Thanks to consumer comparison services, you’re able to browse a diverse array of different fast business loans at the same time. So you only need to set aside a few hours to find the loan that makes the most sense for your business with respect to the best rates and the most favorable repayment terms.

A top-notch dining experience starts in the kitchen. If your restaurant’s kitchen looks like it belongs in the 1980s, it’s probably time for you to give it a makeover. In doing so, you’ll be able to attract talented chefs who will cook better dishes using more efficient equipment. That’s the recipe for generating buzz about your restaurant and growing your business—which in turn will fatten your bottom line.

4 Ways a Restaurant Can Secure New Equipment with a Small Business Loan

In some instances, appliances will go past their useful lives and stop working properly. Food can get spoiled, and energy can be wasted. In other instances, new technologies will emerge, resulting in considerably more powerful and energy-efficient refrigerators, stoves and grills.


To retain competitive advantage, keep the costs of business down and continue serving customers delectable dishes, from time to time restaurant owners will have to buy new equipment—it’s as simple as that. Unfortunately, cash can be a problem. You can’t exactly spring for a brand-new refrigerator if it means you’ll be unable to pay your bills for the next two months.

Luckily, there are a number of options restaurant owners can pursue to secure new equipment. Here are four of them:

1. Traditional Small Business Loans

Usually obtained through a brand-name financial institution or an organization like the Small Business Administration, traditional small business loans are tricky to secure during what’s often a time-consuming process. In fact, only half of small businesses that applied for financing through these kinds of institutions during the first half of 2014 received any funds. Those aren’t great odds by any stretch of the imagination. Couple that with the fact that you are unlikely to see any money for 30 to 60 days even if you are approved, and it quickly becomes apparent you’re probably better off looking for financing elsewhere.

2. Unsecured Small Business Loans

Instead of filling out tons of paperwork for a loan they very well might not get, many restaurant owners are turning to unsecured small business loans instead. Unlike traditional bank loans, business owners don’t have to put up any collateral or offer a personal guarantee to receive these kinds of loans. It doesn’t even matter if a business owner has bad credit, either. Financing is based on how well your restaurant is performing. There’s minimal paperwork required, and money is deposited into your account within a few business days. Thanks to consumer comparison services, you are able to browse a slew of alternative lenders in a matter of minutes. This gives you the peace of mind that comes with knowing you’re getting the best deal for your specific situation.

3. Business Cash Advances

Need new equipment ahead of one of your restaurant’s busier seasons? You can also trybusiness cash advances. Essentially, this method of financing involves selling a percentage of your future credit card receipts to a lender in exchange for a loan. The good part about the arrangement is you’re only on the hook for a percentage of receipts—not a fixed amount of money. If business is slow, you just pay a percentage. But there’s a bad part, too: You’ll also have to pay back a fee, which could get incredibly hefty, ranging anywhere from 15% to 80% APR. So do your due diligence before choosing this option. Make sure it makes sense.

4. Business Lines of Credit

If you need to get new equipment for your restaurant, you could always open up a line of credit for your business—think of it as a credit card for your business. Generally speaking, business lines of credit hover somewhere between $5,000 and $50,000. Depending on the kind of equipment you need, you’ll likely be able to finance something on your card. Keep in mind that it’s considerably easier to get a business line of credit compared to a traditional small business loan issued by a bank. As an added bonus, some cards also have rewards programs, so you can save a little bit of money on the backend. Doesn’t sound too bad, does it?

Now that you know some of the financing options at your disposal, it’s time to do a little bit of research to determine which small business loan makes the most sense for your restaurant. The good news is it’s easier than ever to do that thanks to consumer comparison services that allow restaurant owners to shop a wide variety of lenders at once, enabling them to easily determine which one is offering the most agreeable terms. Good luck!

restaurant-owners-guide-to-avoiding-financial-disastersRestaurant owners can’t expect to use the same exact equipment forever.

6 Ways Doctors Can Benefit from Small Business Loans

Like all other small business owners, doctors and physicians are not immune from dealing with cash shortages. When these cash gaps are anticipated—and certainly when they hit—it’s not uncommon for doctors to seek outside financing to cover their expenses on a temporary or short-term basis.

