Medical practices and physician offices require significant capital for equipment, real estate, and operations. Our analysis of SBA lending data reveals the top lenders serving the healthcare sector, specifically focusing on loans to medical practices (NAICS: Offices of Physicians).
Key Findings
Total SBA Funding: $318.6 million for physician offices
Average Interest Rate: 10.68%
Total Number of Loans: 561 loans to medical practices
Complete Table of SBA Lenders for Physicians
Lender Name
Total Amount Funded
Average Interest Rate
Number of Loans
Newtek Bank
$54,499,000
11.69%
72
Wells Fargo Bank
$32,316,700
8.56%
33
Live Oak Banking Company
$17,440,000
8.78%
6
Bank of America
$15,908,400
6.47%
13
The Huntington National Bank
$13,634,600
10.04%
39
JPMorgan Chase Bank
$10,951,500
10.38%
30
Readycap Lending, LLC
$10,008,100
13.67%
21
Dogwood State Bank
$7,308,700
10.32%
7
United Community Bank
$6,405,000
9.79%
6
Pinnacle Bank
$6,096,000
9.92%
3
U.S. Bank
$5,824,100
9.32%
15
First Bank of Central Ohio
$5,595,000
10.63%
2
Fifth Third Bank
$5,557,800
9.10%
5
Mission Valley Bank
$5,511,200
10.42%
3
Renasant Bank
$5,000,000
10.75%
1
First Utah Bank
$4,985,300
9.25%
1
TD Bank
$4,915,000
10.83%
18
BayFirst National Bank
$4,459,200
13.19%
31
Banco Popular
$4,356,600
11.88%
30
Millennial Bank
$4,190,000
9.00%
1
Best Lenders by Category
Top 5 by Volume
Lender
Total Amount
Loans
Newtek Bank
$54.5M
72
Wells Fargo
$32.3M
33
Live Oak Banking
$17.4M
6
Bank of America
$15.9M
13
Huntington National
$13.6M
39
How to Choose the Right SBA Lender
Factors to Consider
Interest Rates – Compare rates across multiple lenders
Loan Volume – Look for lenders with experience in medical practice lending
Geographic Presence – Local lenders may offer more personalized service
Processing Time -Some lenders are known for faster processing
Tips for Medical Practice Loan Applications
Prepare detailed financial statements
Have a clear business plan
Document all medical credentials
Understand equipment financing needs
Consider real estate requirements
Average Loan Sizes by Top Lenders
Lender
Average Loan Size
Newtek Bank
$756,930
Wells Fargo
$979,294
Live Oak Banking
$2,906,667
Bank of America
$1,223,723
Huntington National
$349,605
Conclusion
Choosing the right SBA lender is crucial for medical practices. While national banks offer competitive rates, regional lenders might provide more personalized service. Consider both interest rates and lending experience when selecting a financial partner.
