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Dental practices need capital to not only cover regular expenses but also to invest in future growth. However, these businesses often must wait to get paid by insurance companies for services rendered, which means they may not have that money easily accessible. In that case, a dental practice loan...
Dental practices constantly need to reinvest back into the company, whether that’s to pay employees, cover malpractice insurance, or buy high-tech dental equipment to attract new patients.
Even a successful practice may not have the cash on hand to cover these expenses from time to time. They may be waiting for insurance payouts or simply going through a slow period, especially when they first get started.
Rather than struggling through these periods when cash doesn’t flow, there are dental practice loans that can bridge the gap.
Finding the right dental practice loan for your business is something you shouldn’t take lightly. You want a lending partner that meets your needs and provides great customer service.
We use the following criteria to rank lenders.
Loan Features: how much does the lender offer? What are repayment terms?
Application process: is the loan application simple or complex? Does it result in a hard or soft inquiry on a dental practice’s credit?
Interest rates and fees: what are the interest rates this lender charges? Are there other fees?
Qualification process: what criteria does the lender have regarding credit scores, time in business, or annual revenues?
Customer support: how can customers reach the lender? Email? Phone? Chat?
Online user reviews: what are other customers saying about the lender on review sites like Trustpilot?
Perks and Bonuses: does the lender offer other benefits, like a mobile app or flexible payment options? Are there other benefits to a dental practice?
Best Dental Practice Loans for 2022 - Full Overview
Now let’s look at some of the best lenders that offer dental practice loans so you can determine which is best for your needs.
1. Biz2Credit - Best for Fast Funding
You don’t have time to wait to get the cash your dental practice needs, and with Biz2Credit, you don’t have to. You can get approved for capital within 24 hours of applying, and receive your loan proceeds within 72 hours.
Biz2Credit offers working capital loans, term loans, and commercial real estate loans, all of which can be useful to a dental practice.
Pros
Fast fundingHigh credit limits availableDedicated funding specialists
Cons
Requires annual revenues of $250kMay include fees on top of interestMust borrow at least $25k
Biz2Credit allows dental practices and other businesses to borrow from $25k up to $6 million. Its term loans have a maximum of $500k. Loans can be used to hire staff for your dental practice, buy equipment, expand your business, or pay down other debt, and repayment periods for loans are 36 months.
To qualify for a working capital loan with Biz2Credit, you must have a personal credit score of 575 or more, be in business for at least six months, and have annual revenue of at least $250,000.
Biz2Credit Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
575
6 months
$250k
$25k - 6 million
Starting at 7.99%
Bottom Line
If you need cash fast for your dental practice, Biz2Credit won’t keep you waiting. And with a dedicated funding specialist, you’ll make sure to get the best financing option for your needs.
For those dental practices that qualify, a loan backed by the Small Business Administration can provide low-cost financing with a long repayment period. Credibly provides SBA loans and great customer service.
Credibly offers SBA loans for working capital, commercial real estate, debt consolidation, and equipment purchases. If none of those fit, Credibly also offers a wide range of other financing solutions, from lines of credit to merchant cash advances.
Pros
Variety of financing optionsLong repayment terms with SBA loansFast funding
Cons
Origination fee may be chargedSBA criteria may be strictSBA loans may take longer than others
Credibly can help you get the SBA loan your dental practice needs to grow, whether you’re looking to open a second dental office or buy the latest x-ray machines.
To qualify for an SBA loan, your practice must be in operation for at least two years with $100,000 or more in revenues. You must have have no outstanding tax liens, and no bankruptcies or foreclosures over the last three years. You must be a U.S. citizen or legal permanent resident with a personal credit score of at least 620.
Credibly Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
620
2 years
$100k
Up to $20 million
Starting at 6.99%
The Bottom Line
An SBA loan from Credibly offers lower interest rates than you’ll likely find anywhere else, and you’ll have years to repay your loan. That money can be used for a variety of purposes, all of which can help your dental practice grow.
Sometimes taking out one loan for your dental practice isn’t enough long-term. With Fundbox, you can take out one loan and repay it…then take out a second (or third) loan without reapplying.
You can use a Fundbox loan to buy equipment for your dental practice, invest in marketing, or hire more employees as you grow.
Pros
Repeat loans without applyingNo origination or prepayment feesAutomatic payments available
Cons
Can only borrow up to $150kCredit score requirements may be high for some
Fundbox offers both term loans with repayment terms of 24 or 52 weeks, and lines of credit with repayment terms of 12 or 24 weeks.