After they’ve decided they need money, doctors need to then figure out exactly how they’re going to go about securing funding. They have a lot of options:

  • They could turn to a traditional financial institution. But banks are hesitant to loan money to new businesses to the point where fewer than half of applications are approved. Beyond that, the loan approval process can take forever. Doctors can’t really afford to wait.
  • They could sell a stake in their practice to an outside investor. But many business owners are reluctant to give up any interest in their companies, especially when they only anticipate short-term cash shortages.
  • They could try to land a loan through the Small Business Administration. But the application process is long here, too. And there isn’t an unlimited amount of money up for grabs, making it that much harder.

Luckily, there’s a fourth option that doctors are increasingly utilizing: securing financing through an alternative third-party business lender.

Thanks to the internet, it’s easier than ever for doctors and physicians to find the financing they need at rates they can afford. And unlike other kinds of loans that take forever to show up in your bank account, the funds acquired via alternative small business loans are available within a few business days.

There are a number of ways doctors can put small business loans to use. Let’s take a look at six of them.

  1. Grow your own medical practice

Some doctors open their own practice right after medical school. Others work with more established physicians for a bit before jumping ship to open their own office.

In either instance, small business loans provide the funding they need to get insurance coverage, meet licensing requirements, rent office space, establish an LLC, buy the latest equipment and more.

  1. Cover late payments and non-payments

Even when they have insurance, it can be impossible for patients to afford medical bills. This translates into the harsh reality that medical providers don’t get paid for their services more often than you might think.

Doctors have no control over whether their patients will pay their bills promptly. By securing a small business loan, however, they’re able to cover any gaps attributed to uncollected revenues.

  1. Remodel, renovate, or expand your practice

If your offices and exam rooms look like a set from Mad Men, it’s time for you to modernize your office to attract new customers and retain existing ones. Small business loans can be used to cover the costs associated with bringing your offices into the 21st century.

  1. Hire talented professionals—and pay them well

Whether you’re starting a new practice or have been in business for years, you can use small business loans to cover any payroll gaps you may encounter. These funds can also be used to increase your staff’s pay if money gets tight.

Remember, your employees work really hard for you and are critical to the success of your practice. Having cash flow problems isn’t a fair excuse to withhold raises when they are due.

  1. Purchase new supplies, equipment, and technology

In order to give your patients the level of care they deserve, you need to make use of the latest medical devices, technologies, and other equipment. You can use small business loans to add to your arsenal so that you provide your patients an even more wholesome and comprehensive medical experience.

  1. Launch marketing campaigns to gain new customers

Just because you’re a doctor doesn’t mean your practice is immune from having to do what most other businesses have to do.

Small business loans can be used to launch new marketing campaigns that are designed to retain existing customers and attract new ones. For example, during flu season, you may want to spend some money advertising the fact your office gives flu shots. Small business loans will cover all associated costs.

As a doctor, you don’t have a ton of time to spend trying to secure a small business loan. And you can’t wait forever to be funded, either. The good news is that by using a consumer comparison service to shop a variety of third-party lenders in a matter of minutes, you’re able to find the exact small business loan you need to grow your practice right away.
New Call-to-action

Can Physicians Use Small Business Loans? Absolutely

Despite what many outsiders might think, medical practices aren’t always flush with cash.

Doctors and physicians can run into cash flow problems for a variety of reasons. Here are some of them:

  • Money may get tight when they’re renovating offices and exam rooms.
  • Unplanned business expenses may materialize, making it difficult to make payroll or settle bills promptly.
  • Doctors may need to invest in new revolutionary technologies to deliver better care.
  • A patient may decide to file a lawsuit for malpractice, causing a doctor to incur legal fees even if there’s not much basis for the claim to begin with.

The list goes on and on.

For these reasons and many others, doctors and physicians are increasingly forced to find outside funding to keep their doors open. As a result, many of them have turned to small business loans, which are available through a variety of lenders.

Physicians are increasingly making use of small business loans. According to recent data, theSmall Business Administration gave doctors less than $60 million in funding in 2000. By 2011, that number had skyrocketed to more than $675 million—an impressive 10-fold increase over 11 years.

Those numbers alone should show just how helpful small business loans can be to physicians. But unfortunately, because more and more physicians and other small business owners are turning to the SBA for funding, it’s becoming harder and harder to receive financing from them; there’s only a finite amount of money to go around, after all. What’s more, the SBA is unlikely to give loans to newer practices. Beyond that, physicians will also have a harder time securing a loan if they have bad credit scores, aren’t willing to personally guarantee the loan, or don’t have enough collateral to put up.

