What business loans are available for optician practices?
Secured Bank Loans
Traditional bank lenders may be able to offer practice loans to businesses that can meet their strict criteria. However, it can be challenging to qualify for optician practice funding, especially in the first stages. Getting a lower interest rate and a higher amount may prove challenging. Still, for the entrepreneur starting out, it may be impossible to get a high credit score, which is essential for security against the loan.
By advertising your desire to start up an optician business practice on crowdfunding websites, you'll stand chances of having to wait months for the funds to be gathered. In some instances, the project won't be funded at all.
Seeking out a private investor is an excellent way to get opticinans funding. While you can often get the funds you need quickly, investors will often want to have a say in the business, and for the optical sector, this is not ideal.
Business credit cards and overdrafts
If you're struggling to get a bank loan, then you might be able to access a business credit card or an overdraft facility. Most credit cards will have a limit on how much can be withdrawn, and often credit cards and overdraft facilities have limitations and high-interest rates.
Business loans for medical facilities
At Rangewell, we can offer you brokered business loans for your optical practice. In addition, we offer unsecured loans, so you won't be required to secure the funding your receive against any collateral. Opting for an unsecured business loan may suit smaller businesses just starting and can support you with the extra support and flexibility when you need it the most. It will help with expansion costs or simply aid you in the maintenance and upkeep of your business.
What loans are available for optician equipment?
Whether you are starting up, buying into an existing practice, or ready to move your current business on, specialist equipment is vital. From a smart mirror to a keratometer, you need the latest equipment both in your consulting room and in your shop.
At Rangewell we have found that Asset Funding can often provide the most cost-effective solutions:
If you need equipment that you want to go on giving service for years, Hire Purchase can provide the solution.
If you need the latest equipment without the cost of owning it, leasing will give you the freedom and flexibility you need.
New or used?
Good quality used equipment can be a sound investment, especially if you are setting up a new practice. However, many opticians miss out on the potential savings because they believe they need to find cash to pay for it.
Vehicle finance for opticians
Asset finance can also be the most cost-effective way to provide vehicles - specialist Vehicle Finance could help you cut the cost of the vehicles you need.
What business loans are available to buy an optician practice?
Buying an existing practice may require a substantial investment, but it may be possible to arrange a straightforward business loan to help you buy your first practice.
If you are thinking of buying into a large practice, you may need to do so as a partner - or buy out a partner who may be retiring. Buy-in and Buyout Finance recognises the challenges and provides funding tailored to help you make full use of the opportunity.
Buying an optician franchise
Franchising is becoming an important development in the UK high street. An optician franchise will mean a substantial initial fee, a monthly fee and additional expenses for specified equipment and shopfitting. Conventional business lenders, such as banks, may not be able to help, as your business is technically a start-up, lacking a business history.
A Franchise Loan package may provide the solution.
Commercial Mortgage or Lease
Premises in a good location, ideally with parking and public transport nearby, will be a major cost for your optician practice. You may need to borrow for the deposit on a long-term lease. Alternatively, you might want to buy with a Commercial Mortgage. Commercial Property Finance is arranged on an individual basis.
This type of lending recognises your status and does not require security. It can provide a relatively high level of funding at a preferential rate of interest, which you may use for any purpose connected with your practice.
Contact us to find out more about whether a Practice Loan could benefit your optician business.
Tax loans help you to spread the cost of your quarterly and annual tax demands into affordable monthly payments.
Working Capital Finance
Working Capital Finance is designed to boost the working capital available to a business. It's often used to provide cash to pay staff and suppliers while business is slow during the early weeks and months of opening a practice or during a period of growth. It is designed to be repaid in the short- to medium-term.
Our finance experts can help solve your working capital needs We can also help you find solutions if you want a capital injection for your practice - or to find out more about capital release.
Large-scale finance can be vital if you have major plans for your practice, such as acquiring a competitor. Growth finance is a special type of funding designed to fund your growth plans.
Even if you do not have the long trading history and profit record that lenders usually require, we can help you find solutions.
Goodwill Loans, also known as Cash Outs, use the value in your business as the security for a loan, and may provide a sum comparable to your annual turnover. This type of lending is suitable for any purpose inside or outside the business. Many opticians use it to fund investments or property purchases.
If you have a major project, such as acquiring another practice, you may require funding from more than one source. At Rangewell, we are experienced in creating this kind of ‘Jigsaw' funding, which allows us to use our financial expertise to provide the most cost-effective solution for each aspect of your financial plans.
Contact us to discuss how 'jigsaw' funding can provide answers for you.
Whatever your funding need, we've got opticians covered:
You can also source additional, specialised support from our Opticians' Directory - featuring everything from opticians' equipment suppliers, financial advisors for opticians and more.