Borrowing money from a community-based bank has distinct advantages over large corporate banks, including looking at the whole person–not just who they are on paper.
In this episode of Private Practices in Maine, Michael welcomes back Rob Westhoven of Androscoggin Bank for part two of their discussion on private practice financing. Rob is an expert in commercial financing, and his expertise brought private practice lending to Androscoggin Bank.
As a Senior Vice President and Director of Dental Banking, Rob understands the intricacies of private practice financing. Michael and Rob’s conversation covers why other banks have difficulty replicating Androscoggin Bank’s lending practices, the role of “collateral risk” in lending to small private practice owners, problems you may face when using Small Business Association (SBA) loans, and the issues that can arise in medical practice lending while preserving innovation and community assets.
You will not want to miss Michael and Rob’s final thoughts on private practice lending in a community environment.
In this episode, you will hear:
- The three types of lending institutions and how they differ
- Why borrowing money from banks to purchase professional practices can be difficult and how banks approach the healthcare industry
- How Androscoggin Bank k sets itself apart from other banks and why other banks have a difficult time replicating the Androscoggin Bank private practice lending process
- The first step in understanding the risk of lending to a private practice professional
- Allowing for “collateral risk” that may be present with a small private practice owner is dependent on the person you’re dealing with
- Problems that can arise with a Small Business Association (SBA) loan versus a loan with a community-based bank
- Rob’s experience as a commercial finance specialist and how his expertise convinced the president of Androscoggin Bank to set up a dental lending program in their community
- Overcoming problems in private practice lending while preserving community assets and innovation
Resources from this Episode
Connect with Rob Westhoven on LinkedIn – www.linkedin.com/in/robert-westhoven-844aa745
Androscoggin Bank – www.androscogginbank.com
Website – malloyfirmmaine.com
Phone – (207) 333-6700
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