Veterinary practices are one of the biggest areas of growth in the UK in recent years. With over 20,000 vets already registered across the UK, this number is likely to increase based on the fact that over 45% of house owners in the UK have pets. It is a thriving industry with new practices being opened all the time and existing ones going through major growth changes.
The NGI team are experienced at providing vets with a broad range of funding solutions to aid both new practices starting out and those looking to fulfil growth plans due to expanding busy practices. We work with all different types of veterinary practices, so we understand the financial challenges they face and have a portfolio of solutions to meet every need.
Examples of the funding that we can assist with includes:
Veterinary business loans
Veterinary business loans are incredibly popular and flexible. They can be used for:
- New equipment
- Management buy-outs
- Cashflow boost
- New acquisitions
Veterinary asset finance
Veterinary asset finance enables the purchase of new assets to fulfil business expansion. Items such as X-ray machines, scanners, hydrotherapy facilities and IT solutions are very common for asset finance. The 2 most popular types of veterinary asset finance are hire purchase and leasing.
Hire purchase will allow the full purchase of a piece of equipment and the payment is structured over a suitable term at a fixed rate. Upon completion of the purchase agreement the equipment is fully owned by the Vet practice.
Leasing is where you have a set payment per month over a period of time and at the end of the finance term you can decide to enter the contract or pay the remaining balance and outright purchase the asset.
Other funding solutions also include:
- Tax loans – spreading the cost of a tax payment over a set period can help with budgeting constraints and you ensure you meet your payment obligations with HMRC
- Consolidating loans – if you already have a number of business loans, credit card balances or other financial overheads then you can consolidate everything in to one monthly payment.
- VAT loans – sometimes VAT payments can be overlooked, with a loan you can pay off these charges whilst still maintaining cashflow and working capital.
If you have a question or need any support in regard to veterinary finance, then our team would be delighted to help. Please feel free to call us on 01993 706403 or e-mail email@example.com.