May 31, 2024

How To Secure The Best Financing for Your Dental Startup | A Podcast Series Ep. 07

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In this episode, Dr. Dan Dinowitz discusses the process of securing financing for his pediatric dental startup. He shares his personal experience of building a house and a practice simultaneously, highlighting the importance of choosing the right lender and considering loan terms beyond just the interest rate. Jesse Darby, a startup practice consultant with Ideal Practices, provides insights into what banks look for when approving loans, including liquidity, credit, income, and production. The episode emphasizes the significance of thorough financial planning and finding a lender that offers excellent customer service. 

Takeaways

  • When securing financing for a dental practice startup, it is important to consider loan terms beyond just the interest rate.
  • Choosing a lender that specializes in dental startups can provide tailored financing options and better customer service.
  • Banks look for factors such as liquidity, credit history, income, and production when approving loans.
  • Thorough financial planning and having a solid understanding of your financial situation are crucial in the loan approval process.
  • Securing financing for a startup practice can be a complex process, but working with experienced consultants can help navigate the challenges. 
  • There is no specific credit score requirement for securing financing, but a credit score of around 680 is often considered a baseline by banks.
  • Budgeting is a crucial aspect of a startup project, and it is important to have a clear understanding of the costs involved and to be prepared for unexpected expenses.
  • Working with experienced professionals, such as Ideal Practices, can provide valuable guidance and support throughout the financing and startup process.
  • Taking calculated risks and stepping out of one's comfort zone is necessary when pursuing a dental startup, but the rewards can be worth it.

Learn more about Dr. Dan Dinowitz here: https://www.voorheespediatricdentistry.com/

Learn more about how Ideal Practices helps dentists open their dream startup: https://idealpractices.com/ |

To learn more about Crimson Media Dental Marketing and how we help dental startups grow through proven marketing strategies, click the link below: https://www.crimsonmediagroup.com/

Dental Practice Launch Podcast - Crimson Media

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