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Business Financing FAQs

Get the answers you need to common questions about small business financing

Applying for financing
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What information do you need to submit an application?

You’ll need some basic business and personal information to submit an application. See what you'll need to apply.

Can I apply online for a small business loan or line of credit?

Yes. If you have a Small Business Online Banking login you can apply for an unsecured business loan and unsecured business line of credit online.

You can apply for all small business financing products by scheduling an appointment by phone or in person with a business lending specialist.

Once a loan or line of credit is approved, how long does it take to receive funds?

Our team will work closely with you to make sure your financing is in hand as soon as possible. Factors such as type of loan, type of collateral and the speed of documentation back and forth can affect the overall timeline.

Do I need to have an account with Bank of America in order to apply for small business financing?

No, you can apply with a business lending specialist without a Bank of America account. To apply online for an unsecured business loan and unsecured business line of credit you’ll need to login with your Small Business Online Banking login.

Does Bank of America fund new business startups?

Bank of America business financing requires that your business be under current ownership for at least 2 years. If you have not been in business for 2 years, learn more about SBA Loans.

If I change my mind about my financing (for example, wanting to finance a different type of equipment) before I complete my application, do I have to start the application process again from the beginning?

While each specific situation is different, in most cases we can make those adjustments to your application as needed with very minimal impact to your application timeline.

Learn more about small business financing options
Unsecured business line of credit
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Is there a minimum or maximum amount I can apply for?

Our unsecured line of credit includes amounts $10,000 - $100,000. There is no interest until you use the funds and no collateral required.

How can I apply for an unsecured business line of credit?

To apply you can:

  • Apply online with your Small Business Online Banking sign-in

  • Call us at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET)

  • Schedule an appointment – select a convenient time to meet by phone or in person

What determines my interest rate?

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America and line amount.

How does an unsecured line of credit differ from a business credit card?

Business credit cards are great for small, everyday business expenses. An unsecured line of credit provides longer-term financing in larger amounts with lower interest rates.

Will I pay any interest on my line of credit if I have a zero balance?

No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.

Learn more about unsecured lines of credit
Unsecured business loan
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What are the requirements to get an unsecured business loan from Bank of America?

Business financing requires that your business be under current ownership for at least 2 years with a minimum annual revenue of $100,000.

How is my interest rate determined?
Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America, loan amount and loan term.

What do I need to apply?
You’ll need some basic business and personal information to submit an application. See what you'll need to apply

How can I apply for an unsecured business loan?

To apply you can:

  • Apply online with your Small Business Online Banking Login

  • Call us at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET)

  • Schedule an appointment – select a convenient time to meet by phone or in person

How do I access my funds once my loan is approved?

If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed, including small business online banking.

Learn more about unsecured business loans
Secured business line of credit
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Is there a minimum or maximum amount to a business line of credit?

Our flexible revolving credit lines start at $25,000. There is no specific maximum to a Bank of America business line of credit. All approvals are subject to current credit policy and regulatory requirements.

What determines my interest rate?

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America and line amount.

How can I secure my business line of credit?

You may not be required to secure your line of credit for amounts of $100,000 and less. Lines of credit greater than $100,000 will be generally required to be secured by collateral such as a blanket lien on general assets or a certificate of deposit. Other collateral may be considered. If you secure your line of credit with a certificate of deposit, you can borrow up to 100% of the value of the CD.

Will I pay any interest on my line of credit if I have a zero balance?

No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.

What are the requirements to get a business line of credit from Bank of America?

Business financing requires that your business be under current ownership for at least 2 years and minimum annual revenue of $250,000.

What do I need to apply?

You’ll need some basic business and personal information to submit an application. See what you'll need to apply

Can I apply online for a business line of credit?

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Learn more about secured business lines of credit
Secured business loan
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What are the requirements to get a business loan from Bank of America?

Business financing requires that your business be under current ownership for at least 2 years and minimum annual revenue of $250,000.

How is my interest rate determined?

Your interest rate may differ based on your credit worthiness, business overall relationship with Bank of America, loan amount and loan term.

What do I need to apply?

