Deals can’t get done without financing, but in 2020, for the first time in history, many banks stopped lending to dentists.
As the COVID-19 pandemic swept across the country shutting down dental offices, banks shifted their focus to PPE loans, deferments on deals, and reevaluating their lending criteria. There was uncertainty in the market – How would the dental industry be affected? Would practices be able to rebound? Were people going to go back to seeing the dentist?
Ben Stewart of Bank of America Practice Solutions joins us to shed some light on what’s happened and what financing for dental practitioners looks like today. He shares some good news – the dental industry is robust and resilient. Things have rebounded much faster than anticipated.
Bank of America Practice Solutions provides financing for Dentists, Veterinarians, and Physicians in private practice. They are the largest dental lender in the country. Ben Stewart has been working in the industry for the past 20 years providing loans to doctors. He is the Sales Director for Bank of America Practice Solutions in the Central and Southeast. He is responsible for 20 Business Development Officers located in Georgia, North Carolina, Tennessee, Ohio, and Florida.
Questions addressed on this episode:
Ben Stewart can be reached directly by email at: benjamin.stewart@bofa.com or by phone at: 614-402-2936.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info