Like most small businesses, your private medical practice may require a loan at different times thoughout its lifecycle.
When that time does come, ask yourself:
Where can I get the financial support I need to succeed?
A quick online search for medical practice loans will show you local, regional and national lenders that offer these types of loans. But cutting through the noise is no small task.
Enter Bank of America (BofA), a reputable figure in the healthcare lending space and the subject of our latest company profile. Read on to learn more about what BOA can do for you.
About Bank of America
Bank of America is an American transnational investment bank and financial services firm. BofA is currently the 2nd largest banking institution in the U.S. after JPMorgan Chase. It services roughly 11% of all American bank deposits, in direct competition with Wells Fargo, Citigroup and JP Morgan. Its main financial services revolve around:
- Wealth management.
- Investment banking.
- Commercial banking.
The history of BofA dates back to 1923 when the name “Bank of America” first appeared. In 1923, the bank was acquired by Bank of Italy based in San Francisco, which assumed the “Bank of America” name 2 years later. BofA has made a number of mergers and acquisitions with other companies, en route to becoming one of the world’s largest companies today.
The company has been widely recognized and acknowledged as follows:
- In 2019, Bank of America was named the Catalyst Award Winner in recognition of this corporation’s outstanding efforts to accelerate progress for women in business.
- In 2019 Bank of America was ranked No. 25 on the Fortune 500 list of the largest U.S. multinationals by total revenue.
- In 2018, Bank of America was named the World’s Best Bank for Diversion & Inclusion by Euromoney for second time.
- In 2018, the American Association of People with Disabilities named Bank of America as one of the best places for people with disabilities to work.
Needless to say, BofA’s corporate practices of servicing the middle class and the wider banking community haven’t gone unnoticed.
Ready to get funding? See your medical practice loan rates here!
Bank of America Practice Solutions basics
When you need financing for your medical practice, it's smart to work with a lender that understands your industry.
For more than 20 years, Bank of America Practice Solutions has helped medical professionals across the country reach their goals by offering a number of financial solutions backed by expert support. Here are the types of loans BofA offer to healthcare practitioners just like you:
- Medical practice loans. Physicians and optometrists can obtain up to $5 million in practice loans. BofA has partnered with the American Academy of Dermatology, the American Society of Plastic Surgeons and the American Academy of Family Physicians.
- Veterinary practice loans. Veterinarians can borrow up to $5 million in practice loans as well. BofA is a financial partner of the American Animal Hospital Association and the American Veterinary Medical Association.
- Dental practice loans. Dentists can obtain up to $5 million to start, acquire or expand a private dental practice.
Whether you are already running a practice or just getting started, this BofA can offer you personalized financial assistance for both interim needs and long-standing aspirations.
Bank of America Practice Solutions eligibility
Bank of America is great for just about anyone who wants to start, expand, renovate or better equip their practice. As mentioned earlier, practice owners such as physicians, optometrists, veterinarians and dentists are the primary medical specialities BofA lends to,.
Eligibility requirements for practice loans from BofA vary based on the type of loan you are seeking. All practice loans are subject to credit approval and loan amounts are subject to creditworthiness. To be eligible for discounts offered, loan applicants are required to provide the association name and their membership number when you apply.
Benefits of Bank of America Practice Solutions
As you can imagine by now, financing a medical practice through Bank of America has plenty of perks.
- Up to 100 percent financing. Depending on the loan you are applying for, you may qualify for zero down financing (similar to a physician mortgage).
- Ultra-competitive rates. BofA offers loans at very competitive rates, which vary depending on the loan purpose and term. They also provide borrowers with an option to lock their rate to prevent potential rate increases.
- Unparalleled association discounts. BofA is endorsed by more medical, veterinarian and dental associations than any other specialty lender. As an endorsed group member, you get to receive a 50 percent discount on administration fees.
- Available credit solutions. In addition to providing working capital (which is included in certain type of practice loans for startup and practice acquirement), BofA also offers business credit cards and lines of credit to established practice owners.
These are just a few of the advantages borrowers experience when financing with BofA Practice Solutions.
All business goals aside, adequate financing is crucial to the success of any private medical practice. And finding the right lender for your needs is the first major step you need to take.
Although Bank of America may very well be the best fit for you, it's still important to compare all of your options. Be sure to keep the following in mind when doing so:
- BofA's history of financial strength and success.
- The types of product and services offered by BofA Practice Solutions.
- Competitive advantages of BofA, such as association membership discounts.
Ready to get started? Run a practice loan rate comparison right here at LeverageRx.