The Association announced Jan. 7 that ADA Member Advantage named BMO Harris Bank as its new exclusively endorsed lender for practice financing for ADA members, according to ADA News.
Through this agreement, ADA members will have access to preferred rates on practice financing, regardless of where their practice is in its lifecycle — from dentists looking to acquire a practice to those looking to expand their practices. BMO currently provides financial services to several thousand dental practices across North America, according to the ADA announcement.
In addition, ADA members will have access to a dedicated team of professionals and advisory services, business and financial planning tools, financing options to support their professional ambitions and a suite of products with competitive offers and specials.
“ADA Member Advantage is really enthusiastic about launching the BMO endorsement for practice and commercial real estate financing,” said Dr. James Mercer, president of the ADA Business Enterprises, Inc. Board of Directors, in a news release.
The endorsement came after a thorough selection process, with BMO Harris rising to the top because of their excellent reputation in the banking community, BMO’s commitment to diversity and inclusion and a commitment to a true partnership with the ADA, Dr. Mercer said.
“BMO demonstrated a great understanding of the unique practice financing needs for dentists and will offer the level of service ADA members expect,” he said. “For loan requests up to $1 million, BMO’s special member offer of half-a-point interest rate deduction offers a significant member savings that will be hard to find anywhere else. We urge all members considering a practice loan — whether purchasing or buying a new piece of equipment — to reach out to BMO and see what they have to offer.”
Additionally, members will have access to intuitive digital and mobile platforms to help simplify their banking experiences. BMO’s integrated customer experience model also provides financial value, simplicity and convenience to small business owners at each stage of their journey, according to ADA Member Advantage.
“Teaming up with the ADA’s vast network allows BMO to continue propelling dental professionals forward with their business goals,” said Niamh Kristufek, head of business banking, BMO Harris Bank. “We are excited for the opportunity to serve the financial needs of this important and ever-evolving industry, becoming ADA’s trusted lender of choice for practice financing.”
For more information on the new exclusive endorsement, visit bmoharris.com/dentists.