During normal times numerous business owners grapple with the question about what happens if the cash tap is turned off; the COVID-19 crisis has thrown this into sharp relief and made this possibility a reality for many.
When this happens, the options available to business owners – including dentists – can appear to be limited, but they needn’t be because with many practices getting back to routine work, a corner appears to have been turned.
“We’re still very much open to new business,” says Joe Biesty, Area Sales Manager for Braemar Finance. “There are all sorts of ways for practices to get through the next few months and remain able to finance the new necessities, including PPE gear and practice refurbishments.”
By way of example, Joe cites a customer who recently redesigned their workspace, including separate consultation rooms, to enable and ensure social distancing measures can be effectively implemented.
“Cash flow doesn’t have to be a barrier to investment,” explains Joe. “There are various products available that are suitable for almost any purpose. We also work closely with all dental equipment suppliers in Ireland and have a recognised and trusted reputation.”
Three key products are:
- Practice loans inject cash into a business when it’s needed. This unsecured loan product can be used for a variety of purposes, including buying into or starting up a new business, a renovation, or simply to cover multiple overheads.
- Hire Purchase (HP) agreements allow outright ownership of an asset at the end of the agreement term. In addition, the asset could potentially be claimed against your taxable profit under capital allowances.
- Leasing allows you to maximise the use of equipment without the responsibility of owning it, giving you the freedom and flexibility you need.
Why Braemar Finance?
As an established professions funder in Ireland and the UK with nearly 30 years’ experience working with dental practices through all economic cycles – the fact is, there’s very little we haven’t seen or experienced, although the current crisis is proving to be the exception to the rule.
That said, our approach to helping new and existing customers remains unchanged. Our team of finance specialists understand how vital it is that you have what you need to both survive and thrive.