Fueling your doctor’s office is made easier with online loans
As the COVID-19 pandemic drags on, many medical offices are scrambling to keep up with rising prices for equipment and supplies, rentals, and other expenses. One way to fund expenses or expand a practice during this troubled time is through a practice loan that uses assets for future expenses.
Janell Andersen, vice president of Key Bank in Buffalo, New York, advises practicing physicians to consider a practice loan that physicians and staff can use to fund their immediate practice needs or fund debt during the pandemic.
Practice loans, she said, can be used for a range of needs, including general capital for day-to-day operations, buying supplies and inventory or medical equipment, paying for or adding office space, buying another practice, and refinancing business debt. Doctors can also apply for a loan to cover the cost of starting a new practice.
Andersen said an exercise loan can also be used to fund employee disabilities, a major issue with COVID-19 exposures. Key Bank owns Laurel Road – an AMA preferred doctor’s office loan provider – which offers a range of bespoke loan solutions to help you meet the costs of running and maintaining a business. Learn more about Laurel Roads customized financial solutions for doctors.
Practice loans can be structured as a line of credit that is available when needed, or as a term loan that can be used for longer-term financing for a specific period of time and various terms. Loan amounts range from $ 50,000 to $ 500,000, but the program has no formal limit and so can be used to fund other amounts as needed, she said.
Lines of credit are renewed annually and term loans are negotiated for a period of time, but not for property. The program assesses practical skills and income history. The interest rates are based on common factors such as loan amounts and loan terms.
“The biggest benefit of the Laurel Road program is efficiency,” said Andersen. “You don’t have to go out of the office to be interviewed for a loan. The application process is carried out online and completed with electronic signatures and checks. “
Andersen said the program will value all assets based on information provided by the applicant and verified by Laurel Road.
Laurel Road also offers a variety of other professional loans, including student loans and refinancing of student loans, personal loans and mortgages, and loan financings for medical students and residents and doctors.
According to Andersen, Laurel Road has been offering medical office loans since June 2020. Active AMA members receive a 0.25% discount when they are approved for an exercise loan with Laurel Road.
All credit products are subject to credit approval. The AMA member discount rate of 0.25% is offered for approved loan applications from a company with an owner who is an active AMA member. This interest discount is deducted from the standard interest rate that the loan applicant would otherwise be eligible for. The offer can not be combined with other offers. Laurel Road is a trademark of KeyBank NA, member of FDIC.