Revenue-Based Financing For Medical Businesses
As one of the leading revenue-based financing providers, Mantis Funding will work with you to create a custom-made plan for your success to support your medical business dreams.
What You Need To Know About Funding Your Medical Business
Increased fees, tight margins, and a changing digital landscape can all impact medical stores’ bottom lines. To increase cash flow, medical stores must first get customers into the door, but the challenges don’t stop there. Customers often arrive at medical stores intending to fill a prescription or pay for one particular service in mind — limiting potential profits, don’t worry, though: Mantis Funding is here to help.
Revenue-based funding for medical stores can help you overcome low-profit margins, increase inventory, and handle other unexpected expenses. This way, you can get back to focusing on your business and finding innovative solutions to developing a solid customer base while keeping them coming back for more.
Popular Sources for Funding a Medical Store
There are a few different options for funding a medical store. Check out some of the more popular funding sources below:
Small Business Association (SBA) Loans: SBA connects small business owners to reputable lenders that generally offer lower interest rates and better agreement terms. SBA loans can help medical store owners compete with the big chains. The different SBA loans include 7(a) loans, 504 loans, and Microloans. 7(a) loans are most commonly used by new businesses. Microloans are great for financing equipment and machinery while 504 loans have a fixed rate over a long period of time.
Business Line of Credit: Medical store owners can take out a line of credit as one financing option. They would then pay interest rates on the amount that they actually borrow and make payments back over time.
Collateral Loan: A collateral loan, sometimes called a secured loan, is backed by collateral that you own. This might be an option you would consider if your credit history is poor or nonexistent. This type of loan can be risky, as the lender has the right to take your collateral (car, real estate, etc.) if you cannot make payments.
What Types of Medical Businesses Do We Finance?
Whether you’re looking for veterinarian or pharmacy financing, Mantis Funding has you covered. We offer funding options for a wide variety of medical businesses, however this is not an exhaustive list! Please feel free to reach out to our representatives with any questions so we can quickly decide and see if you qualify for funding.
- Pharmacies
- Pain management
- Acupuncture
- Doctors
- Dentists
- Chiropractors
- Eye doctors
- Veterinarians and animal hospitals
Medical Store Funding Process
Mantis Funding is proud to support a wide range of medical businesses. Whether you’re a growing pharmacy, a specialized medical equipment supplier, or anything in between, we can help you secure the funding you need to achieve your goals.
Our medical store funding process is designed to be quick and hassle-free, simply:
- Apply Online: Simply fill out our online application form. It takes just a few minutes and requires basic information about your business and its financial health.
- Speak to a Funding Specialist: Once we receive your application, a friendly Mantis Funding representative will contact you to discuss your specific needs and answer any questions you may have.
- Submit Required Documents: We’ll request some basic documentation to verify your business information and financial standing, which includes bank statements, tax returns, and business licenses.
- Funding Decision & Agreement: Our team will review your application and documents promptly. If approved, you’ll receive a funding offer outlining the terms and conditions. Upon your approval, a simple funding agreement will be provided for your signature.
Fast Funding: Funds are typically deposited directly into your business bank account within one business day of finalizing the agreement.
Minimum Requirements for Medical Store Funding
Mantis Funding understands that not every medical store has a perfect credit history. That’s why we offer revenue-based financing as a flexible option. To qualify for medical store funding your business should meet the following basic requirements:
- Operational for at Least 6 Months: Your medical store must have been in operation for a minimum of 6 months in the United States.
- Majority Ownership: You (or your partners) must own at least 50% of the medical store.
- Minimal Credit Check: We understand that building a business credit history can be challenging. That’s why we have a minimal credit score check, and low credit scores won’t necessarily disqualify you.
- Demonstrated Revenue: Your business bank statements will be reviewed to assess your financial health and ability to repay the funding.
Credit Qualifications for Medical Store Funding
Mantis Funding understands that building a strong credit history can be challenging for new or growing medical stores. That’s why our revenue-based financing model focuses on your business’s potential rather than solely relying on a traditional credit score.
Can You Apply with Bad Credit?
As long as your medical store has a track record of sales and demonstrates the ability to repay the funding, a bad credit score won’t necessarily prevent you from qualifying for Mantis Funding.
Why do Medical Businesses choose Mantis Funding?
Many medical businesses choose Mantis Funding as their trusted partner for financial solutions because we offer a unique set of advantages:
- Fast and Hassle-Free Funding: Our streamlined application process allows you to get the funding you need quickly, typically within one business day of approval – which eliminates the lengthy wait times and complex paperwork often associated with traditional funding.
- Flexible Payment Options: Our revenue-based financing model tailors payments to your business’s income stream – making sure your payment plan is sustainable and doesn’t disrupt your cash flow.
