chiro loans

Small Business Loans for Chiropractors

Chiropractic medicine has gained momentum in recent years. Yet, many financial providers of small business funding still view chiropractic treatment as an alternative medicine. This can make finding a suitable loan for your chiropractic business challenging. On this page, our experts will show you how to make finding a loan for your chiropractic entity simple.

Financially reviewed by Gordon Scott

At A Glance — After investing years gaining knowledge and skills, many chiropractors break out on their own and begin their own chiropractic practices. Business loans make this a possibility - as loans can cover expenses in the initial stages of professional practice. Established chiropractic businesses may also apply for a loan to cover other expenses as their practices develop. In this article, our experts will cover some of the top financing options for chiropractors.

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A Quick Overview of the Best Chiropractic Practice Loans for 2022

Offering chiropractic services to patients helps ensure they remain healthy and feeling well. To continue providing top quality care to your patients, you must have working capital that covers your expenses and costs. Your chiropractic practice’s financial needs may include continuing education, license fees, and new chiropractic technology equipment.

Recommended Lender

Financing Need

Best Loan Type

Loan Features 

Fora Financial

Buy better equipment, expand business, hire trained staff, invest in marketing campaigns, utilities, taxes, salaries

Merchant Cash Advance

  • Amount: Up to $500,000
  • Term: No set terms
  • Interest: One-time factor rate
  • Time to get the loan: Up to 24 hours



Equipment financing

  • Amount: 100% value of equipment
  • Term: Up to 6 years
  • Interest: Between 4% and 40%
  • Time to get the loan: Up to 48 hours 

PayPal Working Capital

Working capital

Unsecured loan

  • Amount: Up to $500k
  • Term: Up to 18 months
  • Interest: From 2% and up
  • Time to get the loan: Up to 2 weeks


Startup funds

SBA loan

  • Amount: Up to $5 mil
  • Term: Up to 25 years
  • Interest: From 6% and up
  • Time to get the loan: Up to 2 weeks



Business line of credit

  • Amount: Up to $500,000
  • Term: Up to 18 months
  • Interest: Between 7% and 25%
  • Time to get the loan: Up to 24 hours



Short-term loan

  • Amount: Up to $250,000
  • Term: Up to 18 months
  • Interest: From 14%
  • Time to get the loan: Up to 24 hours

Best Chiropractic Business Loans Explained

We will now take a closer look at the chiropractic practice loans featured in the table above. We will also recommend a lender for each loan type.  

1. Fora Financial - Best for Merchant Cash Advance

Equipment used by chiropractors can be really expensive but it’s essential to have the right gear to treat patients. A merchant cash advance can go a long way towards ensuring that you can treat everyone who needs your help.

Fora Financial comes highly recommended for this form of financial assistance because they make it as easy as possible. You just have to fill in an online application, submit the necessary documents and wait 24 hours. Upon approval, the funds will be deposited into your business account in about three days.

As long as your business has been operating for more than six months and you meet the $5,000 minimum in credit card sales requirement, you’ll find the application to be easy and satisfactory. Repaying the cash advance is very close to stress-free with flexible terms.

2. Fundera - Best for Equipment Financing

Equipment financing is available if you only want to focus on purchasing the machines and tools you need to work. It’s ideal if you’re leasing space, as this will give you access to funds that are worth 100% of the purchase value. The downside is that the lender will claim your assets if you miss several payments. 

It’ll be challenging to run a chiropractic practice without the right machinery and equipment. If you want to use your capital and operating budgets for other areas of your business, an equipment loan may be the way to go.  

We recommend Fundera for equipment financing thanks to its willingness to work with new business owners. Fundera also tailors their loans to your requirements.

3. PayPal - Best for Unsecured Loan

Unsecured loans are ideal if your new businesses don’t have assets to put down as collateral. You can quickly secure working capital over a short period without complications. However, just because your business hasn’t put up any collateral doesn’t mean you have no liability. You are still legally bound to make the payments of course.

If you are just starting out and lack assets, you may not qualify for a secured loan. Fortunately, an unsecured loan can help your chiropractic practice get started. 

PayPal Working Capital is best known for its business acquisition loans, but it helps small companies with unsecured financing too. You’ll need a PayPal business account, but that can be beneficial because you can then accept clients’ payments via its online system. If you prefer using your assets as collateral, PayPal Working Capital also offers secured loans.

4. SmartBiz - Best for SBA Loans

If you consider unsecured funds to be too risky, you can try Small Business Administration (SBA) loans. With the government’s backing, you’ll enjoy extended repayment terms and low-interest rates. You can also apply for a higher loan amount, but the lender may ask for a down payment.

With medical facilities being high on the government’s radar, chiropractic practices have an excellent chance of receiving SBA startup funds. This can include capital and operating funds to get you through the first few years.  

Out of all the SBA lenders we’ve reviewed, SmartBiz is one of the top lenders. SmartBiz has fewer requirements than other lenders giving you a greater chance at success. You’ll also enjoy an extended repayment period, giving you enough time to build your client base.


