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Doctors that own their own practice can generally qualify for most small business loans because of their high earning potential, strong net worth, and the business’s stable revenue. An SBA loan will typically give a medical practice low rates with the lowest monthly payment of most term loans. If you’re one of them, here’s our top 15 banks for SBA Loans:
1) JP Morgan Chase Bank — Columbus, OH
2017: 92 loans, $248,926 average loan, average interest rate of 7.1%
JPMorgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.
2) Wells Fargo Bank — Sioux Falls, SD
2017: 78 loans, $774,331 average loan, average interest rate of 6.3%
Wells Fargo is one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, including pharmacy owners, they can offer a deep understanding of business needs, with benefits you won’t find anywhere else. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable.
3) Compass Bank — Birmingham, AL
2017: 51 loans, $254,582 average loan, average interest rate of 7.9%
Named a “National Preferred Lender” by the SBA, BBVA Compass has the experience and know-how to position your small business for future growth. Recognized as an “SBA Lender of the Year” in 2015 by the Small Business Administration, BBVA Compass is proud to do their part to help small businesses overcome their current economic challenges and position themselves for future growth.
4) The Huntington National Bank — Columbus, OH
2017: 22 loans, $267,155 average loan, average interest rate of 6.2%
Huntington is the #1 SBA 7(a) lender in the number of loans in the regions made up of Indiana, Kentucky, Illinois, Ohio, West Virginia, Western Pennsylvania, Wisconsin, and Michigan (according to U.S. SBA from October 1, 2008, to September 30, 2016). With 8 years of pretty great track record of helping businesses like auto repair shops, you’ll never go wrong in trying to apply for an SBA loan with Huntington.
5) TD Bank— Wilmington, DE
Year to date: 21 loans, $230,819 average loan, average interest rate of 7.4%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
Still unsure? Here’s our complete list to help you further:
|Rank||Bank||City||State||# Loans||Avg Loan||Avg Int|
|1||JPMorgan Chase Bank||Columbus||OH||154||$287,861||7.3%|
|2||Wells Fargo||Sioux Falls||SD||140||$754,307||6.8%|
|9||Bank of the West||San Francisco||CA||24||$597,554||6.1%|
|11||Banco Popular de Puerto Rico||San Juan||PR||22||$92,673||8.1%|
|12||First Home Bank||Seminole||FL||22||$238,409||7.0%|
|13||Newtek Small Business||Lake Success||NY||21||$920,333||7.5%|
|14||Zions Bank||Salt Lake City||UT||21||$122,190||8.6%|
|16||Bank of America||Charlotte||NC||16||$1,096,288||4.8%|
|17||Celtic Bank||Salt Lake City||UT||15||$158,747||7.4%|
|19||MUFG Union Bank||San Francisco||CA||12||$1,340,617||5.2%|
|20||United Community Bank||Blairsville||GA||12||$732,667||6.3%|
|23||First-Citizens Bank & Trust||Raleigh||NC||10||$637,800||5.7%|
|24||Independence Bank||East Greenwich||RI||10||$115,000||7.3%|
|27||Fifth Third Bank||Cincinnati||OH||8||$157,275||6.4%|
|28||First Bank||Southern Pines||NC||8||$1,262,850||5.9%|
|29||Readycap Lending, LLC||New Providence||NJ||8||$966,875||7.6%|