The American Dental Association (ADA) announced that BMO Harris Bank has been named the new exclusively-endorsed lender for practice financing for ADA members, effective immediately. BMO will be the only practice finance bank recommended by ADA Member Advantage, the program managed by the ADA subsidiary ADA Business Enterprises Inc (ADABEI), for the association’s 163,000+ members across the United States.
Through this agreement, ADA members have access to preferred rates on practice financing, regardless of where their practice is in its lifecycle.
According to a press release from the ADA, BMO has over three decades of experience in the dental industry through its financial services program for the dental industry to support independent dental practices. BMO currently provides financial services to several thousand dental practices across North America.
“ADA Member Advantage is really enthusiastic about launching the BMO endorsement for practice and commercial real estate financing,” said James Mercer DDS, president of the ADABEI Board of Directors. “After a thorough RFP process, BMO rose to the top of the group. 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 financing needs for dentists and will offer the level of service ADA members expect. 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. 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.”
According to the ADA, its members will have access to a dedicated team of professionals and trusted advisory services, business and financial planning tools, financing options to support their professional ambitions, and a suite of products with competitive offers and specials. Additionally, members will have access to digital and mobile platforms designed to help simplify their banking experiences.
BMO’s commitment to diversity and inclusion also factored into ADA Member Advantage’s decision to name BMO as its preferred lender for practice financing.
“The ADA is committed to diversity both in our own teams, and in our partners. BMO shares our diversity value, and lives it in every part of its business,” said Mercer. “The leadership team from BMO that we met included 50% women and was unique among the companies with which we discussed practice financing.”
