Dental practice owners have a significant decision to make when choosing a bank. The financial institution should have numerous lending abilities and a supportive staff, among other brand-specific benefits. Dental professionals can learn which bank is best for dental practices by comparing some of the leading options favored by other professionals in the industry.
1. First Commonwealth Bank
First Commonwealth Bank serves customers in 26 counties across Pennsylvania and Ohio. The bank’s in-demand business loans help people like dental practice owners expand and stock their companies, reaching their professional goals with multiple rate options. First Commonwealth Bank customers can also get a Small Business Administration (SBA) loan with the bank’s Preferred Lender status.
Key features:
Short- and long-term loans with good credit
Equipment loans for funding the machinery needed to expand practice locations
Commercial real estate loans for owner-occupied and investment property arrangements
2. Bank of America
Dental practice owners can meet with Bank of America to discuss the organization’s multiple loan options. They may qualify for a starting loan that only requires a minimum deposit and six months in business. The bank also provides fixed payments based on balance or loan amount, depending on the customer’s preferred arrangement. If dental professionals only need smaller loans to secure a second property or machinery, Bank of America can provide both with fast processing timelines.
Key features:
Three large loan options alongside numerous smaller loans
A credit line that customers can open to establish business credit
Fixed payments throughout a loan’s lifespan
3. PNC Bank
PNC Bank is among the best banks for dentists who are still early in their entrepreneurial careers. Customers can contact a bank representative to discuss unsecured lines of credit, specifically designed for low- to moderate-income individuals. PNC Bank offers a range of lending solutions tailored to businesses at every stage of growth. Practice owners can also open business credit cards if they are looking for lines of credit for smaller recurring purchases.
Key features:
SBA loans with flexible structures and terms
PNC Bank small business loans with no origination fee
A choice of fixed or variable rates between two and seven years, in some cases
4. Huntington Bank
Huntington Bank specifically arranges loans for dental practices that are starting, growing or refinancing. Teams can also get loans to cover equipment purchases and have the entire project covered. Entrepreneurs should explore Huntington Bank’s competitive fixed interest rates to understand how the organization could support their practice goals.
Key features:
Email updates every 72 hours, so customers always know where their loan progress stands
Additional support during the first 18-24 months for first-time practice owners
Other practice management solutions, like payroll services, are available upon request
5. Live Oak Bank
Live Oak Bank arranges loan solutions for dental practices with multiple specialties. Construction and expansion funding is available and custom to each business owner’s growth strategies. Many of the bank’s team members have healthcare experience, so they know how to keep up with dental industry needs. Customers also enjoy Live Oak Bank’s small business resource center, which explains loans and provides marketing tips to maximize a practice’s potential.
Key features:
SBA, USDA and Live Oak Express loans for qualifying practice owners
Experience in financing over $1.5 billion in dental practice loans
Funding for various specialties
Criteria to Find the Best Banks for Dental Practice Loans
Anyone can make their bank selection easier by looking for specific factors that make organizations stand out. Teams will obtain the best dental practice loans by working with banks that offer things such as:
Numerous loan options for various goals, like opening a second location or purchasing tools
Flexible financing with terms that match the practice’s current capabilities
Ongoing support from banking staff through reliable communication or advice
Making a consultation appointment is the best way to clarify whether a bank meets the leading criteria. Practice owners will feel confident in securing their future loan when they understand that the bank is also able to support their long-term goals.
Tips for Securing a Loan
Dental professionals may secure loans with favorable terms if they arrive for their meeting with strategies in mind. Prepare for the conversation with these tips that streamline conversations about lines of credit.
Develop a Detailed Plan
Anyone interested in getting a loan for their practice should describe their growth vision. Writing everything in a business plan details how the loan will fund each goal. If that plan includes financial projections for things like revenue and expenses, lenders will see a clear path to getting a return on their investment.
Provide Extensive Financial History Documentation
Although learning which bank is best for dental practices requires research, business owners should also provide extensive documentation when they find a preferable lender. The loan advisory team will need to verify that the practice owner is financially responsible. Documentation noting established cash flows and other financial statements proves that the practice owner will repay their new loan with interest.
Work With Expert Advisors
Financial professionals are ready to help dental teams acquire loans. Practice owners can work with financial advisors and accountants to prepare their paperwork. Contacting an attorney to review loan documents can also improve the experience, as they will be familiar with how to read the fine print.
Secure Funding With Optimal Terms
Once oral hygiene professionals locate the best banks for dental practice loans, they should compare their options. Assessing factors such as down payments and terms is the first step. Financial experts can assist with documentation before loan appointments to give practice owners the best chance of getting the funding they need to reach their goals.
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