Finimpact

Best Chiropractic Business Loans

Securing a chiropractic business loan can be tough; traditional banks and credit unions view chiropractic care as “alternative medicine,” which makes them reluctant to provide funding. Thankfully, there are plenty of non-traditional lenders who offer financing to help you grow your practice.

Chiropractic Business Loans
Christi Gorbett
Written by:Christi Gorbett
Freelance Content Marketing Writer

Alternative lenders provide a wide range of financial products to growing chiropractic practices; whether you’re purchasing office space, upgrading your equipment, hiring new personnel, increasing your marketing efforts, or just covering everyday costs, there’s a loan out there for you. In this article, we’ll look at some of the top chiropractic practice financing options and compare their features to help you find a loan that meets your needs.

Our Top Picks for Chiropractic Business Loans

forafinancial
  • Ideal for plenty of industries
  • Approval not solely credit based
  • Early payoff discounts
Credit Score
Min. Credit Score 550+
Loan Amount
Loan Amount $5K-$750K
Loan Repayment
Loan Repayment 4-15 months
biz2credit review
  • Multiple loan types available
  • Funding in 48h
  • Soft credit pull
credit score
Min. Credit Score 600+
loan amount
Loan Amount $25K - $6M
loan repayment
Loan Repayment 12-36 months
fundera
  • Connections to multiple lenders
  • Competitive rates
  • Soft credit check
Credit Score
Min. Credit Score 550+
Loan Amount
Loan Amount $5K-$5M
Loan Repayment
Loan Repayment Up to 30 years

How to Choose the Best Chiropractic Businesses Loan

When searching for chiropractic business loans, it’s important to sort through the various options and evaluate each one to find the financing that best meets your needs. Below are the criteria our experts recommend using to assess your options; these are the same factors our experts used when selecting lenders to include in this guide.

  • Loan Features: The first criteria you should consider are the loan features, including loan terms, repayment optionality, and loan amounts. Chiropractic equipment can be expensive, so you may need to seek out financing with high maximum amounts and lengthy repayment terms to make monthly loan payments more affordable.
  • Application Process: You should also take into account how difficult the application process is. You’re busy running your chiropractic practice, so you may not have a lot of time to spend on completing applications, gathering documents, and waiting for disbursement. With a bit of research up front, you can find lenders that offer streamlined applications to save you time and effort.
  • Interest Rates and Fees: Also look for lenders that offer competitive interest rates and few additional fees. If you take out chiropractic practice financing with a high interest rate and maintenance fees, you’ll end up with exorbitant monthly payments; it’s better to shop around and find loans with lower fees and APRs.
  • Qualification Process: It’s also vital that you check loan qualifications, including minimum credit score, annual revenue, and business history requirements. Lenders don’t tend to offer any leeway with these requirements, so you’ll need to make sure you meet them before submitting your loan application.
  • Customer Support: Another important consideration is the accessibility of a lender’s customer service team. You’ll likely need help at some point, so be sure the lender provides multi-channel support including access to a live CSR so you can get assistance when you need it.
  • Online User reviews: Find out what other borrowers have to say about any lender you’re considering. Check independent review sites like Trustpilot to see if the lender is reputable, trustworthy, and easy to reach—you don’t want to get stuck repaying a loan to a company that’s frustrating to work with.
  • Perks and Bonuses: Other perks and bonuses like payment flexibility, advertising transparency, and advanced technology should also be taken into account. For example, if you want to find the best APRs, select a lender who clearly advertises their rates upfront.

1. Fora Financial - Best for Short-Term Loans

Short-term small business loans for chiropractors are a great option if your practice is fairly new but you need a quick infusion of cash; you only need to be in business for 6 months and earn $1,000 per month to qualify. Loan amounts max out at $500,000, which makes these an excellent choice if you need to finance chiropractic equipment to build your practice and better serve your patients.

