SBA Practice Loans for Chiropractors

What is an SBA 7(a) Loan?

SBA 7(a) loan is the Small Business Administration's (SBA) primary program. SBA 7(a) loans provides flexible, longer terms and lines of credit for a variety of purposes. Businesses can expect fast action on their applications, with decisions generally made in under 10 days.

Benefits of an SBA 7(a) Loan

• Variable interest rate loans
• Financial assistance up to $5 million
• Funding available to cover start-up costs
• Existing businesses can finance the purchase of land or buildings, equipment, machinery and inventory
• Loans available for new construction, expansion projects or conversion of existing facilities
• Working capital lines of credit
• Repayment terms up to 10 years for equipment, inventory and working capital, and up to 25 years for real estate loans

How can SBA 7(a) Loan Funds be Used?

• Long-term and short-term working capital 
• Revolving funds based on the value of existing inventory and receivables 
• To purchase equipment, machinery, furniture, fixtures, supplies, or materials 
• To purchase real estate, including land and buildings 
• Construction of a new building or renovation an existing building 
• Establishing a new business or assisting in the acquisition, operation or expansion of an existing business 
• Refinancing existing business debt, under certain conditions

It is true that doctors of chiropractic may find SBA-backed loans to be an attractive financing option for their practice. The Small Business Administration (SBA) offers loan programs that are specifically designed to help small businesses, including chiropractic practices, obtain affordable financing.

One of the main advantages of SBA loans is their flexibility in terms of repayment and collateral requirements. Unlike traditional bank loans, SBA loans often offer longer repayment terms, which can help reduce monthly payments and improve cash flow. Additionally, SBA loans may require less equity investment and collateral than traditional bank loans, which can make them more accessible to new chiropractors or those looking to expand their practice.

SBA loans are also typically available at competitive interest rates, which can help reduce the overall cost of borrowing. Additionally, the SBA may offer loan guarantees to lenders, which can provide added security and encourage lenders to approve loans that they might otherwise consider too risky.

Overall, SBA-backed loans can be an excellent financing option for chiropractors looking to start or expand their practice. However, it is important to note that the application process can be time-consuming and may require extensive documentation. It is recommended that chiropractors work with an experienced SBA lender or consultant to navigate the application process and ensure that they are able to secure the best possible financing terms.

Once you submit your no-obligation form to NCMIC and discuss your requirements, they will promptly forward your details to our dedicated SBA lending specialist.

Within just 3 business days of obtaining your information, our specialized SBA lender will reach out to you. Together, we'll discuss your financial needs, gather the necessary documentation, and prepare a comprehensive application for submission to the SBA for approval.

Throughout the process, our team will keep you informed about the status of your loan funding. While the SBA typically takes up to 90 days to reach a decision on your loan, rest assured, we'll be there every step of the way to support and guide you towards a successful outcome.