The second phase of this co-sponsored COVID-19 relief program offers favorable loan terms including the first 12 months of interest covered by Delta Dental.
Delta Dental of California has announced it is making available an additional $100 million in loan funding to its independent provider network across 15 U.S. states and the District of Columbia for economic assistance and COVID-19-related relief. The increase in financial support brings $300 million to the total amount of the loan program, which is administered by Lendeavor, a digital lender that provides financial solutions to healthcare practices.
The July 22 launch of the second phase of the loan assistance program, which Delta Dental first announced on April 27, now offers expanded ways for providers to use the funds including practice acquisitions, new-location expansions, commercial real estate and equipment purchases, practice buildouts—which may include investment to support new health and safety standards—and refinancing existing practice and commercial real estate debt. This second phase also offers favorable loan terms including the first 12 months of interest covered by Delta Dental.
“We remain focused on doing our part to support the oral health care industry which is experiencing unprecedented levels of distress and uncertainty,” said Mike Castro, president and chief executive officer of Delta Dental of California. “In addition to our $300 million loan program and increasing reimbursements to providers for personal protective equipment and other expenses, we will continue to build upon our extensive efforts to support the many dental professionals and practices impacted by this crisis.”
Dan Titcomb, co-founder and chief executive officer of Lendeavor, added, “Our team is continuing to work tirelessly in support of healthcare practices navigating this uniquely challenging time. We’re thrilled to continue our partnership with Delta Dental of California and expand the reach and duration of this program.”
The loan program is available to Delta Dental of California and its affiliated independent network provider practices.
The program is available to independent network providers in Delta Dental of California’s operating areas of Alabama, California, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, Montana, Nevada, New York, Pennsylvania, Texas, Utah, West Virginia and the District of Columbia. Providers participating in the DeltaCare®USA program or Delta Dental Legion network are also eligible.