FOR DENTAL PRACTICES
Running a dental practice means paying hygienists, assistants, lab bills and supplies every week while insurance claims take weeks to settle. Growth costs money too: new operatories, imaging and software, an associate dentist or a second location. Clear helps general and specialty dental practices get working capital from 100+ lenders, with funding in as little as 1 to 2 days.
I had an opportunity to acquire a competitor but it required a large down payment within 3 days. I secured a short term loan through Clear the day after I applied and was able to make the acquisition. My revenue is now 40% higher than before!
Common uses include covering payroll while insurance claims are paid, buying imaging, chairs or practice software, building out new operatories, hiring an associate or hygienist, marketing for new patients, and down payments on an acquisition or second location. Short term loans and merchant cash advances have no restrictions on the use of funds.
Short term loans and merchant cash advances can fund within 1 to 2 days of approval. You typically need only a completed application and your 3 most recent business bank statements.
A short term loan offers up to $5 million over 6 to 36 months with interest from 11%, and generally needs a 600+ FICO score. A merchant cash advance is our easiest product to get approved for (500+ FICO) and offers up to $2 million over 3 to 24 months, priced with a factor rate from 1.14 instead of an interest rate. A Clear loan advisor can compare offers side by side.
Yes. A short term loan can fund a down payment quickly. For a larger, longer-term purchase, an SBA loan or commercial real estate financing may fit better, and a Clear loan advisor can walk you through the options.
Yes. An asset-based loan can use accounts receivable, equipment and other assets as collateral for up to $10 million at rates from 7%, though underwriting can take up to 90 days.
For many practices, yes. With 12 months in business, $400,000+ in annual revenue and a 650+ FICO score, a line of credit of up to $250,000 covers uneven months, and you pay interest only on what you draw.
Often, yes. A merchant cash advance can work with a FICO score of 500 or higher because approval is driven mainly by your revenue and bank deposits. Short term loans generally need 600+, and lines of credit 650+.
Short term loan payments are weekly or monthly by automatic ACH withdrawal. Merchant cash advance payments are daily (Monday to Friday), weekly or semi-monthly, and are normally tied to a percentage of your sales.
Clear is a business loan marketplace with 100+ lenders. One application lets you compare offers, and a dedicated loan advisor helps you choose the terms that fit your practice. See how a dental practice expanded with commercial real estate financing, or read about financing for medical and healthcare practices.