Pros
Low minimum credit score requirement
Business qualifications easy to meet
High borrowing limit—up to $500,000
Funding in as little as 24 hours
Discounts for early repayment
Financial Cons
High interest rates, especially with poor credit
Limited repayment terms
Loan origination and borrowing fees may apply


Fora Financial offers short-term business loans for chiropractors in any amount between $5,000 and $500,000. The interest rates for these loans vary but are typically charged at a factor rate between 1.1 and 1.3. These are slightly different from annual percentage rates; if you borrow $100,000 at a factor rate of 1.3, the total you’ll need to pay back is $130,000. Fora Financial may also charge a borrowing fee and loan origination fee.

With low qualification requirements, Fora Financial’s short-term chiropractic business loans are accessible to a wide range of borrowers. To qualify, you only need to be in business for six months, have a personal credit score of 500, and earn $1,000 per month in revenue. Once the loan has been disbursed, you’ll have between four and 15 months to make repayment.

The Bottom Line

With low requirements for annual revenue and time in business, Fora Financial’s short-term loans are perfect for chiropractor’s who’ve recently opened their practice. Funds can be used for practically any purpose, including purchasing chiropractic equipment, hiring and training staff, or advertising your services.

2. Biz2Credit - Best for Commercial Real Estate Loans

Biz2Credit’s commercial real estate loans are a good match for a successful chiropractor who’s looking to purchase new office space or renovate their current building. Borrowers can take out up to $6 million with repayment required between one to three years. Qualifying may be difficult, however; you need to be in practice for at least 18 months earning $250,000 annually to be approved.

Pros
Easy application process
High limit on loan amount, up to $6 million
Funds disbursed quickly
Long repayment period
Cons
High interest rates
Rigid business qualifications
Loan origination fees assessed


Biz2Credit offers commercial real estate loans to help chiropractors build their practices. These loans can be taken out in amounts ranging from $250,000 to $6 million dollars and can be used to purchase office space, make renovations, or expand your current office. Interest rates typically start at 10% with repayment terms between one and three years. Loan origination fees between 1% and 6% may also be charged.

The requirements for loan approval are quite stringent; you need to be in business for at least 18 months earning a minimum of $250,000 annually to qualify. It’s also recommended that your personal credit score be 660 or higher.

The Bottom Line

A commercial real estate loan through Biz2Credit is an excellent option for an experienced chiropractor who’s looking to expand their practice by renovating their office space or purchasing a new one. Business requirements for loan approval are rigorous, so only high-earning chiropractors should apply.

3. Fundera - Best for Term Loans

With Fundera’s term loans, chiropractors can borrow up to $600,000 and take up to five years to repay the funds. With flexible loan limits and repayment terms, these loans can be used for practically any expense your chiropractic practice might incur, including equipment purchases, employee training, marketing, and office renovation.

Pros
Prequalification without harming your credit
High borrowing limit, up to $600,000
Loans available to borrowers with poor credit
No minimum on revenue or business history
Offers long repayment terms, up to five years
Cons
Interest rates may be high with poor credit
Funding may take up to three weeks
Loan origination fees may apply


Fundera offers a wide range of financial products, including microloans, equipment financing, and a business line of credit, but the most popular option is their term loans. When taking out a term loan through Fundera, you can borrow up to $600,000. APRs range from 7% to 30% with full repayment expected within one to five years.

Qualifying for chiropractic business loans through Fundera is easy; you only need a personal credit score of 550 to apply and there are no minimum requirements for annual revenue or time in business. However, keep in mind that borrowers with higher credit scores are more likely to qualify for better interest rates.

The Bottom Line

Fundera’s term loans are an excellent choice for any chiropractor who needs financing. However, the minimum requirements for approval are easy to meet, which makes this an especially attractive option for chiropractors with poor credit, limited time in business, or low annual revenue. Term loans also offer maximum flexibility as borrowed funds can be used for practically any purpose.

Try Fundera

4. BlueVine - Best for Business Line of Credit

Running a successful chiropractic practice requires access to working capital. You need funds on hand to pay for expenses like touching up the paint in your waiting room, redoing your website, and replacing a broken computer. That’s where BlueVine steps in; with BlueVine’s business line of credit, you can draw funds in any amount up to your credit limit and only pay interest on what you borrow.