You’ll need some basic business and personal information to submit an application. See what you'll need to apply

Can I apply online for a business loan?

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

How do I access my funds once my loan is approved?

If your financing request is approved, a business lending specialist will let you know about the various ways you can access your funds after the loan documents are signed. These methods vary depending on the type of financing you're getting.

Should I choose a fixed or variable interest rate?

It all depends on your specific business situation and your tolerance for risk. A fixed interest rate provides the security of knowing what your interest rate and payment will be throughout the life of your loan. A variable interest rate loan may give you a lower rate and payment amount initially, but there’s a chance that the rate and payment amount may rise or fall in the future. Many term loan products only offer a fixed rate.

How can I reduce the amount of my monthly term loan payments?

Extending the number of months you take to pay off a term loan will lower your monthly payment. However, it will take you longer to pay off the debt and the total cost of borrowing the money will be higher. The type of collateral you pledge to secure your loan may have an impact on your interest rate, too.

Learn more about secured business loans
Servicing your loan or line of credit
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Can I change the monthly due date of my loan or lease payment?

Yes, you can. Call us at 888.287.4637 (Mon–Fri 7 a.m.–7 p.m. ET or Sat 7 a.m.–4 p.m. ET). One of our business lending specialists can help.

Can I pay my loan off early?

Yes, but a prepayment fee may apply. This can vary depending on the type of financing you’re getting, so be sure to check when you’re applying whether a prepayment fee applies in your specific situation.

I'm getting ready to sell my business. Is my loan, lease or line of credit assumable by the buyer?

No, it isn't. Please notify us immediately so that we can work with you to clear your debt obligation. 888.287.4637 (Mon–Fri 7 a.m.–7 p.m. ET or Sat 7 a.m.–4 p.m. ET).

How can I get a letter showing the amount of interest I paid last year?

You can get an interest paid letter in 3 ways:

  • For immediate written confirmation of interest paid last year, sign in to Bank of America Online Banking, select your loan from the Accounts Overview page and click on the View/Print Letter link to the right of Interest Paid Last Year information on the Summary tab.

  • Dial our automated phone service, authenticate yourself and choose the interest information option offered at the beginning of the menu selection choices. You will then receive a verbal confirmation of your interest paid last year.

  • Call us at 888.287.4637 (Mon-Fri 7 a.m.–7 p.m. ET or Sat 7 a.m.–4 p.m. ET). One of our business lending specialists can provide you with a faxed or mailed copy of your interest paid last year information.

Who can I call if I have labels about my business loan or line of credit that aren't answered online?

We have business lending specialists standing by to assist you with whatever labels you may have. Call us at 888.287.4637 (Mon-Fri 7 a.m.–7 p.m. ET or Sat 7 a.m.–4 p.m. ET).

Small business auto loans
What types of vehicles can I purchase with a Business Advantage Auto Loan? What’s the difference between a franchise dealer and an approved independent dealer? Are there any types of vehicles I can’t finance with Business Advantage Auto Loan? Can I refinance my existing auto loan with a Business Advantage Auto Loan? How do I apply for a Business Advantage Auto Loan? What do I need to apply for a Business Advantage Auto Loan? How do I check the status of my auto loan application? If I’m approved, how long is my loan offer good for? What are my next steps once I’m approved? What happens next after my loan closes? How is my annual percentage rate (APR) determined? I’m a Business Advantage Relationship Rewards clients. Do I get a lower interest rate? Will freezing my credit report affect my ability to apply? Can I use a Bank of America vehicle loan to finance a heavy-duty vehicle such as a large tractor trailer for cross country shipping? Does Bank of America offer lease financing for heavy-duty commercial vehicles? Is there a limit to the number of auto loans I and/or my business can have? Is the business or the individual liable for the loan? Is there a prepayment penalty if I decide to pay my auto loan off early? What are the benefits of refinancing? Can I refinance my auto loan if the payoff balance on my current loan is more than my vehicle’s value? When will I receive the first monthly statement for my auto loan? How can I make payments to my auto loan? How can I get the payoff amount for my auto loan? How can I pay off my loan? Once I pay off my loan in full, how long will it take for me to receive proof that the loan is closed and get my title? Is my loan assumable by another party?
Show all answers

What types of vehicles can I purchase with a Business Advantage Auto Loan?

