There are currently almost 202,000 professionally active dentists in the United States, and just like anyone who owns a business or is looking to start one, many may need a loan to help them accomplish their goals. When it comes to business loans for dentists, the SBA 7(a) loan is a great option. The SBA 7(a) loan program is the Small Business Association’s most common loan program, and they’re offered by banks, credit unions, and online lenders. SBA 7(a) loans are also available for all kinds of dentistry – orthodontics, periodontics, endodontics, and oral and maxillofacial surgeons.
Here, we’ll be taking a closer look at the SBA 7(a) loan for dentists to help you better understand what makes it great for your needs.
The SBA 7(a) loan is offered by a wide variety of lenders, giving you a lot of different options to choose from. If you want to purchase real estate to expand your practice or start one, you can get terms up to 25 years and as much as $5 million when purchasing commercial real estate. But the SBA 7(a) business loans for dentists aren’t a great option if you also plan to buy real estate land or start a construction project to open your practice. The SBA 7(a) loan for dentists can also be used for working capital, helping you purchase equipment for your practice or pay for other expenses. It’s also ideal for dentists who are just starting their practice, which is an expensive proposition. This makes the SBA 7(a) loan very flexible.
What can SBA Loans be used for?
- Buying out a dental partner: If you wish to purchase more stake in the practice after a partner leaves or retires, the SBA 7(a) business loans for dentists can be a great option to get you the funds you need.
- Start your own practice: As previously alluded to, SBA 7(a) loans can cover most new construction costs, not only for the building itself but also for furniture, lighting, security systems, and even landscaping.
- Refinancing a dental practice: An SBA 7(a) loan for dentists can be used to refinance the debt in your current practice, assuming that debt was used for business-related purchases and not personal expenses.
- Expanding or buying a practice: Whether you’re looking to expand the reach of your practice by opening another location or want to purchase another practice, the SBA 7(a) loan can get you the funds you need.
- Purchasing equipment: You can use the SBA 7(a) loan to buy dental equipment, but purchases like these often must be part of a larger SBA 7(a) loan.
When it comes to business loans for dentists, the SBA 7(a) loan can be a great starting point. If you’re reviewing all your options the program offers, or are seeking alternatives, let us help! Unsecured Funding Source’s loan advisors can help you find the loan that will work best for you. Contact us today to start a conversation about business loans for dentists!