Optometry Practice 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.
It is our goal at mCashAdvance™ to assist you in determining how much you need to borrow and the steps you need to take to secure the funding.
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.
A new optometry business that is just getting off the ground might want to consider taking out a merchant cash advance against future profits. 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 a good choice for optometry businesses who need access to working capital. 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.
One of the most significant differences between a line of credit and a credit card is the lower interest rate on a line of credit. In addition, the line of credit allows for cash withdrawals up to the available amount. 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
Taking out an optometry business loan has many advantages. The following factors should be considered:
Optometry Business Loans Advantages
One of the first benefits of obtaining an optometry loan is managing your cash flow more easily.
Opening an optometry business, expanding your business, or operating a practice generally has its ups and downs. Several factors can affect your cash flow, including new patients, staff, and competition. When you are getting stabilized, a loan can help you stay afloat.
If you have a source of credit such as a line of credit, you can stay up-to-date with the latest technology and equipment to keep your practice relevant.
It is expensive to buy medical equipment, and there is always the chance that something will break or need to be replaced. A business loan gives you the security to keep your doors open and serve your patients well.
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 have restrictions on how and when you can use the money. As a result, you may have limited spending flexibility.
Because new businesses are young, traditional lenders might have difficulty lending to them.
A loan is a form of debt. You should make sure that you can repay it in the agreed upon schedule. 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
The financial health of your business should be considered when applying for funding, but you may be eligible to receive up to $350K.
In most cases, a repayment schedule ranges from one to five years. Depending on the amount of funding and the volume of retail sales, this may vary.
Optometry Business Loans Frequently Asked Questions
Here are the responses to the most commonly asked questions regarding optometry practice loans:
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.
An optometrist can get credit approval fast. In as little as 24 to 28 hours. 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.
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.
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.
Does Your Business Need Funding Today?
There’s no fee or obligation, and it won’t impact your credit.
$5,000 – $1,000,000
Talk to a rep at (855) 433-8641
Mon – Fri | 9:00am – 8:00pm