SBA Loans

Most doctors of chiropractic think of banks for the financing needs of their practices. Unfortunately, many banks aren't able to meet the needs of the small chiropractic practice. Plus, they may be reluctant to loan money to professionals with higher debt levels, such as new graduates with student loans.

Because of the hurdles with traditional lending channels, the U.S. Government created the Small Business Administration loan guarantee program that many banks participate in today.

The SBA's loan guarantee program is designed to help small businesses start and grow. The program guarantees long-term loans to businesses that may not be able to obtain financing through conventional bank financing.

Is An SBA Loan Right For You?

For doctors of chiropractic, the program is especially attractive because there are more options and opportunities available than offered by non-SBA lenders, and at typically longer terms and competitive interest rates. Also, some SBA loans have less stringent requirements for equity investment and collateral than do typical bank loans. This can make SBA-backed loans an excellent resource for new chiropractors and experienced chiropractors wishing to expand their practice.

Working with a government agency has its challenges. Because the process for SBA loans is complex, many banks and other lenders do not participate or promote SBA loans. Other lenders have made SBA financing a niche in their institution and have mastered the process. So when shopping for financing, ask lenders for information on SBA programs they may offer and/or referrals to SBA lenders in your community.

You can also contact the SBA directly and utilize local resources. In addition to SBA District Offices, the SBA has a network of Small Business Development Centers (SBDCs) across the country. SBDCs not only provide technical assistance with development of business plans, but they can help navigate SBA financing options and find SBA lenders.

The SBA and SBDCs can also help identify special programs available to women, minorities, the disabled, veterans, and rural businesses.

Visit to learn more about available programs and locate local resources.

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