With a Business Advantage Auto Loan – available in all 50 states and the District of Columbia – you can purchase new or used automobiles, vans or light trucks from franchise dealers and approved independent dealers.

What’s the difference between a franchise dealer and an approved independent dealer?

Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.


Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Hertz Car Sales®, Enterprise Car Sales and Carvana.

Are there any types of vehicles I can’t finance with Business Advantage Auto Loan?

Yes. The following vehicles are not eligible for financing:

  • Vehicles older than 5 calendar years
  • Vehicles with 75,000 miles or more
  • Vehicles valued at less than $10,000 (based on franchise dealer invoice for new vehicles or, for used vehicles, the wholesale value from an official used car value guide such as NADAguides.com layer)
  • Large commercial vehicles (for example, a dump truck or tractor-trailer)
  • Box truck, chassis cab or cutaway vehicles
  • Salvaged or branded-title vehicles
  • Gray market or lemon law vehicles
  • Conversion or delivery vehicles
  • Motorcycles, recreation vehicles (RV), boats or aircraft

How do I apply for a Business Advantage Auto Loan?

You can apply online right now – it takes just a few minutes, there's no fee to apply and most decisions are available within 24 hours.


You can also call us at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to apply by phone or in person at a time that’s convenient for you.

What do I need to apply for a Business Advantage Auto Loan?

You’ll need to provide basic business and personal information on your application. See what you'll need to apply

How do I check the status of my auto loan application?
You can securely check the status of your car loan application online at any time. We will also send you an email when a decision about your application has been made.
If I’m approved, how long is my loan offer good for?
Your loan approval and interest rate are locked in for 30 calendar days from the date of your original application submission, so you’ll have plenty of time to shop for your car.
What are my next steps once I’m approved?

If you’re purchasing a vehicle from a franchise dealer or an approved independent dealer:

  1. Speak with one of our loan specialists using the phone number provided to you with your approval.
  2. Find a dealer.
  3. Once you select the vehicle you want to purchase, follow the steps indicated by the loan specialist.
  4. Sign documents and drive home in your new car.

If you’re refinancing an existing car loan:

  1. Speak with one of our loan specialists using the phone number provided to you with your approval.
  2. Submit the documents requested by the loan specialist, including you current registration and a 10 day payoff letter. Payment will be sent to the lien holder and we'll provide you detailed next steps on how to complete the title process once the loan is complete.

What happens next after my loan closes?

Within 10-15 business days after your closing date, you'll receive a welcome package containing the following:

How is my annual percentage rate (APR) determined?

Your APR is based on your credit history, approved loan amount, term, state of residence and applicable discounts.

I’m a Business Advantage Relationship Rewards clients. Do I get a lower interest rate?

Yes. As a Business Advantage Relationship Rewards client, you’re eligible to receive an interest rate discount of up to 0.50% on a new Business Advantage Auto Loan. You must be enrolled in Business Advantage Relationship Rewards at the time of the loan application in order to receive the discount, which will be reflected in the interest rate presented to you upon loan approval. Learn more about Business Advantage Relationship Rewards

Will freezing my credit report affect my ability to apply?

If you’ve frozen your credit report due to security concerns, you’ll need to temporarily unfreeze it with all 3 credit bureaus (Equifax, TransUnion and Experian) in order to proceed with your Business Advantage Auto Loan application. To unfreeze your report, please refer to the instructions provided when you froze your report or contact the individual bureaus for more information.

Does Bank of America offer lease financing for heavy-duty commercial vehicles?

Yes. Bank of America has 2 lease options for heavy-duty commercial vehicles (typically greater than 2.5 tons in size):

  1. A TRAC lease gives you the option at the end of your term to return the vehicle or purchase it for a guaranteed amount.
  2. A lease purchase allows you to own the vehicle at the end of your term by purchasing it for $1.

A TRAC lease is not subject to mileage restrictions and if the vehicle is returned to Bank of America it will be sold. If it’s sold at a loss, you will be charged for the shortfall; if it’s sold at a gain, you will be paid any overage in proceeds.