Pros
Simple, straightforward application process
Flexible line of spending up to $250,000
Fast loan approval and disbursement
Funds can be used for any purpose
Good credit not required for loan approval
Cons
Borrowers with low credit scores pay high APRs
BlueVine not available in Nevada, North and South Dakota
Limited repayment terms (either six or 12 months)


BlueVine offers a business line of credit to chiropractic practices that need flexible financing options. The maximum amount could be anywhere from $5,000 to $250,000, depending on your needs and qualifications. You can draw as much or as little as you’d like for any valid business expenses. Interest rates vary based on repayment terms but range between 0.30% and 1.50% per week with six-month repayment terms and 1.5% to 6.50% per month for loans with 12-month repayment terms. Loan origination fees may also apply.

The qualifications for a business line of credit through BlueVine are pretty standard—your chiropractic practice must be operational for at least six months earning $10,000 per month to qualify. It’s also required that the business owner have a personal credit score of 600 or higher.

The Bottom Line

A credit line through BlueVine is a great choice for chiropractors who want access to a flexible line of spending to cover business-related costs. Funds can be used for any expense but must be paid back within six to 12 months, making them the ideal option to solve temporary cash flow problems.

Try BlueVine

5. National Funding - Best for Equipment Financing

Equipment financing through National Funding is a great option if you need to buy new equipment for your growing chiropractic practice. With their lengthy repayment terms, these loans allow you to buy the equipment you need to care for your patients and spread payments out over several years to make the purchase more affordable.

Pros
Borrowers with poor credit can apply
Easy application process with minimal paperwork
Fast funding in as little as one business day
Long repayment terms from two to five years
Cons
Relatively low maximum loan amount
Interest rates not publicly available
Additional fee schedules not disclosed


National Funding offers loans specifically designed for equipment financing and leasing. Loans can be taken out in any amount up to $150,000 and borrowers are given between two to five years to make repayment. Interest rates for these loans are not published online so check with the lender for more information.

Qualification requirements for these loans are fairly lenient; you only need a personal credit score of 500 to apply. Also, your chiropractic practice should be in operation for at least 12 months and earn $100,000 or more in annual revenue.

The Bottom Line

National Funding’s equipment loans are the perfect solution if you need new equipment for your practice, but you don’t have the funds on hand to make the purchase. While any chiropractor can take out these loans, they’re especially helpful to those who require equipment financing but are having trouble getting approved for a loan due to poor credit.

6. SmartBiz – Best for SBA loans

SmartBiz provides chiropractors access to loans backed by the Small Business Administration. These are an attractive option because they offer higher borrowing limits, longer repayment terms, and lower interest rates compared to other loan types. Unfortunately, their tough eligibility requirements make it more difficult to qualify for financing.

Pros
You can use SmartBiz to compare multiple loan offers
High borrowing limits (up to $5 million)
Competitive interest rates
Extended terms of repayment
Cons
Lengthy application process
Rigorous qualification requirements
Many additional fees may apply


SmartBiz offers loans backed by the SBA in amounts ranging from $30,000 all the way up to $5 million. APRs typically range between 4.75% and 7% with repayment terms anywhere from ten to 15 years. There are additional fees associated with these loans; you’ll be required to pay a 2% referral fee plus a loan guarantee fee between 1.7% and 2.25%. Packaging and closing fees may also apply.

While the loan features are certainly favorable, getting chiropractic business loans through the SBA has a major downside—they’re more difficult to qualify for. Borrowers must be in practice for more than two years and have a credit score of at least 640 to meet the minimum requirements. However, there is no set limit on the amount of revenue needed to qualify; each practice is assessed on an individual basis.

The Bottom Line

SBA loans through SmartBiz are a great option if you require a large loan and need several years to pay it back. For example, these loans are ideal for a chiropractor who has been in practice for several years and is preparing to expand by purchasing a new, larger office space. Funds can also be used to cover other business needs such as new chiropractic tables, continuing education costs, and a professional website.

Try SmartBiz

Best Chiropractic Business Loans - Features Comparisons

The table below provides loan features in an easy-to-read format; use it to compare the various small business loans for chiropractors to find which one best meets the needs of your practice.


