As a doctor, you have plenty of financing options to choose from when it comes to funding your private practice.
Seriously, a lot of banks are dying to lend you a lot of money. That's because the medical field is a safe bet for lenders given the following factors:
- High starting salaries.
- Even higher income potential.
- Rock solid job stability.
These characteristics makes borrowers in the medical space relatively low-risk, simply because they are better equipped to cover their loan payments. Thus, the real decision independent doctors seeking financing need to make becomes this:
Who can I trust to look out for my best interests?
For a reputable lender who has occupied the healthcare lending space as long as anyone, look no further than U.S. Bank. Read on to learn more.
About U.S. Bank
U.S. Bank National Association, or simply U.S. Bank, is one of the largest commercial banks in the United states. This bank, whose parent company is U.S. Bancorp, offers a comprehensive line of products and services to institutions, businesses and individuals, such as:
- Corporate & commercial banking.
- Consumer & business banking.
- Wealth management & investment.
U.S. bank boasts more than 3,000 branch locations, 5,000 ATMs, 24-hour phone support, as well as online and mobile banking.
The history of the U.S. bank dates back to the 19th century, when First National Bank of Cincinnati opened its doors. As regional banks continued to flourish across different parts of the country, several other predecessors were formed. After a number of merges at the turn of the 21st century, the bank formally took on the U.S. Bank name and established its headquarters in Minnesota.
Over the years, U.S. Bank has been recognized for its continuous delivery of competitive products and services to meet different personal and business banking needs. In 2019, the bank was named one the World’s Most Ethical Companies by Ethisphere for the company's commitment to sound decision-making and core values.
Heard enough? Check your medical practice financing rates here!
U.S. Bank medical practice financing basics
As you can tell by now, U.S. Bank is a premier lender to healthcare practitioners seeking to start, grow and manage their business. U.S. Bank representatives have special expertise in lending to healthcare professionals, including:
In 2014, U.S. Bank was chosen as the endorsed practice finance program for members of the American Association of Orthodontists. Under the 3-year designation, the bank provided practice finance loans with favorable pricing to qualified orthodontists among the association’s U.S. members.
U.S. Bank offers a variety of practice loans, including dentist loans, medical loans, working capital loans, and equipment loans (among many others). Obtaining a loan from U.S. Bank can empower you to:
- Start your own private practice. If you are ready to start your business, you can obtain a loan from this lender and build a strong foundation for your practice.
- Buy into an existing practice. If you intend to buy a stake in another practice, this lender can give you the funds you need to accomplish your goal.
- Relocate or expand your practice. If you are planning to remodel, relocate or add another office, you can obtain a loan from U.S. Bank and set your plan in motion.
- Refinance your practice. U.S. Bank can offer you a loan that you can use to consolidate your debts and/or boost your cash flow
- Finance equipment. Whether you're looking to upgrade medical equipment for your practice or you want to adopt new technology to boost operational efficiency, U.S. Bank can help you get the funds you need.
Furthermore, U.S. Bank understands business and financial challenges doctors face when opting to work outside of large healthcare networks. That's why U.S. bank provides the financial support and guidance that independent practitioners need. This enables them to focus less time on the financing and more time on running a successful practice.
U.S. Bank borrower eligibility requirements
If you are a healthcare professional (such as a medical practitioner, dentist, orthodontist, veterinarian, optometrist, etc.), you can apply for a loan from the U.S. Bank. However, eligibility requirements vary by loan type.
To get equipment financing, for instance, the baseline requirement is that your practice must be established for at least 6 months. You will also be required to put up some form of collateral.
To obtain an equity line of credit from U.S. Bank, your practice must have over $1 million in annual sales. Therefore, larger business lines of credit and equity lines of credit are options for well-established companies that generate large sales annually.
In addition to these requirements, your credit score will be considered. You should contact a U.S. Bank loan representative to find out more about what you qualify for.
Benefits of financing your practice with U.S. Bank
Here are a handful of key highlights you can expect when funding your practice at U.S. Bank:
- Flexible application process. You can apply in person at one of their local branches, over the phone, or online.
- Competitive pricing. The bank offers both short-term and long-term loans at competitive fixed rates.
- No down payment required. Similar to its physician mortgage loan program, U.S. Bank does not require a downpayment on its practice finance loans.
- First-class service and support. Borrowers enjoy the guidance and expertise of dedicated practice finance professionals.
- Prepayment waiver option. This allows you to avoid penalty fees if you need to make payments ahead-of-schedule.
When it comes to household names in banking, few are as recognizable as U.S. Bank. However, many of the products and services it offers for the healthcare space fly under the radar.
In assessing your practice finance needs, it helps to understand:
- U.S. Bank's reputable history of financial strength.
- The various products and services it offers for healthcare professionals.
- Benefits of financing your medical practice with U.S. Bank.
Ready to check your medical practice financing options? Get started with ease right here at LeverageRx.