Business and financial
Borrowing funds to improve your practice
With patients now more willing to shop around for dental treatment, practices across Scotland are having to invest heavily in the latest equipment and facilities
Cost of improvements Renovating a practice can cost tens of thousands of pounds. To refurbish a consulting room with cabinets and up-to-date equipment can cost in excess of £25,000, and if a dentist has bought a new practice and wants to make improve- ments to the whole surgery, it can be considerably more. With costs like this, a dental practi-
tioner may need to turn to a bank or other provider for a loan. As some high street banks are still
reluctant to lend to small businesses (the Bank of England reports loans to SMEs by banks fell by 2.5 per cent last year), it is worth seeking a specialist lender
that has an in depth knowledge of the dental profession and understands the latest issues affecting them and the increasing pressures on a practice’s finances. Because they have expertise of working
with dental practices, these lenders are able to make quick and well-informed decisions when it comes to approving loan applications. Depending on why funding is required,
it is possible to access secured and unsecured commercial loans for up to as much as £ı.5 million. These can be repaid over periods from six months to ı0 years, with a variety of options including fixed and variable interest rates.
Conclusion Juggling the dual responsibility of prac- ticing dentistry and running a business can be difficult. However, by talking to a specialist lender with expertise of the dental sector you can ensure your practice is best placed to run smoothly and remain a successful business.
®
The above information does not constitute financial advice. For further information speak to your financial adviser. Contact David Gibb ,Wesleyan Bank Commercial Finance, on 0800 072 8586, e-mail
david.gibb@
wesleyan.co.uk or visit the website
www.wesleyan.co.uk/commercial
Scottish Dental magazine 83
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