If you’re interested in a Fundbox loan or line of credit, you must have annual revenues of $100,000 or more, be based in the U.S., and be in operation for six months old or more. You must also have a credit score of at least 600. Additionally, you need a business checking account. You may be required to provide a personal guarantee for a loan, and the lender may place a lien on your assets.
4. Fora Financial - Best for Less-Than-Great Credit
Not every business has excellent credit, and for dental practices with scores under 600, it may be challenging to find financing. Fora Financial looks at criteria other than your credit score, so you may qualify for financing when you couldn’t with other lenders.
Pros
Criteria other than credit consideredCan borrow up to $750kEarly payoff discounts
Cons
Monthly income may be high for someMay include other fees
With Fora Financial’s small business loans and merchant cash advances, you can borrow $5,000 to $750,000, and you must repay the loan within 15 months.
To qualify for a dental practice loan or merchant cash advance, your business must generate at least $12,000 monthly and be in operation for at least six months.
Fora Financial Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
n/a
6 months
$12k monthly
$5k to $750k
10-30%
The Bottom Line
Having a low credit score shouldn’t keep you from being able to get working capital to grow your dental practice. Fora Financial sees you as more than just a credit score, and will look at other criteria to get you the money you need.
If you expect your dental practice to need extra cash over time, rather than all at once, a line of credit from BlueVine can get you the access you need to that capital. Pay back what you borrow and you can borrow it again and again.
Additionally, BlueVine offers an interest checking account, so you can make money when you use it.
Pros
Replenishable credit lineInterest checking availableNo monthly or prepayment fees
Cons
Credit line limited to $250kRepayment period of only 6-12 monthsCredit score requirement may be high for some
BlueVine’s line of credit allows you to borrow up to $250,000 for your dental practice, and what you borrow must be repaid in either six or 12 months. Payments are taken monthly or weekly.
Qualification requirements include: being a U.S.-based, in operation for at least six months, a credit score of 600 or more, and $10k or more in monthly revenue.
BlueVine Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
600
6 months
$10k a month
Up to $250k
Starting at 4.8%
The Bottom Line
Sometimes a one-time loan isn’t what your dental practice needs. If you like the idea of being able to borrow and pay back money and borrow it again, a BlueVine line of credit could be just the thing.
6. Fundera - Best for Multiple Offers in One Place
ho has time to shop around for dental practice loans with multiple lenders? Save time by filling out one application with Fundera and then having the lenders come to you. Fundera’s lending partners offer startup loans, lines of credit, SBA loans, term loans, and equipment and invoice financing, so you’re sure to find the right fit for your dental practice.
Pros
Multiple offers with one applicationFunding advisor provides personal serviceWide range of funding options
Cons
Qualifying may vary by lenderNot available to startupsSome loans may require collateral
With such a wide range of loan options, you can find exactly what your practice needs in terms of amount of cash and repayment period. For example, a business term loan through Fundera provides up to $600,000, with repayment period of one to five years. Equipment financing provides up to 100% of the equipment value and also has a repayment period of one to five years.
Qualifications may vary slightly depending on the lender, but generally you will need a credit score of at least 550 and time in business of one year or more. You’ll also need annual revenues of $150,000 or more.
Fundera Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
550
1 year
$150k
Up to $5 million
varies
The Bottom Line
Saving time is key in your dental practice, and with Fundera, you don’t waste time while getting all the financing options delivered directly to you. Choose the one that best fits your needs and get back to running your practice.
If you’re just starting out with your dental practice, you may find a lot of doors shut in your face when it comes to finding financing, as many lenders don’t work with brand new businesses. But Torro is a lender that does offer startup financing, which you can use to buy equipment like x-ray machines and chairs, hire staff, and invest in marketing to launch.
Pros
Little paperwork to applyStartups qualify for financingMultiple offers with one application
Cons
Fees vary by lenderRequirements may be high for some
With one application, you can see what rates and terms you qualify for from multiple lenders from Torro’s syndicated network of investors and financial resources. Existing businesses can qualify for up to $575,000, while startups can get up to $125,000. Repayments must be made between three and 24 months.
To qualify for financing, you will need a credit score of 680 or higher and $120,000 in annual revenues. If you’re applying for a business capital loan, your business must be in operation for at least six months. This requirement is waived for startup loans.
Torro Features Table
Min. Credit Score
Min. Time in Business
Min. Annual Revenue
Loan Amount
Interest Rate
680
6 months for business capital loans; less than 6 months for startup loans
$120k
Up to $575k
varies
The Bottom Line
If you’re just starting out, you shouldn’t be limited in your ability to secure financing for your dental practice. With Torro, you can compare offers from multiple lenders to find the one that best fits your needs.
