SALT LAKE CITY, Nov. 4, 2015 /PRNewswire/ -- Medical professionals aspiring to start their own practice or acquire a current one can receive support for their venture through Zions Bank's new Practice Pathways program. Practice Pathways focuses on lending solutions for entrepreneurial dentists, veterinarians, optometrists, physicians and pharmacists.
Professional expertise in small business lending and ownership transition is in high demand as retiring medical professionals outnumber graduates entering the industry. In the dental sector, for example, there are 47,000 retiring dentists and 37,000 dental graduates in 2015, according to the American Dental Association. As the level of Baby Boomer professionals expected to retire is projected to remain high over the next several years, graduates will have more opportunities than ever before to acquire a retiree's private practice.
To help these medical professionals purchase private practices, Zions Bank created Practice Pathways, a full suite of financial services that supports owning a practice. With Practice Pathways, a designated relationship manager is the sole point-of-contact and provides specialized expertise on a variety of services, including:
- Practice acquisition loans
- Debt consolidation and refinancing
- Real estate, multi-practice and equipment financing
- Startup, improvement, expansion or relocation
- U.S. Small Business Administration financial solutions
- Working capital loans and lines of credit
Practice Pathways offers a streamlined application process, with most applications receiving a response within 24 business hours. Competitive fixed-rate and variable-rate options with terms up to 15 years are available to maximize cash flow. In addition, Practice Pathways offers access to a demographic analysis to ensure the practice is in an ideal location.
"Medical professionals excel in their respective fields of medicine and patient care, but sometimes lack the business background to start or acquire a practice," said David Kirby, senior vice president and director of Practice Pathways. "We want to get their entrepreneurial dreams off the ground with our financial expertise to help them successfully transition into business owners."
For more information or to submit an application, visit www.PracticePathways.com or call (888) 588-6265.
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation (NASDAQ: ZION), operates 124 full-service financial centers throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 22 years and Idaho's Boise District for the past 14 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at www.zionsbank.com.
SOURCE Zions Bancorporation