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Updated
The Accelerated and Advance Payments program has helped many hospitals during the coronavirus. However, with the quick due date still set at 120 days, it may be smart to borrow from an alternative source to avoid having Medicare stop reimbursing claims if your hospital is unable to repay the advance. And if your hospital missed the opportunity to borrow before the program closed, these alternatives could help you make ends meet.
These six lenders offer a wide range of terms so your hospital can take advantage of funding that won't be due shortly after you borrow it. We based our decision on the types of loan offered as well and included two lenders that work specifically with nonprofits so your hospital has the best chance of finding the funds it needs before you need to repay your advance under Medicare's Accelerated and Advance Payments.
Smartbiz | Starting at 4.75% | $5 million | Best for quickly applying for an SBA loan. | |
U.S. Bank | 6.49% to 17.99% | $1 million | Best for hospitals looking for a wide range of loan options. | |
First Republic Bank | Starting at 2.25% | $500,000 | Best for nonprofit hospitals looking for tax-exempt funding. | |
Propel Nonprofits | Starting at 6.5% | $600,000 | Best for nonprofit hospitals located in the midwest. | |
Lendio | Starting at 6% | $5 million | Best for comparing lenders with large loan amounts and long loan terms. | |
Newtek | Starting at 6% | $10 million | Best for hospitals looking for online SBA funding. |
To compare lenders, select your hospital's desired loan amount, annual revenue and time in business as well as your personal credit score on the table. Then click Show loans.
Your hospital will need to be on the lookout for lenders that offer larger loans and long terms to help keep monthly repayments low.
While these are our top alternatives to Medicare loans, there are a wide variety of other business loan options your hospital may be able to take advantage of during the COVID-19 pandemic and beyond.
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