Since 1996, Bank of America Practice Solutions has helped dentists across the nation reach their goals through smart financial solutions and helpful guidance.
Whether dentists are starting a practice or expanding to new horizons, customized financial products are available to help turn their dreams into reality.
Starting a practice is one of the greatest accomplishments in a dentist’s career, but it can also be one of the most challenging. As with any new business, these challenges come early, particularly with securing a loan, staffing, and building a strong marketing plan to fill the operatories. Conquering these obstacles becomes far more manageable with an experienced lender.
The unique Start-up financing offered by Bank of America is an all-inclusive package, including:
- Flexible rates and flexible terms
- Optional rate lock to protect against interest rate changes
- Interest-only and graduated payment options to give ample time to grow without cash flow restrictions
As a national lender, Bank of America not only offers a strong lending solution for new startup practices, but also compliments the loan with turn-key business solutions such as merchant services, easy check deposits, business checking and online banking. Working with a lender that offers a full suite of products to help fulfill a dentist’s banking needs from top to bottom can be helpful when transitioning to practice ownership.
Bank of America focuses on three phases of starting a new practice:
Phase one is obtaining loan approval with the ability to lock in the borrower’s interest rate for up to 4 months, while finalizing leasehold or real estate space.
Phase two happens post lease signing, during the construction period. During this time, borrowers can make payments daily to vendors for construction, equipment, and marketing for up to 10-months of the project period, guarding against any potential construction delays.
Phase three occurs once the practice opens for business. New practice owners benefit from Bank of America’s complimentary Practice Heartbeat program the management, analytic and competitive skills crucial to practice ownership.
To learn more about practice startup loans and current promotional rates available through Bank of America, visit bankofamerica.com/practicesolutions or call 800.497.6076.
Work with someone who understands dentistry
When you need financing for your dental practice, you want to work with someone who understands your industry. For over twenty years, Bank of America Practice Solutions has helped dentists across the nation reach their goals through smart financial solutions1 and expert guidance. Whether you own a practice or are just getting started, we can provide customized financial help for your short-term needs and long-term aspirations.
Purchase and start-up:
- Practice sales and purchases
- New practice start-ups
- Owner-occupied commercial real estate products²
Growth and restructuring:
- Improvement and expansion financing
- Equipment financing
- Practice debt consolidation³
Expert guidance. Personal attention. Real solutions.
Association members receive 50% reduction in loan administration fees.4 To learn more, call us toll free at 800.497.6076 Monday through Thursday, 8 a.m. to 8 p.m., and Friday, 8 a.m. to 7 p.m. EST. You can also visit bankofamerica.com/practicesolutions for more information or to schedule a phone consultation.
1 All programs are subject to credit approval and loan amounts are subject to credit worthiness. Some restrictions may apply.
2 For Owner-Occupied Commercial Real Estate loans (OOCRE), terms up to 25 years and 51% occupancy are required. Real Estate financing options are subject to approval and product availability is subject to change. For SBA loans, SBA eligibility and restrictions apply.
3 Bank of America may prohibit use of account to pay off or pay down another Bank of America account.
4 To be eligible for this reduction, applicants must provide association name and membership number at time of approval.
Bank of America is a registered trademark of Bank of America Corporation. Bank of America Practice Solutions is a division of Bank of America, N.A. ©2019 Bank of America Corporation | AR4DB4V4
For the tenth year in a row, Bank of America Practice Solutions has been selected as the 2022 Townie Choice Award Winner for Best Practice and Equipment Financing.
Exclusive benefit for veterans: Get 25% off certain loan fees*
If you’re a veteran of the U.S. Armed Forces, there’s never been a better time to apply for a Practice Solutions loan. We’re offering a discount of 25% off loan administration or origination fees* for a wide range of secured products,1 including term loans, commercial real estate loans,2 Small Business Administration (SBA) loans3 and lines of credit. We’re committed to supporting veterans who are small business owners. We want to help you succeed. To apply and full rules, contact your Practice Solutions Specialist bankofamerica.com/practicesolutions or call 800.497.6076.
* If you are a veteran, in active duty, or in the reserves or national guard with the U.S. Armed Forces, for new credit facility applications submitted in Small Business on or after November 1st, 2019 and approved, you can take advantage of a 25% discount on loan administration or origination fees. Collateral requirements and prepayment fees may apply. Excludes Business Advantage Auto Loan, Business Advantage Term Loan, and Business Advantage Line of Credit products, fees charged for renewals of Lines of Credit, and fees charged by third parties (including the Small Business Administration). Validation of veteran status by a DD214, NGB22, or other documentation acceptable to Bank of America may be required. Bank of America may change, discontinue, or cancel the continuation of this fee discount program at any time.
1 All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account.
2 Owner-Occupied Commercial Real Estate Loans — Choose from a suite of comprehensive real estate options to buy, to refinance, or to relocate with terms up to 25 years. 51% owner occupancy required. Owner-occupied commercial real estate is defined as property occupied by the borrowing entity and/or its affiliates. The primary source of repayment must be dependent on the cash flow generated by these entities and less than 50% of cash flow may come from third-party, non-affiliated rents.
3 Includes collateral and documentation requirements. Requires approval through the SBA 504 or SBA 7(a) programs. SBA 504 and SBA 7(a) financing up to 90% of purchase price.
Bank of America Practice Solutions is a division of Bank of America, N.A. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.
Sponsorship of endorser’s products and services is not an expressed opinion or approval by the Bank. All promotional and marketing materials are Bank of America Practice Solutions property, as such, cannot be changed, altered or modified, orally or in writing. All questions regarding these materials should be directed or referred to a Bank of America Practice Solutions Sales Associate.
Bank of America is a registered trademark of Bank of America Corporation.
©2019 Bank of America Corporation MAP2867892 | 12/2019
Disclosure
The MDA receives royalties when members use the product or services described above.