The loan assistance program, available to independent practitioners in 15 U.S. states and the District of Columbia, features a combination of cash flow relief and interest savings.
Delta Dental of California, which offers comprehensive oral healthcare coverage to more than 36 million members, has announced details of a $200 million loan program through a partnership with Lendeavor that will provide economic assistance and post-COVID-19 pandemic relief for its independent provider network across 15 U.S. states and the District of Columbia. Lendeavor, a digital lender that provides financial solutions to healthcare practices, will manage the program.
The loan assistance program, which launches Thursday, April 30, features a combination of cash flow relief and interest savings, including:
- First 12 months of interest on refinance and working capital loans covered by Delta Dental.
- Second 12 months of interest on working capital loans arranged by Delta Dental and covered by Lendeavor.
- Deferred payments for 6 months.
- Working capital up to 15% of previous year’s collections, capped at $200,000.
- 126-month term, which can reduce monthly payments significantly.
“We are grateful to the provider community who continue to deliver essential emergency and other non-elective care to millions of Americans,” says Mike Castro, president and chief executive officer of Delta Dental of California. “Like many small businesses, providers are directly experiencing the financial impacts of the COVID-19 crisis. This program is one way we can help some of them continue to care for patients now and manage their practices as the country recovers.”
Dan Titcomb, co-founder and chief executive officer of Lendeavor, notes, “Our team is working around the clock to help healthcare practices navigate this uncertain and scary time. We are excited to work side-by-side with Delta Dental of California as they take such significant steps to support their provider network.”
For more information about the loan program, qualification details and application process, Delta Dental providers can visit Lendeavor.com beginning Thursday, April 30, or call the Lendeavor program support line at (415) 874-5420.