The recent banking crisis has wreaked havoc on doctors seeking practice financing. Banks have raised interest rates and loan approval standards, resulting in a record decline in lending. Despite these factors practice loans are still available—here’s where and how to get them on the best terms and conditions.
Many small and medium-sized banks have seen a dramatic outflow of deposits to larger banks and money market funds, following the recent collapse of Silicon Valley Bank and Signature Bank. These reduced deposit levels, along with concerns about the current economic uncertainty, have caused many banks to tighten credit. This is making it harder for doctors and other small businesses to get the loans they need, and when they do, they’re paying much higher interest rates! Loan approval rates have dropped for nine consecutive months and bank lending declined by a record
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