How to Secure Dental Practice Funding
Show Notes
Ash sits down with Danielle from Huntington Bank to answer pressing questions about dental practice loans. Danielle shares insights into the two main types of loans available for dentists: startup loans and acquisition loans. For dental students and new graduates, she emphasizes the importance of living within their means and maintaining a healthy financial profile to secure startup loans without needing high down payments. She also talks about the importance of producing enough to sustain overhead costs and the nuances of working capital.
Danielle also touches on practice acquisitions and how they are significantly different from startups. She explains the various factors lenders consider, such as production capacity, cash flow, and personal lifestyle, to ensure the practice can support itself. Additionally, Danielle outlines the benefits and considerations for refinancing existing loans, discussing how it can aid in practice expansion despite higher interest rates.
If you have specific questions about embezzlement or if you’d like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.
Key Topics Discussed:
- Preparation for applying for a loan
- The importance of living within one’s means
- Types of dental practice loans: startups vs acquisitions
- Role of student debt in loan approval
- Criteria for securing a startup loan
- Significance of working capital
- Current lending climate and interest rates
- Practice acquisitions and sustainability
- Importance of lender specialization in the dental industry
- Benefits and process of refinancing
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