How to Get a Business Loan for a Chiropractic or Medical Practice

To get a business loan for starting a practice you will need to have a Business Plan.  This pivotal document will prove that you have performed many of the steps I have already told you to do.

Its purpose is to convince a bank employee that you have an awesome chance of succeeding.  In other words, you arent going to squander all of their money away and you have really thought about making this business work.

Business Plan Table of Contents

I’m not going to go into lots of details on how to write the perfect business plan because there are many great references across the internet and your SCORE mentor will be the best person to help you.  Particularly because s/he may have contacts within the local banking industry.

Get money or a loan to start your chiropractic or medical practice

Photo used under Creative Commons from taberandrew

Here is a sample table of contents from my personal business plan:

  • Executive Summary
  • General Company Description
  • Product/Service Plan
  • Practice Mission
  • Unique Selling Proposition
  • Marketing Plan
  • Circle of Practice
  • Demographics of Customers and Competitors
  • Marketing and Promotion Strategy
  • Management Plan
  • Key Employees
  • Key Advisors
  • Plans for Hiring
  • Plans for State Licensure
  • Operating Plan
  • Daily Operation
  • General Office Layout
  • Facilites and Equipment
  • Fee Schedule
  • Financial Policies
  • Financial Plan
  • Startup Cost Schedule
  • Ramp Up Schedule for projected patient volume/services
  • Detailed Monthly Expense Projection Expense Schedule
  • Detailed Monthly Income Projection Schedule
  • Cash Flow Schedule for Six Months
  • Year 1 Pro Forma Income Statement
  • Year 1 Pro Forma Balance Sheet Statement
  • Details of capital funding requirements and repayment plan for any loans
  • Resume Allen Ruppert
  • Resume Bonnie Ruppert

As you can see, this is a very detailed piece of work and should take you several weeks to put together, if not months.  Bad or good economy, if you drop a beautiful business plan that seems sure to succeed with enthusiasm on the desk of a bank loan advisor, you are very likely to be approved.

Other Avenues for Loans

Family may be able to loan you money.  Be absolutely one hundred percent sure that you have a plan should you NOT succeed for repaying your family.

Loan the money to your business yourself –  You can even have the business pay you back with interest.  Your CPA, lawyer, or SCORE mentor can help you with this.  If you are putting a lot of your own money into the business you will probably want to do this otherwise you will pay taxes on the money when you take it back out of the business.  One warning here, be sure you have enough equity in your business to prove you are the owner (in other words, you have to invest something in your business, you can’t just loan it 100% of the money you give it).

Start out as an S-corp or C-corp and get private investors.  I have heard of a doctor asking his church community for donations to start.  He supposedly had over 200 investors in his business.  200 investors that now want his business to succeed!  Talk with your professional practice team about this.

Don’t forget about leasing!

While this can be expensive it could reduce the amount of bank loan you need.  Many companies are happy to lease equipment to you.

Top considerations are of course interest rate, length of payment, down payment, and of utmost importance, whether you own the equipment at the end!


If you need to get a loan to start your business, you will need a solid business plan.  My advice, get a SCORE mentor and meet with them until you have nothing left to talk about but how each others kids are doing.

Did you create a business plan for your practice?

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