Tap to get financing
SBA 7(a) Loans
SBA 7(a) Loans
Uses for the SBA 7(a) LoanCompare SBA LoansFund a StartupBuy EquipmentGet a Commercial MortgageRepair CapitalRefinance Business DebtGet a Working Capital LoanBuy a BusinessLearn About the SBA Lending ProcessFind an SBA Lender
Requirements Rates Loan Calculator
SBA Tools
SBA 7(a) Loan CalculatorSBA 504 Loan Calculator
Blog
About Us
About usContact us
Get financing
Close sba7a.loans is an independently owned and operated website and has no government affiliation. We are not the Small Business Administration and are not a lender. If you are trying to reach the SBA click here to be redirected.
Newly Published
Oct 27 at SBA 7(a) Loans
Small Business Loans Guide: Before You Start
Aug 26 at SBA 7(a) Loans
Who Are Specialized Lenders in the SBA 7(a) Loan Program?
Aug 26 at SBA 7(a) Loans
Writing a Proposal for the SBA 7(a) Loan
Explore the Janover Network
Mar 31 at Commercial Real Estate Loans
7 Reasons Multifamily Should Be in Your CRE Portfolio
Mar 29 at Commercial Real Estate Loans
The Advantages and Risks of Buying Distressed Properties
Mar 28 at Multifamily Loans
Why Smaller, "Boutique" Apartment Buildings Can Be Great Investments
Was This Article Helpful?
Small Business and SBA Lending Blog
Last updated on Feb 19, 2023
3 min read

Can You Get an SBA 7(a) Loan for a Medical Center?

Americans spent over $3 trillion on healthcare in 2016 alone, making it one of the largest industries in the entire country. And, while much of the industry is dominated by large public and private hospitals, as well as doctors’ offices , smaller, private medical centers also occupy an important ma

Apply for a loan in minutes and get multiple quotes today → Get Quotes

In this article:
  1. How to Get an SBA 7(a) Loan for a Medical Center or Medical Imaging Center
  2. SBA 504 Loans May Be A Better Option for Larger Medical Centers
  3. Related Questions
  4. Get Financing

Americans spent over $3 trillion on healthcare in 2016 alone, making it one of the largest industries in the entire country. And, while much of the industry is dominated by large public and private hospitals, as well as doctors’ offices, smaller, private medical centers also occupy an important market niche. And, if you own (or want to own) an independent outpatient medical center, a small surgery clinic, or an ultrasound/MRI center, an SBA 7(a) loan could be a great way to get the financing you need to start, maintain, and grow your business.

How to Get an SBA 7(a) Loan for a Medical Center or Medical Imaging Center

SBA 7(a) loans aren’t just offered by banks; they’re also offered by credit unions, online and alternative lenders, which gives borrowers a wide variety of choices during the loan application process. Medical centers 7(a) loans can be used for a variety of purposes, such as buying medical equipment, funding the purchase of owner-occupied commercial real estate, and funding a medical center’s working capital reserves.

Medical centers can use SBA 7(a) loans for:

  • Purchasing medical equipment: Medical equipment can be one of the largest costs for medical centers (especially medical imaging center); for example, some MRI machines can cost up to $3 million, state-of-the-art ultrasound machines can easily cost over $100,000, and new x-ray machines often cost between $125,000 and $235,000.

  • Building a new medical center: SBA 7(a) loans can finance nearly all new construction costs— including furniture, lighting, security systems, and even landscaping.

  • Refinancing business debt: If you own a medical center with SBA-eligible business debt that’s currently being offered to you on unreasonable terms, you may be able to refinance it with an SBA 7(a) loan.

  • Buying or expanding a medical center: If you want to purchase a medical center, or expand one that you currently own, an SBA 7(a) loan could be a smart way to do so.

  • Buying out a partner: In addition to purchasing a new medical center or expanding a current one, you can use an SBA 7(a) loan to buy out a business partner.

SBA 504 Loans May Be A Better Option for Larger Medical Centers

While the 7(a) loan is a great choice for many medical centers, borrowers primarily looking for commercial real estate financing for their business may find that the SBA 504 loan is a superior fit for their needs. While the SBA 504 program does not allow for working capital or equipment financing, it does offer somewhat lower interest rates than SBA 7(a) loans and a slightly larger maximum loan amount, at $5.5 million.

We’re here to help you get the commercial financing you need. Contact SBA7(a).Loans today to arrange your risk-free, personal consultation, or, simply Click the button below to apply for a free quote! 

Related Questions

What are the requirements for an SBA 7(a) loan for a medical center?

