In 2016, the total amount spent on dental care topped $124 billion —a 3.3% increase from 2015.As more people discover the importance of oral health to their overall health , that number can expect to grow. There are currently 187,437 dental offices in the U.S., and the dental market size worldwide is poised to increase to $37 billion by 2021. But against the backdrop of a global 5.6% CAGR, the U.S. faces an aging dental workforce that will retire over the next few years. The current dentist deficit is estimated at 7,300 practitioners. With only 19,517 dentists in the entire U.S., the rapidly growing need for quality dental professionals makes it the perfect time to open or expand a your practice.
Why Seek Funding?
Every dental practice needs a strategic plan. The average cost of starting a dental practice is between $350,000 and $550,000, depending on your region and office size. Despite the high costs of opening or expanding a practice, funding and financing can put your dreams back within reach. At Cornerstone Capital Lending, our experts are here to assist you every step of the way, from finding the right loan fit for your practice, to securing the dental office financing you need to get your business off the ground.
Funding Types and Options
SBA 7(a) Loans
The most popular SBA financing option is the SBA 7(a) loan. Dental practitioners can secure up to $5 million to finance the following projects or goals:
- Purchasing or expanding property for a dental office
- Purchasing an existing dental practice
- Purchasing a leased property
- Purchasing new technology for expansion
- Refinancing current debt
SBA 504 Loans
SBA 504 loans are another option for dental practitionerswho want to purchase real estate or equipment for long-term growth. These loans are also known as Certified Development Company loans, or CDC loans. Businesses can take out SBA 504 loans for:
- Purchasing existing buildings or property that is being leased
- Purchasingnew technology or equipment that will expand your dental practice
- Purchasing new buildings or renovating current facilities
Dental professionals looking to buy or refinance commercial real estate may find a conventional loan meets their needs. Our lending experts can ensure it’s the best fit tofinance your business.
The Loan Financing Process
At Cornerstone Capital Lending, our professional team is ready to help you take the next steps toward securing your dental office financing. From helping you determine if a conventional or SBA loan is right for you to walking you through the loan application process, our team will keep you front and center. Get in touch with a lender you can trust. At Cornerstone Capital Lending, our experts apply their wealth of experience in SBA and dental office financing to get you the loan you need, in the fastest way possible.
Take The Next Step
Acquiring dental office financing doesn’t have to be confusing. Enlisting the help of ourknowledgeable professional certified lenders at Cornerstone Capital Lending to help you find and secure the right loan for your dental practice. Contact us today to learn more about our conventional loan program and SBA loan programs to finance your business.