Optometry Business Loans up to $350,000
We’ve helped a variety of optometrists with funding. We can approve you for up to $350,000 within 48 hours. Check if your business is eligible online now with no obligations, no impact on your credit score, and no fees.
If you’re relocating, trying to expand your practice, or acquiring new optometry practices altogether, you’ll want to consider your financing options.
We can provide the information you need on optometry practice loans to finance your aspirations. Potential funding sources include credit unions, banks, the United States Small Business Administration, and other lending companies specializing in healthcare loans.
We’ll help you figure out how much you need to borrow and the steps you need to take to secure the best financial solution for your needs.
What Are Optometry Business Loans?
Optometry small business loans are forms of financing that you can use to fund your business in various capacities, from ophthalmic equipment to surgical kits. Optometry funding comes in many forms, from credit cards to a short-term or long-term loan, a merchant cash advance, and more.
How Can Optometrists Use an Optometry Business Loan?
You can use optometry practice financing in a few specific ways related to your business. If you’re trying to buy a new practice and start from scratch, expand your already existing practice, buy equipment, lease from someone else, obtain working capital, pay employee salaries, etc., an optometry business loan may be the answer.
Optometry Business Funding Solutions
Optometry businesses can take advantage of small business loans if they want to go the more traditional route and receive one lump-sum payment. Depending on the expense you’re funding, you would select short or long-term, and the monthly repayment term would typically last for one to five years. More traditional lenders look for credit scores of 670+ to qualify for a loan.
Equipment loans are another solid idea for optometrists who need items such as stools for performing exams, chairs, retinal cameras, diagnostic tools, lenses, and other expensive machinery and supplies. The borrower gets instant ownership of the equipment while paying it back in monthly installments. Equipment loans are sometimes more forgiving of less-than-perfect credit scores and histories depending on the lender because the equipment can often be used as collateral.
New optometry businesses trying to get off the ground might want to consider the merchant cash advance because the optometrist can borrow money against future profit. They’ll pay this back by forfeiting a percentage of their future sales. This funding source has less strict requirements to qualify. Applicants must have a minimum credit score of 500.
Business lines of credit are beneficial for optometry businesses when they need to make multiple purchases over time. It functions much the same as a personal credit card in that you can buy what you need when you need to, and you only pay the interest back on what you borrowed. Plus, that money is available to you again once you pay that balance off.
The most significant difference between a line of credit and a credit card is that the line of credit has a lower interest rate. In addition, the line of credit allows cash withdrawals up to the amount you have available. With the credit card, you can make business purchases only, and you make monthly payments on the amount you borrowed.
The SBA loan, specifically the SBA 7, is perfect for optometrists looking for their first financing solution. It’s a loan for general purposes, which gives the optometrist a lot of flexibility to use how they see fit in the office and for patients. The interest rates and loan terms are usually favorable.
Suggestions to Qualify for Optometry Business Loans
To qualify for optometry small business loans, you should have a net worth of at least $250,000, and you shouldn’t have any outstanding debt. Additionally, it helps if you’ve been practicing for at least two years as an optometrist. Some lenders may or may not require some form of collateral, such as a piece of property, to back the loan.
Optometry Business Loan Pros and Cons
There are many advantages to taking out an optometry business loan. Consider the following:
Optometry Business Loans Advantages
One of the first benefits of obtaining an optometry loan is managing your cash flow more easily.
There are a lot of ups and downs when you open an optometry business, expand your business, or operate a practice in general. The number of new patients, your staff, competition, and other factors can affect your cash flow for quite some time. Having the support of a loan can help you stay afloat as you get stabilized.
Stay up-to-date with the latest technology and equipment when you have a source such as a line of credit at your disposal when you need to purchase to keep your practice relevant and even give it the edge.
Medical equipment is costly, and there is always something that could break or that you have to replace for one reason or another. The security of a business loan allows you to keep your doors open and provide your patients with the best service available.
Optometry Business Loans Disadvantages
If an optometrist doesn’t start planning ahead of time, they may find themselves waiting for a while to get approved, depending on the source. That is especially the case with SBA loans.
Many loans come with restrictions on how and sometimes when you can use the money. Therefore, you might not have much flexibility with spending the funds.
New businesses might have difficulty getting a loan from a traditional lender because of how young the practice is.
You are taking on a form of debt, and you should be sure that you will have the capability to repay the loan in the established timeframe. Otherwise, you’re signing yourself up for more financial problems down the line.
How to Apply for the Best Optometry Business Funding
Consider applying for a Merchant Cash Advance for your Optometry business today!
To be approved by mCashAdvance, you must meet the following requirements:
- U.S. citizens and legal residents only
- 18 years old or older
- Your optometry practice must be at least six months old
- A credit score of 500 or higher is required
In order to be eligible to receive funding, the financial health of your company should be considered, but you may be eligible for up to $350K.
Typically, a repayment schedule ranges from 1 to 5 years. This may vary depending on the amount funded and retail sales volume.
Optometry Business Loans Frequently Asked Questions
Here are the responses to the most commonly asked questions regarding optometry practice loans:
How Much Does It Cost to Start an Optometry Practice?
It can cost anywhere from $150,000-$500,000 to begin a practice. Other costs such as labor and rent to consider aside from the operating expenses can account for an extra 15 percent.
How Fast Can I Get Funded for an Optometry Business Loan?
An optometrist can get credit approval for a business loan as soon as 48 hours from when they applied, depending on the funding sources. This is typical for short-term loans, some forms of credit, and Merchant Cash Advances. Other conventional loans may take up to a week or more.
What Type of Business Loan Is Right for Optometrists?
SBA loans are one of the best loans that an optometrist can borrow. Usually, the restrictions aren’t as heavy as other lenders, such as banks or credit unions. In addition, the interest rate might be lower, and the Small Business Administration might allow a longer repayment term.
What Challenges Might I Face Qualifying for an Optometry Business Loan?
There are multiple challenges that an optometrist could face when trying to qualify for an optometry practice loan. For starters, the operation length of their practice could be an issue for some lenders if the business is relatively new.
If you don’t have any substantial start-up money or collateral, you might have difficulty getting approved for financing that doesn’t have a high interest rate or requires a high credit score.
Can You Get an Optometry Business Loan With Bad Credit?
It is difficult to get an optometry small business loan when you have poor credit. However, that doesn’t mean that you’re disqualified altogether. While a good score does keep rates down, some financing options do not check your credit score to qualify you for a loan.
If you know that you don’t have the best credit, consider merchant cash advances. This form of financing relies on sales volume. Therefore, your credit score isn’t a crucial consideration.
Funding Your Business Is Our Business
Optometry Business Loans: The Bottom Line
There are numerous financing options available to optometrists that want to obtain an optometry business loan to start, expand, or possibly lease a building from someone else. While you can expect many start-up costs, both planned and unplanned, that’s where the business loans come into play.
With the proper amount of planning, research, and a set of business objectives, you can be on your way to loan getting approved for a loan today.
Don’t Allow a Lack of Funding
to Hold your Business Back
It’s Time To Move Your Business Forward!