The requirements for an SBA 7(a) loan for a medical center are the same as for any other business. The borrower must be a for-profit business, have a good credit score, and have a sound business plan. The loan must also be used for a business purpose, such as purchasing medical equipment, building a new medical center, refinancing business debt, buying or expanding a medical center, or buying out a partner. The maximum loan amount is $5 million, and the interest rate is typically between 6-9%. For more information, please see https://www.sba.gov/funding-programs/loans/sba-loan-programs/7a-loan-program.

What are the advantages of an SBA 7(a) loan for a medical center?

The SBA 7(a) loan is a great choice for many medical centers, as it can be used for a variety of purposes, such as purchasing medical equipment, building a new medical center, refinancing business debt, buying or expanding a medical center, and buying out a partner. The SBA 7(a) loan also offers a wide variety of choices during the loan application process, as it is offered by banks, credit unions, online and alternative lenders.

The SBA 7(a) loan also offers somewhat lower interest rates than other loan products, and a maximum loan amount of up to $5 million.

Sources:

  • www.sba7a.loans/sba-7a-loans-small-business-blog/medical-center-loans
  • https://www.sba504.loans/rates-and-costs/
  • https://www.sba504.loans/sba-504-blog/sba-504-loans-vs-7a-loans

What are the disadvantages of an SBA 7(a) loan for a medical center?

The main disadvantage of an SBA 7(a) loan for a medical center is that the interest rates are typically higher than those of an SBA 504 loan. Additionally, the maximum loan amount for an SBA 7(a) loan is $5 million, while the maximum loan amount for an SBA 504 loan is $5.5 million.

For more information, please see the following sources:

  • https://sba504.loans
  • /sba-7a-loans-small-business-blog/sba-7a-versus-504-loan
  • https://www.sba504.loans/rates-and-costs/
  • https://www.sba504.loans/sba-504-blog/sba-504-loans-vs-7a-loans

What are the eligibility criteria for an SBA 7(a) loan for a medical center?

In order to be eligible for an SBA 7(a) loan for a medical center, the business must meet the following criteria:

  • The business must be a for-profit business.
  • The business must be located in the United States.
  • The business must have a net worth of less than $15 million.
  • The business must have an average net income of less than $5 million over the past two years.
  • The business must have a tangible net worth of less than $5 million.
  • The business must have been in operation for at least two years.
  • The business must have a good credit history.

For more information, please visit the SBA website.

How long does it take to get an SBA 7(a) loan for a medical center?

The time it takes to get an SBA 7(a) loan for a medical center depends on the lender and the complexity of the loan. Generally, it takes between 30 and 90 days to get approved for an SBA 7(a) loan. The SBA 7(a) loan application process includes the following steps:

  • Submitting a loan application to the lender
  • Gathering and submitting the required documents
  • Underwriting and credit review
  • Approval and closing

The lender will also need to submit the loan application to the SBA for final approval. This process can take up to 90 days. For more information, please visit https://www.sba7a.loans/sba-7a-loans-small-business-blog/how-long-does-it-take-to-get-an-sba-7a-loan/.

In this article:
  1. How to Get an SBA 7(a) Loan for a Medical Center or Medical Imaging Center
  2. SBA 504 Loans May Be A Better Option for Larger Medical Centers
  3. Related questions
  4. Get Financing
Tags
  • SBA 7(a) Loans
  • SBA Loans
  • SBA 7(a)
  • SBA Business Loans
  • SBA Medical Imaging Loans
  • SBA Medical Center Loans
  • SBA MRI Center Loans

Getting a small business loan should be easy.⁠ Now it is.

Click below for a free, no obligation quote and to learn more about your loan options.

Get financing →
Janover logo

SBA 7(a) Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

Janover Inc.

6401 Congress Ave
Ste 250
Boca Raton FL 33487

hello@sba7a.loans

SBA 7(a) Loans

SBA Loan Comparison
SBA 7(a) Loan Fees, Rates, and Terms
Qualifying for an SBA 7(a) Loan
SBA Loan Guides per State

Site Information

Privacy Policy
Terms of Use
Advertiser Disclosure

This website is owned by a private company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing. We are a technology company that uses software and experience to bring lenders and borrowers together.

All users should perform their own due diligence and research. Nothing on this website is an offer or a solicitation for a loan. This website does not endorse or charge you for any service or product. None of the information on this site constitutes legal advice. We are not affiliated with the Small Business Administration (SBA). If you need to visit the SBA directly please click here: sba.gov

Click here for our Advertiser Disclosure.

Copyright © 2023 Janover Inc. All rights reserved.