For additional information, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss lease options by phone or in person at a time that’s convenient for you.

Is there a limit to the number of auto loans I and/or my business can have?

Yes, your business is limited to 4 Business Advantage Auto Loans concurrently (any auto loans reporting to your consumer credit bureau are subject to a maximum 4 loan limit as well). If your business has a need for more than 4 loans or vehicles, please contact a business lending specialist at 866.543.2808 (Mon-Fri 8 a.m.-10 p.m. ET) or schedule an appointment to discuss financing options by phone or in person at a time that’s convenient for you.

Is the business or the individual liable for the loan?

Both the business/primary applicant and the individual/co-applicant are jointly responsible for repayment of the loan, and both applicant names will appear on the loan. The individual/co-applicant is not required to be on the title application, but the business entity must be listed on the title application.


A hard credit inquiry (which could impact your credit score) will be made in order to make an approval decision regarding the individual/co-applicant, but there is no reporting to consumer credit bureaus on the subsequent booked loan. The Business Advantage Auto Loan payment history will be included in the Small Business Financial Exchange (SBFE) commercial credit reporting.

What are the benefits of refinancing?

Refinancing may reduce your monthly payment through lowering your interest rate and/or extending your loan term. It may also help you reduce the overall amount of interest you pay on your loan.


It’s important to look closely at all the numbers when you refinance: Although your refinanced monthly payment may be lower, you should carefully consider any potential increase in interest charges you may pay and the additional years needed to pay off your loan by refinancing.

Can I refinance my auto loan if the payoff balance on my current loan is more than my vehicle’s value?

Yes, but you may be asked to pay the difference as a requirement for getting your auto loan refinanced.

When will I receive the first monthly statement for my auto loan?

Your paper statement is mailed each month 20 days prior to your due date, unless you decide to set up automatic payments through Online Bill Pay, in which case you won't receive monthly paper statements. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

How can I make payments to my auto loan?

We offer a variety of auto loan payment options so you can select the one that works best for you:

  • Using Bill Pay: If you're an Online Banking customer, you can sign in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
  • By phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
  • By mail: You can mail your car loan payment to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
  • In person: You can always pay your auto loan in person at one of our financial centers
  • By automatic payment: You can contact us at 800.215.6195 for assistance in setting up an automatic payment or complete the New Automatic Payment Sign Up section on the back of your monthly statement.
How can I get the payoff amount for my auto loan?

The easiest way to obtain your payoff amount is to sign in to Online Banking and select the Automobile Loan link on your accounts overview page.


You can also call 800.215.6195 to obtain your payoff quote from our automated system 24/7, or visit a financial center.

How can I pay off my loan?

We offer a variety of auto loan payoff options so you can select the one that works best for you:

  • Using Bill Pay: If you're an Online Banking customer, you can sign in to make a payment through Online Bill Pay
  • By phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
  • By mail: You can mail your car loan payoff amount to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment
  • In person: You can pay off your auto loan in person at one of our financial centers.
If you don’t have a Bank of America deposit account, you may be able to set up an electronic payoff of your auto loan from your account at another financial institution.

Once I pay off my loan in full, how long will it take for me to receive proof that the loan is closed and get my title?

The timeframe to obtain your title, paid in full letter and/or lien release may vary by state. Please contact us at 800.215.6195 to determine the specific process for your account. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

Learn more about business auto loans
Commercial real estate loans
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What are Bank of America commercial real estate loans used for?

A Bank of America commercial real estate loan lets you purchase or refinance an owner-occupied business property or expand or remodel an existing facility. If you own property free and clear, you can also use a commercial real estate loan to leverage your equity to finance a variety of business needs.

How does Bank of America define owner-occupied business property?

Owner-occupied Commercial Real Estate (OOCRE) is typically determined by a combination of the percentage of occupancy > 50% and the percentage of rent paid by the borrower/guarantor/affiliate on the transaction being > 50%, subject to the regulatory definition.

How is a Bank of America commercial real estate loan secured?

A Bank of America commercial real estate loan is secured by the property you're purchasing or renovating.

Can I use commercial real estate to secure a line of credit?

