Optometry practice loans pay for buying or starting a practice, fitting out exam lanes and an optical, diagnostic equipment, frame inventory and working capital. Most optometrists borrow from a bank with a healthcare practice team or through an SBA 7(a) or 504 loan, and use equipment financing for individual instruments. It is one of the options in our medical practice financing hub.
The right loan depends on what you are paying for. A practice purchase or a cold start needs long-term financing sized to cash flow; a new OCT or retinal camera fits equipment financing; frames and contact lens stock are a working capital question. The sections below take each in turn.
Where optometrists work, and why it matters to lenders
The Bureau of Labor Statistics counts 45,100 optometrist jobs in 2025, with a median pay of $136,570 per year. It reports that 61% work in offices of optometrists, 14% in offices of physicians, 13% in retail trade and 5% are self-employed, and it projects employment to grow 10% from 2025 to 2035 (BLS). For a lender, an independent practice with its own patient base and optical sales is a different credit from an optometrist leasing space inside a retail store, so be ready to explain your model, your lease and how patients find you.
Optometry practice financing options compared
Figures checked on September 21, 2026. None of the lenders below publishes an interest rate or APR for optometry loans. Ask each one for a written quote showing the rate, all fees and the APR (the annual percentage rate, which combines interest and fees into one yearly cost), so you can compare like with like.
| Lender or program | What it finances | Amounts and terms published | Other published details |
|---|---|---|---|
| Bank of America Practice Solutions | “Practice sales and purchases,” “new practice start-ups,” improvement and expansion, equipment, practice debt consolidation, owner-occupied real estate | Owner-occupied commercial real estate: “terms up to 25 years and 51% occupancy are required” | AOAExcel’s preferred lender; AOA members get a “50% reduction in loan administration fees” |
| Live Oak Bank | “Construction, expansion, acquisition, real estate financing and more” for optometry and ophthalmology | SBA loans “up to $5 million and beyond”; Live Oak Express SBA loans up to $350,000 | Healthcare lending team; terms not published |
| BMO | “Practice acquisitions, partner buy-ins and buy-outs, new locations and more”; lists optometrists among professions served | Not published | Contact a business banker for terms |
| First Bank of the Lake (SBA lender) | Equipment, office renovation, payroll and working capital through SBA 7(a) and 504 | 7(a) amounts “reaching up to $5 million” | Suggests “a strong credit profile of 680 or higher” |
| SBA 7(a) (any participating lender) | Changes of ownership, working capital, equipment, real estate, refinancing | Up to $5 million; generally 10 years or less unless real estate or long-lived equipment is financed | Rate negotiated with the lender, subject to SBA maximums |
| SBA 504 | Buildings, land and long-life equipment; not working capital or inventory | Up to $5.5 million; 10-, 20- or 25-year terms | Fixed rate tied to 10-year Treasuries |
Sources: American Optometric Association, Live Oak Bank, BMO, First Bank of the Lake, SBA 7(a), SBA 7(a) loan types, SBA 504.
Healthcare practice lenders
The American Optometric Association’s AOAExcel program names Bank of America as its preferred lender, and says Practice Solutions has worked with doctors of optometry “for over twenty five years.” Healthcare-focused banks tend to understand optometry revenue, including the mix of exam fees, vision plan reimbursements and optical sales, which can help a newer practice or a first-time buyer. The trade-off is that terms and pricing are set case by case, and every program is subject to credit approval.
SBA loans
A 7(a) loan can combine an acquisition or build-out with equipment and working capital in one loan. Interest rates “are negotiated between the borrower and the lender, but are subject to SBA maximums.” The 504 program suits buying or building an office: it finances real estate and “long-term machinery and equipment with a useful remaining life of a minimum of 10 years,” with a rate “pegged to an increment above the current market rate for 10-year U.S. Treasury issues.” Since July 4, 2026, 7(a) and 504 loans can be combined for up to $10 million in SBA-backed financing (SBA). Our guide to SBA 7(a) vs. 504 vs. microloans explains the differences.
Equipment financing
Phoropters, slit lamps, autorefractors, OCT and retinal imaging, visual field analyzers and edgers can each be financed with the equipment as collateral. This keeps a large purchase off your practice loan and can be quicker to arrange. Match the term to how long you expect to keep the instrument; imaging technology in particular may be upgraded before an older lane chair wears out. See equipment financing and, for refurbished instruments, used equipment financing.
