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?
At Mantis Funding, we finance a wide variety of medical businesses. This is not an exhaustive list, so please feel free to reach out to our representatives with any questions so we can quickly decide and see if you qualify for funding.
- Pain management
- Eye doctors
- Veterinarians and animal hospitals
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.
January 10, 2023
February 01, 2023
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