Since doctors don’t exactly have a ton of time to deal with what can be an arduous, time-consuming application process that may very well be in vain in the first place, many of them are turning to other alternative forms of financing available through third-party lenders—and they’re liking what they see.

By securing small business physician loans through alternative lenders, doctors get the peace of mind that comes with knowing they’ll be able to take care of their staff and provide great care to their patients for the foreseeable future. As opposed to loans secured through the SBA or traditional financial institutions, alternative physician loans provide doctors with a variety of benefits:

  • The application process is painless and quick. You don’t have to fill out an enormous amount of paperwork to secure financing. Fill out one form quickly, and you’re on your way to getting a small business loan.
  • There’s no need to put up any collateral or a personal guarantee. If your practice fails for whatever reason, your personal assets won’t be on the hook to repay the loan. If things get tight, you don’t have to worry about your car getting repoed, for example.
  • Have bad credit? Not a problem. Terms and funding are both based on your practice’s performance, not how you handle your personal finances.
  • You can shop a lot of lenders quickly. Thanks to consumer comparison services, it’s easier than ever to compare the rates offered by many different lenders in a matter of minutes. You’ll have no problem finding the loan that offers the most favorable terms for your specific situation.
  • Funds are deposited into your account within a matter of days. It takes about 3-6 months to secure financing through a traditional banking institution. But if you need money today, that’s not really going to help you. Thanks to small business loans obtained via third-party lenders, physicians can get access to the funds they need to grow their practices within a few days.

Instead of waiting for cash flow problems to appear before trying to figure out how to solve them, apply for a small business loan today. That way, you’ll be able to grow your practice and deliver even better care to your patients for some time to come. Good luck!

New Call-to-action

Why You Shouldn’t Be Afraid of Physician Business Loans

Doctors and physicians aren’t immune from incurring cash flow problems of their own.

Without access to funds, healthcare professionals find themselves in the same pickle as any other business owner. It can become hard to make payroll or pay bills on time, for example. And forget about buying that cutting-edge piece of medical equipment or opening a new location.

To solve their cash flow problems, some physicians are forced to look for outside funding. Many of them turn to banks but quickly find that it can be difficult, at best, to secure a loan from them.

For starters, banks require businesses to present at least three years’ worth of tax returnsduring the business loan application process. So if you have a newer practice, you can forget about asking a bank for a check. But even if your practice has been open for quite some time, you may still strike out. According to a recent study, more than half of small business ownersapply for bank loans unsuccessfully.

Luckily, there are other forms of financing available. One method—unsecured business loans—may scare medical business owners who are afraid of trying something different. But believe it or not, these physician loans may be just what the doctor ordered for your practice.

Here are five reasons you shouldn’t be afraid of this kind of alternative financing.

  1. You don’t have to spend hours comparing lenders.

There’s no shortage of lenders willing to extend business funding to physicians and other healthcare professionals. But once you find a lender, how exactly can you be sure that you’re getting the best rate? Doctors don’t really have time to spend hours doing their own research, after all.

Thanks to consumer comparison services, however, they don’t have to. Such services enable doctors to search a wide array of physician business loan options from many different lenders in one fell swoop—which sure beats trying to find the best deal through simple Google searches. This way, doctors are able to compare a number of lenders to make certain they’re getting the best rates before signing a contract.

  1. You don’t have to fill out a mountain of paperwork.

Many doctors think that they’ll have to put their John Hancock on paper after paper after paper when they begin the process to secure outside funding. While that may be true when applying for small business loans through traditional financial institutions or entities like the Small Business Administration, it’s not true in the world of unsecured business funding.

To secure a physician loan, all you need to do is fill out a quick form online. You can then shop your options quickly, choosing the best deal offered. Actual paperwork is kept to a bare minimum.

  1. You don’t have to put up any collateral to secure funding.

Many loans require borrowers to put up a personal guarantee or some collateral in order to secure financing. This way, lenders are assured they’ll be repaid even in the event a business fails.

You probably aren’t interested in putting up your car or home as collateral to secure financing. Thanks to business loans for doctors—which don’t require any collateral or a personal guarantee, either—you don’t have to.

