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Tips for a Successful Practice Start-Up, Part Twoby Joe Dinicola, Bank of America Practice Solutions
In my last article, we discussed the importance of building a network of trusted advisors as a new practice owner. Below are some additional tips to make your practice start-up experience a successful one.
Although over the past few years there has been a significant amount of press about how banks have pulled back with lending to small businesses, I have not seen this to be the case with dental practice financing. I will be the first to tell you there is no shortage of banks wanting to lend to dentists. However, you may find that your local bank and others are unfamiliar with the cost and funding allocation requirements for a start-up practice. But don't worry, there are many major lenders who are very familiar with your needs and are willing to provide you with the required funds. Also, make sure your loan decision isn't based solely on interest rate. Although the rate is important in keeping your payments lower, it should only be one factor when deciding on a lender. Here are some other...
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