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.
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.
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.
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.
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.
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.
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.