Company Min. Credit Score Min. Time in Business Min. Annual Revenue Loan Amount Interest Rate
Fora Financial 500 6 months $12,000 $5,000-$500,000 Varies
Biz2Credit 660 18 months $250,000 $250,000 - $6 million Starting from 10%
Fundera 550 No minimum requirement No minimum requirement Up to $600,000 7% - 30%
BlueVine 600 6 months
$120,000 $5,000 to $250,000 0.30% to 1.50% per week or
1.50% to 6.50% per month
National Funding 500 12 months $100,000 Up to $150,000 Not disclosed
SmartBiz 640 2 years No specific requirement $30,000 to $5 million 4.75% to 7%

What Are the Costs of Running a Chiropractic Business?

The first step toward starting your own practice is to create a chiropractic business plan that provides details on expected costs. Here are a few of the most common expenses you’ll need to include:

  • Office Space: The first cost you’ll need to factor into your estimates is office space. This can run you anywhere from $1,500 to $10,000 per month, depending on the size of your office, its location, and whether you’re leasing or buying.
  • Building Improvements and Remodeling: Once you’ve acquired your office space, you’ll likely need to do a bit of remodeling to make sure it meets your needs. This includes creating a comfortable waiting area with inviting décor, adding a fresh coat of paint, and replacing old flooring.
  • Equipment: If you want to make your patients feel well, you’ll need a variety of equipment to do so. Make a detailed list of all the equipment you require—such as chiropractic tables, cold lasers, and electronic muscle stimulation tools—then shop around to learn exactly how much they’ll cost; you could spend between $10,000 and $30,000 or more purchasing the latest equipment.
  • Business Licenses and Insurance: Don’t forget to add in the cost of acquiring your business license and insurance; this may run you several thousand dollars.
  • Personnel: It’s important to hire knowledgeable professionals you can trust to staff your chiropractic office. Of course, finding, hiring, training, and retaining the best personnel costs money; you should expect to spend between $4,000 and $7,000 per month for each employee, depending on their position, years of experience, and the local cost of living.
  • Marketing: As you’re setting up your chiropractic office, don’t forget to invest money into marketing, including business signage, a professional website, direct mail campaigns, social media advertisements, networking membership fees, and business cards. A thorough marketing system will cost you several thousand dollars.
  • Office Equipment: You’ll need to make sure your office has everything it needs to operate successfully. This includes desks, chairs, computers, printers, a telephone system, cleaning supplies, and software to track patients, billing, payroll, employee records, etc.
  • Inventory: Your office may choose to sell products to patients, such as supplements, supportive mattresses, cervical support pillows, and orthopedic bracing. If so, you’ll need to calculate the cost of acquiring inventory, which could run anywhere from $1,500 to $7,500, depending on the products you choose and how many you keep in stock.

Keep in mind, this is just an overview; your chiropractic business plan should include a more detailed breakdown of anticipated costs.

Types of Loans Available to Chiropractors

There are various types of chiropractic business loans available on the market. Some of the most common are:

  • Equipment Financing: These loans can be used for just one thing: equipment. Outfitting your chiropractic office with all the necessary equipment can be expensive, but luckily the terms for these loans are long, which helps spread the payments out over several years.
  • Business Line of Credit: A business line of credit is a flexible spending account that you can access any time you need capital. These are great to pay for unexpected expenses like replacing broken equipment or to solve temporary cash flow problems.
  • Chiropractic Practice Acquisition Loans: The purpose of chiropractic practice acquisition loans is to provide you with the capital you need to purchase an already-existing practice. Loan limits for these loans are typically high with extended repayment terms.
  • Commercial Real Estate Loans: Commercial real estate loans are ideal if you’re purchasing property to build your own chiropractic practice. You can expect high loan limits and long payment terms with these loans, which is good news considering the high cost of office space.
  • Business Expansion Loans: The intended purpose of a business expansion loan is to help you grow your practice. These funds can be used in practically any way that helps you achieve that aim, including remodeling your office, hiring additional employees, upgrading your equipment, and marketing your services.