Working capital and inventory
An optical ties up cash in frames and lenses, and vision plan reimbursements arrive after the patient leaves. A business line of credit covers the gap between buying stock and getting paid, and you only pay interest on what you draw. Inventory financing is another option for larger frame buys.
Buying an optometry practice
If you are buying an existing practice, lenders look at the seller’s recent collections, the split between medical and routine eye care, vision plan and insurance participation, and how many active patients the practice has. On an SBA loan, the equity injection and seller-note rules for changes of ownership are being revised: the SBA’s SOP 50 10 8.1 takes effect October 1, 2026 (SBA notice). Ask your lender which version applies to your loan and what equity you need. Our guide to medical practice acquisition loans covers the current rules in more detail.
What lenders look for
- Cash flow. Tax returns, profit and loss statements and bank statements for an existing practice; for a start-up, a business plan with projections based on your market and payer contracts.
- Personal credit. Each bank sets its own threshold. First Bank of the Lake, for example, suggests building “a strong credit profile of 680 or higher” before applying for an SBA loan.
- Licensure and experience. A state license and, for a buyer or start-up, clinical experience that supports the projections.
- Location and lease. A lease that runs at least as long as the loan, or has renewal options, and a location with the visibility an optical needs.
- Equipment quotes. Make, model, age and price for each instrument you plan to buy.
Common pitfalls
- Financing inventory with long-term debt. Frames and lenses turn over much faster than a long loan term runs; paying for them over many years adds interest on stock you have already sold.
- Too little working capital at opening. A cold start takes time to build a patient base. Include enough working capital in the loan to cover payroll and rent while it does.
- Overlooking the real estate test. For owner-occupied real estate loans, Bank of America requires 51% occupancy by your practice, per the AOA’s program page. Other lenders set their own tests.
- Comparing payments only. Compare the APR and the total repayment on each offer, not just the monthly amount.
- Blanket liens. An equipment lender that files a lien on all business assets can make your next loan harder to get. See what a UCC filing is.
For ideas on keeping payments in line with collections, read how medical practices can finance equipment without disrupting cash flow.
FAQ
Can I get a loan to start an optometry practice from scratch?
Yes. Bank of America Practice Solutions lists “new practice start-ups” among its optometry financing options, and SBA 7(a) loans can fund build-out, equipment and working capital. Expect lenders to review a detailed business plan and your clinical experience.
Do AOA members get better loan terms?
The AOA says members receive a “50% reduction in loan administration fees” from Bank of America, its AOAExcel preferred lender. Rates and other terms still depend on credit approval, so compare the full offer with other lenders.
What credit score do I need for an optometry practice loan?
There is no single minimum. Most healthcare banks do not publish one. First Bank of the Lake suggests 680 or higher for its SBA loans; other lenders set their own thresholds.
Can I buy my office building with the same loan?
Often, yes. Bank of America offers owner-occupied real estate loans with terms up to 25 years when your practice occupies at least 51% of the building, and SBA 504 loans finance real estate with terms up to 25 years.
Next step
List what you need to finance, get equipment quotes and pull together recent tax returns and bank statements. Our medical practice financing page explains how we compare practice loans, SBA offers and equipment financing from the lenders we work with, so you can see total cost side by side.
Sources
- U.S. Bureau of Labor Statistics: Optometrists, Occupational Outlook Handbook
- American Optometric Association: Practice financing
- Live Oak Bank: Optometry and ophthalmology business loans
- BMO: Banking for healthcare practices
- First Bank of the Lake: Optometry practice loans
- U.S. Small Business Administration: 7(a) loans
- U.S. Small Business Administration: Types of 7(a) loans
- U.S. Small Business Administration: 7(a) terms, conditions and eligibility
- U.S. Small Business Administration: 504 loans
- U.S. Small Business Administration: Cumulative 7(a)/504 loan limit raised to $10 million
- U.S. Small Business Administration: Issuance of SOP 50 10 8.1
About this page. Written by Ezra Cabrera, Content Team Lead at SMB Compass. Figures were checked against the primary sources listed above on September 21, 2026; lenders change their terms, so confirm current terms before you apply, and let us know if you spot a figure that has changed. SMB Compass is a business financing broker: we don’t lend our own money, and we are paid by the lenders we place loans with. This page is general information, not financial, legal or tax advice.