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It is so critical when looking for an SBA loan for your dental practice to find an SBA bank that understands your business and has done many loans in your industry. This helps dramatically increase the likelihood of you receiving a small business loan. Every three months we review all SBA loan activity for banks lending to dentist. Here are the most active lenders to dental practices:
1) Live Oak — Wilmington, NC
300 loans, $1,518,472 average loan, average interest rate of 5.9%.
Live Oak specializes in SBA loans to 16 different industries, and dental practices is at the top of their list. A high volume, low cost lender for dentists looking to move fast. Also, because Live Oak is an expert in this field, they tend to lend much more per practice than the other big banks. Overall, Live Oak ranks among the top 5 nationally in our SBALenders.com rankings of all SBA banks.
2) Wells Fargo — Sioux Falls, SD
196 loans, $766,923 average loan, average interest rate of 6.0%.
Wells Fargo has made over 100 dental practice loans just like Live Oak midway through the year. Wells is one of the largest banks in the world and consistently ranks as our top 5 as well (for all types of loans not just loans to dentists). Wells Fargo has been making loans to the dental market since 1989.
3) JP Morgan Chase — Columbus, OH
90 loans, $322,772 average loan, average interest rate of 6.5%.
JP Morgan chase has made 56 loans to dentist so far this year. Just like Wells Fargo, JP Morgan is massive in size and scale and is one of the largest banks in the world. Another excellent choice for your dental practice.
4) United Midwest Savings Bank — De Gaff, OH
76 loans, $903,316 average loan, average interest rate of 7.0%.
United Midwest is right up there with the big banks in terms of loan volume. United Midwest is a an aggressive player in lending to dentists, and dental practices in the Midwest, especially in Ohio, should put this bank on their shortlist of banks to call. Overall, United Midwest ranks 55th in our list of all SBA banks.
5) Compass Bank — Birmingham, AL
58 loans, $824,566 average loan, average interest rate of 6.0%.
Although not as massive as the SBA lenders above it on the list in terms of asset size, Compass Bank has carved out a nice niche for itself with dental practices. Compass is a very large SBA lender overall and ranks #10 in our list of all SBA loan providers.
The rest of the top small business loan providers for dentists:
|Rank||Bank||City||State||# Loans||Avg Loan||Avg Int|
|2||Wells Fargo||Sioux Falls||SD||196||$766,923||6.0%|
|3||JPMorgan Chase Bank||Columbus||OH||90||$322,772||6.5%|
|4||United Midwest Savings Bank||De Graff||OH||76||$903,316||7.0%|
|6||United Community Bank||Blairsville||GA||53||$723,208||6.3%|
|9||First-Citizens Bank & Trust||Raleigh||NC||37||$882,568||5.7%|
|13||Readycap Lending, LLC||New Providence||NJ||25||$1,378,636||7.0%|
|14||Bank of America||Charlotte||NC||22||$389,832||4.7%|
|15||Bank of the West||San Francisco||CA||22||$696,250||6.0%|
|16||First Home Bank||Seminole||FL||20||$242,000||7.2%|
|17||Zions Bank||Salt Lake City||UT||18||$140,850||9.0%|
|18||Independence Bank||East Greenwich||RI||16||$135,938||6.9%|
|19||Newtek Small Business||Lake Success||NY||16||$743,563||7.5%|
|20||Celtic Bank||Salt Lake City||UT||14||$171,850||7.3%|
|22||Banco Popular de Puerto Rico||San Juan||PR||12||$65,567||8.9%|
|24||Seacoast Commerce Bank||San Diego||CA||11||$909,373||6.5%|
|25||UMB Bank||Kansas City||MO||11||$599,127||5.2%|
|27||Banner Bank||Walla Walla||WA||9||$91,089||6.0%|
|29||First Bank||Southern Pines||NC||9||$1,430,956||5.9%|
|30||Genesee Regional Bank||Rochester||NY||9||$117,778||5.3%|
|32||CenterStone SBA Lending||Los Angeles||CA||8||$1,120,063||6.8%|
|33||Citizens Bank of Pennsylvania||Philadelphia||PA||8||$167,950||5.2%|
|34||Hana Small Business Lending||Los Angeles||CA||8||$804,875||6.0%|
Think the entire process of getting an SBA loan for your dentist practice is like a self-administered root canal? Apply online and we can help you find the perfect bank to grow your business. We will generate a free report for you showing the top banks for dental nationwide or just banks in your area with experience with dental loans.