5. BlueVine - Best for Business Line of Credit

Having a constant cash flow is essential. You may need cash to purchase inventory and to deal with emergencies. A business line of credit is a great way to go as it can help you cover your daily expenses - especially if you don’t want to rely on a term loan. The revolving credit will refill with funds every time you pay, and you’ll only pay interest on what you owe rather than the maximum available amount.

When you own a business there are unexpected events that may generate surprise expenses. Instead of using cash for these, you can rely on a business line of credit.  

BlueVine is our choice loan if you need a business line of credit. It has an intuitive client portal where you can manage your limits and repayments, ensuring that you’re always in control. The lender also boasts fast approval rates. 

6. OnDeck - Best for Short Term Loan

Short-term loans are an alternative solution to SBA and unsecured loans. The repayment periods are short, ensuring that you don’t spend years watching your revenue go to someone else. It’s generally used for short-term projects or where a small capital injection is required.

If your chiropractic practice needs an upgrade or renovations, short-term loans are the way to go. You’ll pay only what you need for the project while ensuring that the term remains low. However, you will likely need to pay high-interest rates.

OnDeck uses its innovative technology to find the best solution for when you need a short-term loan. All loans are tailored to meet the needs of your business.

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What difficulties might a chiropractor face?

According to the US Bureau of Labor Statistics, there were approximately 50,300 chiropractor jobs in 2018. The Bureau also estimates that more jobs are in the making. Yet, like all healthcare specialities, a chiropractor specialty is not without its struggles. Such challenges may include:  

  • Financing new and generally expensive equipment
  • Gaining new clients and keeping existing ones
  • Absence of working capital for improvements or growth
  • Meeting the costs of hiring and training employees
  • Competition from other local chiropractic businesses
  • Managing every day working operations  

Luckily, there are financing tools available to offset most of these challenges. New equipment can be financed with an equipment lease or term loan. Also, putting aside funds to market your chiropractic business can help you gain new patients and regain your existing base of clients. 

chiropractic loans

Financial Growth Tips for Chiropractors

Prior to meeting your first patient, you will need to have a business growth plan written up. If you don’t bring in new patients, suffice to say, your business will not be successful.

Here are some top tips to help you ensure that your chiropractic business is successful:

Top Tip #1. Get to know the current state of the industry

The chiropractic industry currently generates $12.26 billion a year in revenues and is predicted to grow at a compound annual growth rate of 4.32% by 2025. Chiropractors attend to 35 million patients a year, mainly in small clinics. It is a business that favors a clinic environment. 

The industry’s growth will bring with it a new competition, and by 2020 the American Chiropractic Association predicts that there will be 80,000 chiropractors working in America. Another 2,500 will be expected to graduate from college every year. This will make the industry increasingly competitive. As a chiropractic entrepreneur you will need to ensure that your business stays ahead of the others. You can do this by having a healthy business that positions itself well in terms of marketing and services. 

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Top Tip #2. Know what it costs to start a chiropractic practice.

In addition to a chiropractic degree, which can begin at $120,000 and go up from there - starting a chiropractic practice demands a significant amount of capital. 

To begin with, you will need to find a location and rent or buy the premises. You may also need to purchase or lease equipment including, X-ray machines, tables, and technology tools for a receptionist.  It may even be necessary to adjust the physical spact to make separate rooms for patients. 

You will also need to advertise for staff, interview and hire them. You may be required to purchase licenses, and to hire a lawyer to create a business that is a legal entity. When you put together your business plan, consider all of these items and the costs associated with them. 

Top Tip #3. Retain current patients and attract new ones.

Establishing strong relationships will help you create your business. You’ll want to set aside time to get to know your patients, ask them questions about their kids, pets and hobbies. When they see that you understand the impact of their pain, they are more likely to trust that you can solve their problem. That increases your chances for success even if it costs you more time.. You will also want to solicit feedback from all of your patients. This shows your patients that their opinion matters and helps them feel invested in your success. Feedback may also help you identify improvement and growth potential. 

 You should also spend time marketing your business to attract new patients. Don’t forget to include marketing tasks in your business plan. For various reasons you will lose certain patients over time. You will thus need to ensure you have a steady inflow of new patients to ensure your chiropractic business remains viable. You may wish to consider adding a social media strategy, or, you could partner with referral sites and ask current patients to leave a review for your business on such sites. Another option is to offer promotions and special offers for new patients. 

Top Tip #4. Add new technology to your practice. 

Chiropractic is a hands-on profession, which relies on technology to better inform patient care. You will require at least one X-Ray machine to assist you when you need to create a treatment plan and keep an eye on results.

As a business you could also invest in practice management software which has the ability to integrate with electronic health records. This may help you streamline processes such as scheduling and billing. Such software can also be used to ensure compliance with all regulators and insurance providers.

See Our Additional Guides on Industry-Specific Loans

Bottom Line

Now that you have completed your chiropractic degree, you might feel ready to jump into action and start your business. There are many costs involved, and the number of loan types is increasing annually. We hope this guide has given you the insight you need to choose the loan that best suits your chiropractic practice.