Sales and acquisitions loan advantages:
• Financing solutions to help first-time or established owners acquire additional locations
• Principal reduction and early payoff options
• Fixed rates and flexible terms, up to 15 years1
• Additional working capital option
Limited time offer ends Dec. 31, 2021
Practice startup loan advantages: Practice startup loans
• All-inclusive financing that addresses everything from office design and equipment installation to training, supplies and working capital
• Fixed rates and flexible terms1
• Interest-only options to assist with the growth of your practice
Visit bankofamerica.com/practicesolutions or call 800-497-6076 to learn the details of this special limited-time offer for MDA members.
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 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 availability and credit approval. Other restrictions may apply. Products and restrictions are subject to change.
2 For the limited time beginning with applications submitted on July 1, 2021, and ending with applications submitted on or before September 30, 2021, and interim projects opened by January 31, 2022, can take advantage of a 2.99% per annum fixed rate of interest for the life of the loan on qualifying approved Practice Solutions secured term Start-up loans only. Start-up loan may be for a first, second or third start-up location. Promotional offer excludes: practice expansions, practice relocations, practice renovations and practice acquisitions (Shells & Jumpstarts). A prepayment fee will be applicable during the first five years of the loan term. Excludes Practice Solutions lines of credit, refinances of existing Practice Solutions loans, commercial real estate loans, equipment loans and any product that contains a variable rate. To be eligible for the fixed interest rate offer of 2.99% per annum for the life of the loan the borrower, before loan closing, must have a demand deposit account with Bank of America that will serve as the primary business operating account of the borrower, and which demand deposit account must be maintained for the life of loan. If the borrower fails to maintain this demand deposit account with Bank of America at any time during the life of the loan, this promotional rate shall terminate, and the interest rate for your loan will increase by 1.00%. Promotional rate is not applicable during the project phase of the loan, and during the project phase, the interest rate will be a per annum fixed rate of 12.00% for first time practice owners, and a competitive market rate for established practice owners.
♥ Bank of America Practice Solutions makes no express or implied warranties with respect to any aspect of the Practice Heartbeat® program, nor does it guaranty any success or promise any results, and hereby disclaims the same to the extent allowed by law. The opinions of Bank of America Practice Solutions are based upon prior experience, and it makes no promise or guaranty that you will achieve any particular measure of success or results by participating in the program. You are not bound by any recommendations provided under this program and retain full responsibility for the results achieved by your professional practice.
All promotional and marketing materials are Bank of America, N.A. 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. MAP3659387 | 07/2021
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.
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
The MDA receives royalties when members use the product or services described above.