How to Use Chiropractic Business Loans?

Chiropractic business loans can be used in many different ways. Here are just a few suggestions:

  • To Move or Expand: Financing is often used by chiropractors who have been in practice for a few years but want to move to a new building or expand their current office.
  • To Acquire Cutting-Edge Equipment: Maybe you weren’t able to afford the latest equipment when you first started your practice, but now you want to upgrade. Many lenders offer options that allow you to purchase the equipment necessary to keep your business thriving.
  • To Update Your Office: Loans are often used when chiropractors have been in their current office a while and they need to upgrade its interior.
  • To Cover Occasional Expenses: Loans don’t have to be used for major purchases or upgrades; they can also be used to cover any day-to-day expenses you may incur as you run your practice.
  • To Grow Your Practice: Additional capital also comes in handy when you’re ready to grow your practice. For example, you can use funds to hire a marketing firm, bring on more personnel, or offer new products or services.

How to Qualify for a Chiropractic Business Loan?

While there’s never a guarantee that you’ll qualify for a loan, there are certain steps you can take to improve your chances of approval, such as:

  • Build and Maintain a Good Credit Score: One of the most important qualifications—and the requirement that often prevents borrowers from getting financing—is your personal credit score. Make sure to make monthly payments on time, reduce your debt load, and avoid bankruptcy to improve your credit score and increase the likelihood of loan approval.
  • Check the Lender’s Qualifications: No two lenders are alike; each one has its own unique set of qualifications. Check with each lender you’re considering to make sure you meet the requirements before applying.
  • Have or Create a Solid Business Plan: Many lenders will want to see that you’ve carefully considered how to build your business before offering you a loan; you can do this by drawing up a detailed chiropractic business plan.
  • Gather the Necessary Financial Documents: You’ll need to provide financial documentation to secure a loan. The number and type of documents will vary by lender, but you should at least have bank statements, a cash flow statement, a list of business assets, and tax returns for the past several years.
  • Apply to Loans Selectively: It’s important to be selective when applying for loans; don’t waste your time filling out an application if you don’t match the requirements or the loan doesn’t meet your needs. Doing so will increase your chances of approval.

How to Apply for a Chiropractic Business Loan?

Applying for a chiropractic business loan may seem daunting, but it doesn’t have to be difficult. All you need to do is:

  1. Decide on Your Desired Loan Amount and Purpose: The first step is to define what you’ll be using the loan for and how much you need. For example, do you need $25,000 to purchase new equipment for your practice or $750,000 to finance new office space?
  2. Evaluate Your Options: Once you know your desired loan amount and purpose, you can start looking through the various options on the market and comparing their features.
  3. Choose a Lender: After evaluating different lenders, you should be able to eliminate those that don’t meet your needs and focus on one or two preferred lenders.
  4. Start Your Application: Many lenders make the application process as easy as possible; to get started, all you’ll need to do is provide some basic information about you and your chiropractic practice.
  5. Supply Financial Documentation: Depending on the lender, you may also need to provide supporting documentation, such as bank records, tax returns, and cash flow statements.
  6. Wait for Approval: Once you’ve completed the application and uploaded your supporting documents, all you have to do is wait. Many lenders—especially alternative lenders—can provide you with an answer almost immediately; that’s one of the benefits of working with an online lender versus a traditional bank.
  7. Sign Documents and Receive Funds: After you’ve been approved, all you need to do is sign the loan documents and funds will be deposited into your account.

Conclusion

As a chiropractor, your primary focus is on healing people and helping them to live pain-free lives. But to do that, you need access to capital to keep your business running. Unfortunately, it can be difficult to secure financing through traditional institutions because they view chiropractic care as alternative medicine. The good news is there’s a wide range of chiropractic business loans available through alternative lenders to provide the funding you need. All you need to do is research your options and find the loan that best meets your requirements.

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About the Author

Christi Gorbett

Freelance Content Marketing Writer

Freelance Content Marketing Writer specializing in finance, personal development, education, marketing, web development, food & beverage manufacturing, pet, and contracting/home improvement niches.

More about me