Top SBA Lenders for Dentists
Dentists often require significant capital for purchasing equipment, setting up new practices, expanding existing facilities, or acquiring another dental practice. SBA loans, particularly the SBA 7(a) loan, are an excellent option for financing these needs due to their favorable terms, lower down payments, and flexibility. Below, we list the top SBA lenders for dentists and provide insights into the best loan options available.
Top SBA Lenders for Dentists
| Bank | Total Amount Funded | Count |
|---|---|---|
| Live Oak Banking Company | $94,130,000 | 51 |
| The Huntington National Bank | $57,100,400 | 48 |
| Bank of America, National Association | $28,942,500 | 43 |
| Newtek Bank, National Association | $16,550,000 | 24 |
| Fifth Third Bank | $15,883,200 | 8 |
| United Midwest Savings Bank, National Association | $13,940,500 | 14 |
| First-Citizens Bank & Trust Company | $12,508,000 | 8 |
| Wells Fargo Bank, National Association | $12,444,100 | 18 |
| U.S. Bank, National Association | $9,254,900 | 8 |
| United Community Bank | $6,980,000 | 4 |
| Celtic Bank Corporation | $5,347,000 | 6 |
| Citizens Bank | $5,267,800 | 3 |
| BayFirst National Bank | $5,197,300 | 37 |
| Byline Bank | $5,000,000 | 1 |
| First Bank of the Lake | $4,704,100 | 5 |
| SouthState Bank, National Association | $3,693,300 | 5 |
| Regions Bank | $3,638,600 | 3 |
Why SBA Loans Are Perfect for Dentists
The dental industry requires substantial investments in real estate, equipment, and operational costs to maintain a high standard of care and expand practice capabilities. SBA loans are an excellent way for dentists to access the capital they need with favorable terms.
The SBA 7(a) loan is particularly well-suited for dentists due to its flexibility. The SBA 7(a) loan can be used to finance real estate purchases, renovations, equipment, working capital, and even business acquisitions.
Best SBA Loans for Dentists
1. SBA 7(a) Loans
The SBA 7(a) loan is the most popular option for dentists due to its flexibility. It provides funding that can be used for a variety of purposes, including buying equipment, acquiring real estate, expanding an existing practice, or acquiring another dental practice.
Benefits of the SBA 7(a) Loan for Dentists
- Flexible Use of Funds: Can be used for real estate, equipment, working capital, renovations, and business acquisitions.
- High Loan Amounts: Up to $5 million, suitable for medium to large-scale investments.
- Long Repayment Terms: Up to 25 years for real estate, and up to 10 years for other purposes, providing manageable monthly payments.
2. SBA Express Loans
SBA Express Loans are part of the broader 7(a) loan program but offer faster approval times. These loans can provide up to $500,000, making them ideal for smaller or urgent funding needs, such as equipment purchases or working capital.
Key Features of SBA Express Loans
- Fast Approval: Typically processed faster than standard SBA loans.
- Maximum Loan Amount: Up to $500,000.
- Flexible Terms: Suitable for purchasing small equipment or covering unexpected expenses.
Best SBA Lenders for Dentists Working Capital
Working capital is essential for managing the day-to-day operations of a dental practice, covering expenses such as payroll, supplies, and utilities. Live Oak Banking Company and The Huntington National Bank are highly recommended for their experience with SBA loans focused on working capital needs in the dental industry.
Best SBA Lenders for Dentists Real Estate Purchases
If you’re planning to purchase or expand a dental office, Bank of America and United Midwest Savings Bank are among the top lenders for real estate financing. These lenders provide SBA 7(a) loans, which are ideal for acquiring new properties or undertaking major renovations.
Best SBA Lenders for Dentists Business Acquisition
Acquiring an existing dental practice can be a great way to expand your footprint quickly. Newtek Bank and Fifth Third Bank have strong track records of providing SBA 7(a) loans for business acquisitions, making them reliable choices for those looking to grow their dental practice.
How to Apply for an SBA Dental Practice Loan
Applying for an SBA loan for your dental practice can be simplified with the right preparation and guidance. Here’s how to get started:
- Assess Your Needs: Determine the funding amount you need—whether it’s for purchasing real estate, equipment, or acquiring another practice.
- Choose the Right Loan Type: Decide between an SBA 7(a) or Express Loan based on your specific requirements.
- Select an SBA Lender: Partner with a lender experienced in dental SBA loans. Choosing a knowledgeable lender can streamline the application process.
- Prepare Your Documentation: Gather financial statements, tax returns, property appraisals, and a comprehensive business plan.
- Submit Your Application: Work with your lender to ensure all paperwork is completed accurately and on time.
Why Choose GoSBA Loans?
GoSBA Loans specializes in helping dental professionals secure the best SBA loans. We understand the unique challenges of the dental industry and have extensive experience in connecting borrowers with the right SBA lenders. Whether you’re looking for working capital, real estate funding, or to acquire an existing practice, GoSBA Loans can assist you through every step.
Ready to Get Started?
Contact GoSBA Loans today to learn how we can help secure the best SBA loan for your dental practice. Visit gosbaloans.com or call 1-855-381-6448 to speak with a specialist.
Ishan Jetley
http://gosbaloans.comIshan Jetley is the owner of GoSBA Loans. I have assisted 100's of businesses with their business loans. I specialize in SBA financing for working capital, real estate and business acquisitions.