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Starting a practice in 2021

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.

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Practice acquisition promotion and debt consolidation
• Acquisitions include partnership buy-ins and second location purchases
• Pay off high interest rate business loans, and consolidate into one loan
• Available for minimum loans of $250,000 with flexible repayment options
• Each promotion is available separately or combined for maximum benefit
• You’ll also get a competitive rate through maturity, and you’ll know the rate up front
• Applications must be received by June 30, 2021 and close by September 30, 2021

Established practice project promotion
• Loan types that qualify are expansions, practice remodels, relocations, and additional locations
• Available for minimum loans of $250,000 with flexible repayment options
• You’ll also get a competitive rate through maturity, and you’ll know the rate up front
• Established project loan applications must be received by June 30, 2021 and interim project opened by September 30, 2021

Equipment promotion
• Upgrade or expand with new equipment or software
• Loans up to $250,000
• Flexible repayment options with no prepayment restrictions
• Potential tax benefits along with the Section 179 tax allowance5

• Apply by June 30, 2021 and close by September 30, 2021

Owner-occupied commercial real estate fee waiver promotion3

• This offer is on qualifying loans starting at $100,000 when you purchase or refinance commercial real estate
• Waiver of appraisal fee for conventional and SBA commercial real estate secured loans
• Waiver on Loan Packaging, Loan Processing and Miscellaneous Fee on Practice Solutions commercial real estate loans
• Waiver of Bridge Fee on SBA 504 Bridge Loans and bank portion of the Permanent Fee for SBA 504 term loans
• Bank Packaging Fee on SBA 7(a) Loans
• Apply from April 1, 2021 to June 30, 2021, and close loan by October 31, 2021

To apply, contact your Practice Solutions Specialist
bankofamerica.com/practicesolutions | 800.428.2847

1 All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate and repayment schedule for your loan, and any product features, including interest rate locks, may vary depending on your creditworthiness and on the type, amount and collateral for your loan. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account. Repayment structure, prepayment options and early payoff are all subject to product availably and credit approval. Other restrictions may apply.
2 For the limited time beginning with applications submitted on September 1, 2020 and ending with applications submitted on or before June 30, 2021, take advantage of a 1.00% interest rate for the first 18 months on qualifying approved Practice Solutions secured term Practice Sales and Acquisitions, Debt Consolidation, Remodels, Relocation, Expansions and Additional Locations closed by or booked by September 30, 2021. Loan approval amounts must total a minimum of $250,000 on eligible product types in order to qualify. Payoff prohibited in the first year of the loan, and a prepayment fee will apply for each of the following four years of the loan term. Excludes Practice Solutions startup loans, jump starts for first time owners, lines of credit, refinances of existing Practice Solutions loans, and commercial real estate loans, equipment loans and any product that contains a variable rate. To be eligible for the interest rate offer of 1.00% the borrower before loan closing must have a demand deposit account with Bank of America that is the primary business operating account of the borrower. Promotional rate is not applicable during the project phase of loans for Remodels, Relocations, Expansions and Additional Locations. Subject to credit approval. Other restrictions may apply.
3 For the limited time beginning with new credit applications submitted April 1, 2021, through June 30, 2021, take advantage of a waiver of the bank portion of certain fees. These fees may be categorized as loan origination, loan packaging, loan processing, permanent, bridge, or miscellaneous fees, depending on the approved product. Plus take advantage of an appraisal fee waiver (if the appraisal is ordered by Bank of America) on approved new and refinanced Small Business conventional and SBA commercial real estate secured loans. To be eligible for these fee waivers, the loans must close by October 31, 2021. These offers are only for secured loans with a minimum approved amount of $100,000 and not to exceed $5,000,000 (unless otherwise permitted for certain products). Approved credit terms, collateral and documentation requirements apply. Small Business Administration (SBA) collateral and documentation requirements are subject to SBA guidelines. SBA financing is subject to approval through the SBA 504, SBA 7(a) and SBA Express programs. Exclusions include but not limited to, franchisor guaranteed lending programs, Practice Solutions noncommercial real estate loans and/or the refinancing of existing Practice Solutions commercial real estate loans.
4 For the limited time beginning with applications submitted on September 1, 2020 and ending with applications submitted on or before June 30, 2021, take advantage of a 0% interest rate for the first 6 months on qualifying approved Practice Solutions equipment specific secured or unsecured loans closed by or booked by September 30, 2021. Excludes all other Practice Solutions products and any product that contains a variable rate. principle payments on the loan are required during the initial 6 month period, with flexible repayment options available for the remaining term. Subject to credit approval. Other restrictions may apply.
5 Depreciation allowances under Section 179 and other provisions of the Internal Revenue Code are available to you regardless of whether you obtain financing from us. You should consult with your tax advisor for your actual tax benefits.
All credit terms and repayment structures are subject to credit approval. The promotional rate supersedes other rate discounts during the promotional period. The promotional rate does not apply to variable rate or multi-tiered rate structures. Bank of America credit standards and documentation requirements apply. Other restrictions may apply.
All credit terms and repayment structures are subject to credit approval. Bank of America credit standards and documentation requirements apply. Other restrictions may apply. Bank of America Practice Solutions may prohibit use of an account to pay off or pay down another Bank of America account. 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 and, 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 and the Bank of America logo are registered trademarks of Bank of America Corporation. Bank of America Practice Solutions is a division of Bank of America, N.A. ©2021 Bank of America Corporation | MAP3509296 | 03/2021

 

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 eighth year in a row, Bank of America Practice Solutions has been selected as
the 2020 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.