If you're researching funding for your medical practice, you may be wondering whether secured or unsecured funding is the better choice. Here’s teh short answer: If you do not have any collateral to secure a medical practice loan, then you'll need to apply for unsecured financing.

Unsecured medical practice loans do not require any type of collateral to secure the loan, such as property or equipment. Some traditional lenders offer unsecured funding, but most banks and SBA loan programs will require collateral in order to secure a medical practice loan. Alternative online lenders, on the other hand, primarily offer "unsecured" medical practice loans that do not require collateral.

In our latest post for Physician’s Practice, we take a closer look at 4 unsecured medical practice loan options, including:

Staffing shortages are challenging small businesses in many industries, primarily in accommodation, food services, and manufacturing.

Raising wages and offering more competitive benefits packages can help you attract new talent and retain your existing staff, but there are many other strategies you can consider to boost hiring and reduce the impact of staff shortages, such as automating routine processes or investing in new software or equipment that will help your business operate more efficiently.

Many of these strategies require an investment of working capital that small businesses may not have on hand after two years of shutdowns and restrictions and major changes in consumer behavior. Merchant cash advances (MCAs) may be an ideal solution for small businesses that want to boost cash flow in order to hire, innovate, and grow. In our latest post for Smarter Loans, we explore how small businesses can use merchant cash advance funding to address staffing shortages, including:

1. Hiring new staff
2. Offering higher wages and better benefits
3. Upskilling existing staff
4. Offering employee referral bonuses
5. Providing flexible work hours
6. Investing in automation technology to reduce staffing needs
7. Working with a staffing agency

Traditional loans are often the preferred small business loan for law firms. Although they typically offer lower interest rates, longer terms, and larger loan limits, traditional loans have their share of downsides-they can take weeks or even months to be approved, and they’re usually reserved for businesses that have collateral and extremely strong credit.

So where do you turn if your law firm needs fast funding or you don't meet the strict requirements of traditional commercial lenders?

With a simple online application, more flexible approval requirements, and shorter turnaround times, alternative lenders like Bluerock Options® may be able to provide the right small business loan for your law firm.

Merchant cash advances are among the most popular funding options offered by alternative lenders. There are no restrictions on how merchant cash advance funding can be used, so law firms can use MCAs however they see fit. In our latest post for Smarter Loans, we explore 7 ways law firms can use merchant cash advance funding to fuel their growth, including:

1. Meet the increasing demand for legal services
2. Invest in your staff
3. Update law firm technology and/or software
4. Offer new services
5. Purchase real estate
6. Acquire another practice
7. Boost marketing efforts

We also take a look at how MCAs can help attorneys respond to challenges such as:

• Navigating COVID-19 safety protocols
• Enhancing data security
• Dealing with long billing cycles
• Covering licensing and registration fees

Medical practices are one of many industries feeling the harsh effects of the "great resignation", including sudden staffing shortages, particularly in the field of nursing.

Though there are many things medical practices can do to not only hire new staff, but to retain them as well, overcoming staffing shortages often requires an investment of working capital. Merchant cash advances (MCAs) are an ideal source of medical practice funding for those looking to boost cash flow in order to hire and retain qualified staff.

In our latest post for Physician’s Practice, we take a closer look at how merchant cash advances can be used to attract new hires and retain existing staff, including:

Long-term small business funding from lenders like banks and the Canada Small Business Financing Program (CSBFP) have historically been the go-to option for small businesses seeking funding in Canada. But long-term loans aren’t always the best option for your small business-sometimes, short-term small business financing can make more sense.

Long-term loans are often ideal for businesses that have established good credit, a strong financial history, and a solid cash flow. Short-term loans, on the other hand, may be a better option for new businesses who need fast working capital or who may not meet the strict requirements of traditional lenders.

To help you understand the difference between short-term business loans and long-term loans, we took a closer look at both funding options and when to consider them in our latest article for Smarter Loans, an online lending resource in Canada.

Read the full article to learn more about:

• Repayment terms for short- and long-term funding
• Types of short- and long-term funding
• Short- and long-term business loan rates
• Qualification requirements
• When to use a short-term loan vs long-term loan
• Advantages and disadvantages of short- and long-term loans
• Who should apply for short- and long-term business funding
• Can you get a business loan without collateral?
• How to get a business loan without collateral, including lender types, funding types, and required documentation

Medical practices may need to upgrade their equipment for many reasons and at any time. Whether you are just starting your practice and are purchasing equipment for the first time, you’re an established practice looking to upgrade to the latest tech, or you are dealing with an unexpected breakdown and urgently need a replacement, you may need to secure third-party funding to help you finance the purchase of new equipment.

Small Business Administration (SBA) loans and loans from traditional lenders like banks are popular options for medical practices looking for equipment financing, but these loans have a long application process and extensive paperwork requirements. If your practice doesn't meet the requirements of the SBA or a bank or you need funding quickly, alternative lenders like Bluerock Options® may be a better option.

In our latest post for Physician’s Practice, we take a closer look at how alternative funding can help medical practices upgrade their equipment, including:

When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.

1. SBA loans are provided by SBA-approved lenders-including conventional banks or microlending institutions-and are guaranteed by the SBA up to a maximum amount (usually 80-90%). This means that if you default on your loan, the SBA will reimburse the lender for a portion of the total loan value.
2. "Alternative funding" refers to any lending that occurs outside of a traditional financial institution such as a bank or a credit union. It uses new technologies to support the underwriting process and provides a streamlined application with flexible approval requirements that are favorable to more medical practices.

Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:

Applying for a loan requires lots of documentation about you and your business. The documentation you’re required to supply will depend on the type of lender and the type of funding you're applying for-traditional lenders like the Small Business Administration (SBA) and banks have strict and thorough documentation requirements, while alternative lenders typically ask for less paperwork and have a more streamlined process.

We joined Physician’s Practice to outline what you'll need to apply for a small business loan from any type of lender. Keep reading to learn about small business loan documentation requirements for:

Whether you are a new doctor preparing to open your own practice or you're an established medical professional with many years under your belt and a robust patient roster, even the best businesses may need to borrow money at some point in order to keep things operating smoothly and continue growing.

If you don't need to borrow a huge sum, lines of credit are a flexible, less-strict borrowing option that may suit your needs better than a long- or short-term loan like and SBA loan.

We joined Physician’s Practice to share our expert advice for how medical practices can use lines of credit to grow their practice. Read the full article to learn:

Many of the most popular small business funding options require collateral, including bank loans and Canada Small Business Financing Program Loans.

What if you’re a small business owner who doesn’t have collateral to secure a loan? Don’t worry-there are a number of small business funding options that don’t require collateral.

To help you understand what unsecured loan options are available to businesses that don’t have collateral, we took a closer look at different unsecured funding options in our latest article for Smarter Loans, an online lending resource in Canada.

Read the full article to learn more about:

• What is collateral business loans?
• Can you get a business loan without collateral?
• How to get a business loan without collateral, including lender types, funding types, and required documentation

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