Preview Mode Links will not work in preview mode

Private Practices in Maine


Aug 30, 2023

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

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.