Yes, although some state and property type restrictions may apply.

What fees are involved if I use commercial real estate to secure a line of credit?

Upfront fee is 0.75% of the amount financed. Additional fees and closing costs such as property insurance, flood hazard insurance and/or appraisal may apply. You’ll be provided a list of fees at closing.

Will I need to pay for a property appraisal?

Yes, appraisal fees are part of closing costs, which may also include such items as flood certificate, title fees and filing fees. Fees per loan vary and you will be provided with a detailed list of all fees before closing.

Can I use a Bank of America commercial real estate loan to draw equity from the property I own?

Bank of America can provide you with a business equity loan that allows you to leverage the value you've built in your property. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment to discuss your specific needs.

How can I apply for a commercial real estate loan?

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Learn more about commercial real estate loans
SBA loans (Small Business Administration loans)
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What is a Small Business Administration (SBA) loan?

The SBA is a federal agency that helps established businesses grow and helps new businesses get started. As a borrower, you’re not borrowing from the SBA, you’re borrowing from a financial institution like Bank of America that works with the SBA to provide loans to small business customers.

Is an SBA loan only for a new business?

No. Bank of America provides SBA loans to many established businesses so they can grow and expand.

What's the difference between an SBA loan and a business loan from Bank of America?

A conventional business loan from Bank of America is solely the bank’s risk and subject to Bank lending guidelines. An SBA loan is a business loan that splits the risk between the Bank and the SBA, which guarantees a portion of those loans. SBA loans are subject to the lending guidelines of both the SBA and Bank of America.

Is an SBA loan from one bank the same as from another bank?

No. An SBA loan must be approved by the issuing bank, and each bank has its own lending criteria. An SBA Preferred Lender is likely to provide you with better terms and a smoother application and closing process than a bank that is not an SBA Preferred Lender.

Is Bank of America an SBA Preferred Lender?

Yes. This means we meet all Preferred Lender Program eligibility criteria, including a proficiency in processing and servicing SBA-guaranteed loans. As an SBA Preferred Lender, we're part of the SBA's effort to streamline the procedures necessary to provide financial assistance to the small business community.

How can I apply for an SBA loan from Bank of America?

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Learn more about SBA Loans
Equipment loans and line of credit
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What are Bank of America equipment loans and leases for?

A Bank of America equipment loan or lease lets you borrow so you can purchase industrial and general-purpose equipment, specialized machinery and commercial-purpose vehicles generally larger than 2.5 tons (smaller vehicles such as vans and delivery trucks are typically financed through a Bank of America Business Advantage auto loan).

I'm not sure whether I should buy or lease equipment. Can you help?

Yes. Our equipment financing page includes information about the advantages and disadvantages of buying or leasing equipment. A business lending specialist can assist you by phone or in person. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

What's the difference between a lease purchase and a true tax lease?

There are several differences and advantages to each type of lease. With a lease purchase, at the end of the lease you will own the equipment for $1. You may also be able to take advantage of Section 179 benefits. With a true tax lease, we are able to take the tax benefit of equipment ownership in the form of depreciation and, in turn, offer you a reduced borrowing cost and reduced monthly payment. The depreciation benefit and the less than full amortization characteristics of a tax-oriented lease reduce your monthly payments well below the fully amortizing loan payments over the same time period. In addition, monthly lease payments are typically tax deductible for federal income tax purposes (consult your tax advisor).

What does residual value mean?

The residual value of an item (such as a vehicle) is the amount you will pay to purchase that item at the end of the lease and is based on estimated fair-market value. Lower monthly payments usually mean a higher residual value, so think about how much you can afford each month and your plans for the item at the end of the lease term.

Do you provide financing for agricultural equipment?

Yes. A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Do you provide equipment loans for healthcare practices?

Yes. Please visit our small business practice loans page, which will provide you with information about medical, dental and veterinary equipment loans.

How can I apply for equipment financing?

A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 866.543.2808 (Mon-Fri 8 a.m. – 10 p.m. ET) or make an appointment.

Learn more about business equipment loans
Practice loans
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What are your practice loan interest rates?