- Focus on Growth: The funding you receive can be used for various purposes, such as expanding inventory, upgrading equipment, or investing in marketing initiatives (helping your medical store grow and achieve its full potential).
- Minimal Credit Impact: Unlike traditional loans, our funding options have minimal impact on your credit score so you can access the capital you need without jeopardizing your future borrowing power.
- Experienced and Supportive Team: Our team of experts understands the unique challenges faced by medical businesses and are here to guide you through the funding process, step by step.
How soon can I get Medical Business Funding?
At Mantis Funding, we understand the urgency of accessing capital to fuel your medical business’s growth. That’s why we’ve designed our process to be as efficient as possible:
- Quick Application: Our online application takes just a few minutes to complete and requires readily available information about your business.
- Fast Review: Our team promptly reviews your application and supporting documents, typically within 1-3 business days.
- Funding Upon Approval: Once approved, you’ll receive a clear funding offer outlining the terms. Upon your signature, funds are typically deposited directly into your business bank account within one business day.
What are the Pros and Cons of Medical Business Funding?
External funding can be a powerful tool for medical businesses to experience growth and overcome financial hurdles. However, it’s important to weigh the advantages and disadvantages before you decide:
Pros:
- Access to Capital: Funding allows you to invest in essential areas like inventory, equipment, or marketing, propelling your business forward.
- Improved Cash Flow: Revenue-based financing structures payments based on your income, ensuring a sustainable payment plan and avoiding cash flow disruptions.
- Growth Opportunities: Funding can unlock new possibilities for your medical business, allowing you to expand services, reach new customers, or upgrade technology.
- Flexibility: Mantis Funding offers flexible payment options compared to traditional loans, providing greater control over your finances.
- Minimal Credit Impact: Our funding options typically have minimal impact on your credit score, preserving your borrowing power for future needs.
Cons:
- Debt Obligation: Taking on external funding creates a debt obligation that requires a consistent payment schedule.
- Potential Fees: Revenue-based financing typically comes with fees associated with the service.
- Reliance on Future Revenue: Your ability to make payments towards your funding balance hinges on your business’s future income stream.
Frequently Asked Questions About Financing a Medical Store
Finding funding to expand your medical store business might seem like a daunting task. Mantis Funding is here to answer all your questions and provide you with hand-tailored revenue-based financing solutions
At Mantis Funding, we offer revenue-based financing for pharmacies and other medical businesses.
Once you secure financing for your medical store, you may be wondering what the next step is. You can use your funds to purchase a new system to keep track of inventory, create a customer outreach program, or invest in new technology that improves the customer shopping experience.
There are various options when it comes to securing revenue-based financing for your medical business such as going through a traditional lender like a bank, but be aware that they can have a lengthy approval process and may come with certain drawbacks like proof of good credit scores.
Unlike typical small business loan requirements, the revenue-based financing that Mantis Funding provides is a hassle-free process with quick turnaround times. Our combination of experience, industry knowledge and great customer service make us a great partner for your business. We offer flexible repayment structures to suit your business needs. Once the terms have been finalized and you accept the offer by signing the financing agreement, we will complete the bank verification and funding call process so that you can receive the funds in your business bank account within one business day.
When it comes to securing funding for a medical store, most lenders have a list of requirements you’ll need to meet. They may require a good credit score, yearly revenue, age of company, business plans for funds and tax returns.
At Mantis Funding, our eligibility requirements are simple:
- Your business has been operational in the U.S. for at least 6 months.
- You own at least 50% or more of the business.
- You can pass a minimal credit score check — low credit scores are ok!
If you meet these basic requirements, then we invite you to fill out an application for funding so our representatives can get started on the approval process.
Revenue-based financing is an alternative form of financing that exchanges working capital for a set amount of the business’s future revenue streams. Various sectors such as medical, retail, and automotive industries can all benefit from revenue-based financing when they need to grow their business in a short amount of time — all with fewer regulations than are commonly associated with traditional lenders. Companies don’t have to give up any equity either, as is typical with venture fundraising.
The amount of financing that a business qualifies for will ultimately be based on the total monthly revenue that it generates. Repayment structures are either daily or weekly, and they are directly debited from the business’ bank account.
View our How it Works page to learn about the three main differences between a traditional business loan and revenue-based financing.
Other Industries We Service
We service a wide variety of industries, including the retail, liquor, and automotive sectors. Industries range from trucking businesses to nightclubs. We also service other industries that are not included on this list and invite you to fill out an application for funding so our representatives can reach out to you. We understand the challenges of the market and cash requirements for business owners and will be able to walk you through every step of the way.
More Resources about Medical Store Funding
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