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Get the answers and the funding you need with support all along the way.
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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Grow your business with medical equipment financing. Our lenders offer a variety of that can be custom-tailored to fit your needs. Financing medical equipment has never been easier.
These are the most popular types of funding that other medical equipment-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Borrow a lump-sum with a set repayment schedule, and get funding quickly with online options.
Equipment financing or leasing can be used specifically for buying necessary medical equipment. When leasing, the equipment itself is used as collateral for the loan.
Certain lenders we work with specialize in factoring specific to the medical industry, based on your insurance receivables. These funds can be used for any business expense including medical equipment.
Debt financing is the ‘traditional’ business loan. Fixed monthly payments are made over a set period of time until the loan is paid in full. Borrowers can choose between SBA loans and term loans. Learn about medical practice loans.
A business line of credit is like a credit card, but it comes with a much higher borrowing limit, and there is a set amount of time in which a borrower may draw from the available funds. Account holders can use the funds to purchase medical equipment or any other business-related expense.
Find answers to some commonly asked questions in the medical equipment industry.
Medical equipment financing is when a loan is used to purchase medical equipment. Regular payments are made until the entire loan amount is paid off in full.
To apply for a small business loan through the Lendio platform, at minimum, businesses need to be at least six months old and have a monthly income of $8,000 or more. A minimum credit score of 600 is also required.
With equipment financing, you are given the flexibility to purchase or lease a wide range of medical equipment. This includes, but is not limited to, diagnostic imaging machines (like MRI or CT scanners), lab equipment, surgical tools, patient monitoring systems, dental equipment, and even office-related needs such as computers and software. The key idea is that the equipment should be integral to the functioning and service delivery of your healthcare business.
outright. You’ll make regular payments on the loan until it’s paid off, and at the end, you own the equipment. This is a good option if you’re sure you’ll be using the equipment for a long time.
On the other hand, leasing medical equipment involves entering into an agreement to use the equipment for a certain period of time, typically making monthly payments. At the end of the lease, you can choose to return the equipment, buy it, or renew the lease. This is a great option if you want to have regular access to the latest technology without the commitment of owning it.
Yes, medical equipment purchases can indeed count as a tax deduction for your business. One key provision to be aware of is Section 179 of the IRS tax code. Section 179 allows businesses to deduct the full purchase price of qualifying equipment bought or financed during the tax year. If you buy or lease a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
Under Section 179 of the IRS tax code, a wide variety of medical equipment is eligible for tax deductions, including but not limited to medical imaging equipment, lab and diagnostic equipment, furniture and fixtures, computer software, and office equipment.
In 2023, businesses can deduct up to the maximum of $1,160,000.
See what you can qualify for on the Lendio Marketplace.