Frequently Asked Questions About Practice Pathways® Loan Solutions
What does Practice Pathways offer health care practices?
Practice Pathways offers medical professionals a 6-step pathway to obtaining practice financing. All this is done through a single point of contact; no hand offs, no call trees, just one Practice Pathways advocate to assist you with your practice financing needs.
How long has Practice Pathways been supporting health care practices?
On July 10, 1873, Zions Savings and Trust Company was incorporated. Since then, Zions Bank has helped all types of businesses with banking and financial needs.
In 2015, Zions Bank recognized that the professional practice industry needed a lender that knew small business and the industry, and Practice Pathways was started. Zions Bank also knew that one of the frustrations for bankers and clients was that bank offerings were often departmentalized within the bank; meaning that professional practice lenders just did practice lending, where SBA lending was a different department in the bank and commercial real estate was another department.
Zions Bank understood that the customer would have a better lending experience if all of the products and services needed were under “one roof” with a single point of contact. Practice Pathways is the group in Zions Bank—the one-stop shop—for practice banking solutions.
What does having “a single point of contact” mean?
At Practice Pathways, you'll work with a single representative. You won’t be handed off between reps or passed around to different groups within the bank. Your Practice Pathways representative will work with you from the beginning to the end of the loan process and then continue to assist you with your long-term Practice Pathways relationship.
How is Practice Pathways different from other practice lenders?
Practice Pathways offers:
- A unique process with a fast response time and individual support to prep the best financial solution for your practice
- Flexible loan solutions—from loans to credit lines to credit cards and more, Practice Pathways helps you find the right solution for your unique needs
- Singular support, so you get what your practice needs from one company and a single dedicated contact—from start to finish
Don’t all practice lenders offer customized financing packages?
Not typically. Most lenders only approve and lend on loans within their space and rarely do they come up with innovative solutions to structure offerings. Most other lenders are unable to facilitate practice loans, commercial real estate and SBA financing options all under one roof and through a single point of contact.
Which states does Practice Pathways serve?
Currently, Practice Pathways offers services for medical professionals within the Zions Bancorporation footprint, which includes Arizona, California, Colorado, Idaho, New Mexico, Oregon, Texas, Utah and Washington. Long-term, Practice Pathways’ goal is to offer services nationwide.
Frequently Asked Questions About Dentist Loans, Loans for Veterinarians, Doctor Loans and More
What dentist loans, loans for veterinarians, doctor loans and other financing programs does Practice Pathways offer?
Practice Pathways offers a variety of financing solutions, including, but not limited to:
- Practice acquisition
- Practice start-up
- Expansion and relocation
- Debt consolidation and refinancing
- Commercial real estate
- Small business administration (SBA)
- Working capital
- Practice equity
How much can I borrow?
Generally, you can borrow up to 85% of the revenue of your practice. However, you must have enough excess profit to pay the loan.
What are Practice Pathways’ interest rates?
Rates are competitive with other lenders' rates and vary depending on loan terms and type of loan, whether fixed or variable. The purpose of the loan will also affect the interest rate.
What terms does Practice Pathways offer?
Practice Pathways offers competitive terms from 10 to 25 years depending on the type of loan and to give you the flexibility your practice needs.
What loan fees does Practice Pathways charge?
Loan fees are based on the type of loan you need and the terms you’re looking for.
Does Practice Pathways offer 100% financing?
Yes. Practice Pathways offers 100% financing based on the type of financing you’re after.
What can I use my loan for?
Loans can be used for acquiring a practice, starting a practice, equipment, working capital, refinancing debt or buying real estate.
Does Practice Pathways offer working capital?
Yes. Practice Pathways offers short-term business working capital loans and business lines of credit.
Does Practice Pathways offer loans to finance acquiring a practice?
Yes. Practice Pathways finances practice acquisitions of all sizes, including multipractices.
Does Practice Pathways offer loans to finance the start up of a practice?
Yes. And Practice Pathways start-up loans offer interest-only payments to help keep your costs low in the first year, if desired.
Does Practice Pathways offer real estate loans?
Yes. Practice Pathways offers real estate 7a and 504 loans in-house.
Does Practice Pathways offer equipment loans?
Yes. Practice Pathways offers equipment loans for all types of equipment.
Can I refinance my existing practice loan?
Yes. Practice Pathways will work with you to refinance an existing practice loan.
Frequently Asked Questions About Who Can Apply for a Loan
Which medical specialties does Practice Pathways offer finance to?
Practice Pathways finances dental, veterinarian, optometric, pharmaceutical and medical specialties.
Who is the typical Practice Pathways client?
The typical Practice Pathways client is a medical professional looking for lending solutions for his/her practice without having to jump through hoops or be passed around from department to department.
How long after I graduate can I get a loan?
Typically, Practice Pathways asks for 2 years of experience after you graduate; unless you've finished a residency.
Am I eligible for a loan during my residency?
You’ll be eligible for a loan, only after you finish your residency.
How long do I need to be licensed before I can get a loan?
Typically, Practice Pathways asks that you be licensed for 2 years before you apply, unless you've finished a residency.
Frequently Asked Questions About the Application Process
How do I apply for financing?
To start the application process, simply apply online or call 888-588-6265 to speak to a Practice Pathways representative. The process is simple and fast. Practice Pathways knows you need a decision quickly and can help.
Do I need to provide financial documentation with my application?
The financial documentation needed with your loan depends on your loan request. Practice Pathway’s goal is to make the documentation request as minimal and as streamlined as possible. For more information, simply contact your Practice Pathways representative.
What’s needed to get my loan approved?
Approval requirements vary based on the type of financing you’re after. Normally, Practice Pathways needs 2 years of tax returns, a year-to-date financial statement and an application. In some cases, we’ll ask for a business plan and a description of why you want the loan.
What is the approval process?
The Practice Pathways approval process is quick and streamlined. We ask for specific documentation and an application. On most loans, you receive an initial response within 24 business hours.
Frequently Asked Questions About Loan Payments
Can I make extra payments?
You can always make extra payments on your loan. In certain circumstances, a prepayment penalty may be assessed.
Will I be able to skip loan payments if there’s a natural disaster in my area?
Yes. Practice Pathways offers a one-time 90-day deferral due to a natural disaster during the loan term.
Will you let me skip a loan payment if I get sick or hurt and can’t practice?
Yes. Practice Pathways offers a one-time 90-day deferral due to injury or illness during a loan term.
General Frequently Asked Questions
Can I refinance credit cards with a practice loan?
Yes. The amount of the loan is subject to loan type and approval.
What is amortization?
Amortization is the time period over which your loan is paid.
What does “term” mean?
Term refers to the time period your loan is fixed for.
Will there be a balloon payment due?
Some loans may be due before the amortization period is finished and require a payment of the remaining balance at that time, which is known as a balloon payment.
What is cash flow?
Cash flow is the amount of excess income or profit you have available after all your financial obligations are met.
What does a credit score or rating mean?
Your credit score is a reflection of credit worthiness. Different agencies have different criteria. You can contact a credit reporting agency to learn what your score is