The ADA has named BMO Harris Bank its exclusively endorsed lender for practice financing for ADA members. BMO will be the only practice finance bank recommended by ADA Member Advantage, the program managed by ADA Business Enterprises Inc (ADABEI) for the association’s 163,000 members across the United States.
This agreement will give ADA members 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. With three decades in the dental industry, BMO currently provides financial services to several thousand practices across North America.
“ADA Member Advantage is really enthusiastic about launching the BMO endorsement for practice and commercial real estate financing. After a thorough RFP process, BMO rose to the top of the group,” said James Mercer, DDS, president of the ADABEI Board of Directors.
“BMO has an excellent reputation in the banking community and is committed to a true partnership with the ADA. BMO demonstrated a great understanding of the unique practice needs for dentists and will offer the level of service ADA members expect,” Mercer said.
“For loan requests up to $1 million, BMO’s special member offer of a half-a-point interest rate deduction offers a significant member savings that will be hard to find anywhere else,” Mercer said. “We urge all members considering a practice loan, whether purchasing a practice or buying a new piece of equipment, to reach out to BMO and see what they have to offer.”
“Teaming up with the ADA’s vast network allows BMO to continue propelling dental professionals forward with their business goals,” said Niamh Kristufek, BMO head of business banking. “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.”
ADA members will have access to dedicated professionals and advisory services, business and financial planning tools, financing options, and a suite of products with competitive offers and specials. They also will have access to digital and mobile platforms to simplify their banking experiences. BMO’s commitment to diversity and inclusion also factored into ADA’s decision to partner with the bank.
“The ADA is committed to diversity both in our own teams and in our partners,” said Mercer. “BMO shares our diversity value and lives it in every part of its business. The leadership team from BMO that we met included 50% women and was unique among the companies with which we discussed practice financing.”
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