  1. You don’t need great personal credit to qualify for a physician loan.

Doctors with bad credit might be nervous to apply for an unsecured business loan for fear of getting rejected. If you find yourself in this group, take comfort in the fact you’re not alone. According to a recent study, nearly one-third of Americans have bad credit scores, so you’ve got company.

You’ll be glad to know that being in that group doesn’t even affect your chances of getting an unsecured business loan. Financing is based on your business’ performance—not your personal credit score.

  1. You don’t have to wait forever for funds to come through.

On average, it takes at least a month to secure financing through a traditional banking institution. Imagine putting in all of that time only to find out you didn’t qualify for the loan in the first place. And even if you did qualify, can you really afford to wait an entire month before getting paid?

The good news is that you can secure funding through physician loans much quicker—within two or three business days even. So not only is the application process streamlined, the funds come through faster than you might have imagined.

You may be unfamiliar with unsecured business loans. But they’re nothing to be afraid of. In fact, they very well could be the financial vehicle your practice needs to grow.

4 Tips for Doctors Ready to Take Out Working Capital Loans

From time to time, just like any small business owner, doctors and other healthcare providers may need outside financing to invest in growing their businesses or to plug cash flow gaps.

When it comes time to find lenders, doctors have a number of options. They can:

  • Apply for business loans through traditional financial institutions
  • Try to secure financing via the Small Business Administration
  • Sell equity to investors or other doctors

But it’s almost impossible to get approved for a loan by a bank—particularly when your practice is new. Generally speaking, banks expect borrowers to have been in business for at least two years, generating $250,000 in annual revenue. Because of these qualifiers, less than 50% of small businesses are approved for loans after completing the time-consuming application process.

Similarly, it can be extremely difficult to get approved for a loan through the SBA, and the process can take forever, too. There’s always the third option, but many small business owners don’t want to sell ownership stakes in their companies.

Doctors who aren’t fans of those three options aren’t completely out of luck. In fact, they may very well find a fourth option, working capital loans, to be just the financial vehicle they’re looking for.

Quite simply, working capital loans provide doctors with money they need to cover short-term expenses. You can use these physician loans to pay rent and utilities; cover payroll; renovate your exam rooms; buy new medical equipment and supplies; open an additional location; or launch a new marketing campaign, among other things.

Unlike other kinds of financing, you don’t have to fill out an insane amount of paperwork to receive a working capital loan. You also don’t need to put up any collateral or even a personal guarantee. What’s more, the approval process for working capital loans is super quick; you’ll get funded within a few business days.

What’s not to like?

Now that you’ve made the decision to take out a working capital loan, here are four things to keep in mind before signing up for any old one:

  1. Shop as many lenders as you can at once.

When you’re in the market for a new car, chances are you do a fair amount of research and shop a bunch of different dealerships to see where you can find the best deal.

Similarly, you shouldn’t apply for the first working capital loan you come across. Instead, use a consumer comparison service that allows you to shop a many lenders simultaneously. You’ll be able to find the most favorable rates and terms this way.

  1. Look for lenders that offer flexible repayment terms.

While you might have a pretty good idea of your projected revenue, it’s impossible to predict the future. For example, a huge storm may force you to close your practice for an unexpected extended period of time. You can’t see patients when your office is closed, which means you can’t bill them, either.

That being the case, look for lenders who offer flexible repayment terms. That way, you’ll be able to repay your loans in full without having to worry about any hiccups you may encounter along the way.

  1. Don’t take out more money than you need.

The larger your loan is, the more money you’ll have to pay back.

There’s no sense in applying for a bigger loan than you need. Prior to filling out any paperwork, crunch some numbers to see exactly how short on cash you are. Try to secure a similar-sized loan.

  1. Try to repay your loan in full as quickly as you can.

Just because your working capital loan might not need to be repaid for a year doesn’t mean you have to wait a full 12 months before squaring up.

Should a working capital loan help get your business where you want it to be earlier than anticipated, do your best to pay it back in its entirety as soon as possible. That way, you’ll incur fewer interest expenses.

Working capital loans allow doctors to grow their practices without having to sell a slice of their business or spend an incredible amount of time applying for financing they’re unlikely to receive in the first place.

By doing your due diligence to find the business loan that makes the most sense for your specific situation, you also get the peace of mind that comes with knowing you’ll be able to deliver better care to your patients. What’s better than that?

New Call-to-action