Our practice loan rates are very competitive and vary depending on loan purpose and term, so we recommend you call 800.497.6076 to speak with a Practice Specialist who can assist you with your specific financing needs. We can also provide you with an option to lock in your rate so that you won’t have to worry about potential rate increases and your rate will be guaranteed at closing.

What loan terms do you offer?

Loan terms vary based on the type of financing you’re seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.

What loan fees do you charge?

Fees and discounts can vary significantly depending on the type of loan, the amount being financed and the desired terms of the loan. Call 800.497.6076 to speak with a Practice Specialist who can provide you with an accurate estimate of the fees associated with your specific financing needs.

Are there any fee discounts offered to endorsed group members?

Bank of America is endorsed by more dental, veterinary and medical associations than any other specialty lender. Endorsed group members receive a 50% discount on administration fees associated with a funded loan.

What dental, medical and veterinary associations endorse Bank of America?

Dental
American Association of Oral and
Maxillofacial Surgeons
Arizona Dental Association
California Dental Association
Connecticut State Dental Association
Florida Dental Association
Georgia Dental Association
Illinois State Dental Society
Indiana Dental Association
Massachusetts Dental Society
Michigan Dental Association
New Hampshire Dental Society
New Jersey Dental Association
New York State Dental Association
North Carolina Dental Society
Ohio Dental Association
Oregon Dental Association
Seattle King County Dental Society
Tennessee Dental Association
Texas Dental Association Perks Program
Virginia Dental Association

Veterinary
American Animal Hospital Association
American Veterinary Medical Association

Medical
American Academy of Dermatology
American Academy of Family Physicians
American Society of Plastic Surgeons

Do you offer working capital?

Yes, working capital is included with certain loan types, such as startup and practice acquisition. We also provide business lines of credit and business credit cards to provide short-term working capital needs to established practice owners.

Do you offer 100% financing?

Yes, we offer up to 100% financing based on the type of financing you are seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.

What is the maximum amount I can borrow?

We offer loan amounts up to $5 million. Reach out to a Practice Solutions Specialist for any loan amount requirements.

What are the loan approval requirements?

A completed application is the main document needed to begin the approval process. Additional documents such as business and/or personal tax returns may be needed based on the type of loan you’re seeking and the amount you want to borrow. We’ll contact you if any additional documentation is needed.

Which medical specialties do you finance?

The specialties we finance vary depending on whether you are seeking financing for an established practice or starting up a practice from scratch:

Established practices: We offer financing for a wide range of specialties. Call 800.497.6076 to speak with a Practice Specialist and discuss your particular specialty and financing needs.

Startup practices: We offer financing for startups in the areas of allergy & immunology, anesthesiology, colon & rectal surgery, dermatology, emergency medicine, endocrinology, family practice, gastroenterology, general surgery, internal medicine, medical genetics, nephrology, neurological surgery, neurology, OB/GYN, oncology, ophthalmology, optometric, orthopedic surgery, otolaryngology, pathology, pediatrics, physical medicine / rehab, plastic surgery, podiatric surgery, preventative medicine, pulmonary, radiology, rheumatology, thoracic surgery, urgent care (family & internal medicine only), urology and vascular surgery.

Can I make a loan payment online or over the phone?

You cannot make a payment online, but check payments can be processed instantly over the phone by calling 888.852.5000

I'm thinking of starting my own practice. Will you offer any business support in my first year?

Absolutely. Our Practice Heartbeat© program is specifically designed to help you develop the vital practice management skills you’ll need to succeed. Because we work with health care professionals all across the country, we know what it takes to manage a practice in the most efficient, cost-effective manner. Our Practice Specialists will help you set and achieve your business objectives, track your progress, deliver a comprehensive evaluation of your practice and offer business strategies to help you improve. Practice Heartbeat is 100% complimentary when you undertake start-up financing or are purchasing a practice for the first time. Learn more about Practice Heartbeat© by calling 800.497.6076.

I'm currently in a residency. Am I eligible for a loan?

If you are in a medical or veterinary residency, you're not eligible for a loan until you've completed your residency.
If you are in a dental residency, you're eligible for a loan while in your residency.

Learn more about practice loans

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