BMO Harris Bank and the American Dental Association (ADA) announced that BMO has been named the new 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 the ADA subsidiary ADA Business Enterprises, Inc. (ADABEI), for the association’s over 163,000 members across the U.S.
Through this agreement, ADA members have 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.
BMO’s experience in the dental industry spans three decades under 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 Dr. James Mercer D.D.S., 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.”
“Teaming up with the ADA’s vast network allows BMO to continue propelling dental professionals forward with their business goals,” said Niamh Kristufek, Head of Business Banking, BMO Harris Bank. “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 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 intuitive digital and mobile platforms at their disposal to help simplify their banking experiences. BMO’s integrated customer experience model provides financial value, simplicity, and convenience to small business owners at each stage of their journey.
This collaboration enables BMO to continue leveraging its dental industry knowledge while supporting ADA members’ business objectives across the U.S.
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 Dr. Mercer. “The leadership team from BMO that we met included 50 percent women and was unique among the companies with which we discussed practice financing.”
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