This means that the demand for care homes, top of the range equipment and qualified staff will only increase as time goes on.
In fact, there are over 4,500 independent nursing and care homes in the UK. These businesses offer over 170,000 places. (Source: Registered Nursing Home Association).
It’s expected that the demand for nursing care among the elderly will rise by 60% over the next thirty years.
This clearly shows there are opportunities for care home providers who want to grow their business.
Why do you need commercial finance for care homes?
In order to stand out from the crowd, it’s likely you will need to make significant investments in particular areas. It’s unlikely you will have a pot of money waiting to be spent and if you are considering using working capital, that can be a huge risk. Not to mention, the price tag of a new care home location and top of the range equipment is not small. This is where commercial finance will come in. Deciding what you will put funds secured through commercial finance towards, is a case of assessing what you need to put in place in order for your care home business to grow and keep up with demand. Most commonly, people decide to use commercial finance for care homes to:
- Fund a care home building – whether you are looking to relocate or renovate.
- Pay for the staff you require – no care home is fit without qualified staff to provide the care and forming a good team of staff will inevitably cost money.
- Buy and maintain specialist equipment – without the necessary equipment that your residents require, you will struggle to maintain a good quality of care. We know that buying and maintaining top of the range equipment is not cheap, but it’s really important.
Where do you turn to get commercial finance for care homes?
Traditionally when applying for finance, it’s common to approach high street lenders but specialist types of finance, including commercial finance for care homes, require specialist attention. We pride ourselves in offering a finance solution for a range of sectors – care homes included, and our wealth of knowledge makes for a smooth, hassle-free process.
How long will it take to obtain commercial finance for care homes?
Obtaining commercial finance for care homes is a quick process at Century. You will only need to fill out a 5-minute online application form, so there’s no need to dread any lengthy paperwork or find the time for numerous meetings. Once you have submitted the information we need, a decision is then made within 24 hours. We understand that if your application has been accepted, you will want to start growing your business straight away, which is why the funds should clear to your nominated bank account the day after you have been approved.
A Better Way to Grow
Business finance is designed to fund sustainable expansion plans. However, in the current UK economy traditional suppliers are less likely to approve applications than they used to be.
Specialist business lenders like us offer an alternative. We understand the needs of businesses in many industry sectors. Why? Because we’ve worked with businesses like yours before. We know what care and nursing home providers need.
Whatever your business need, the right kind of flexible finance is available to you. We’ll carry out a needs assessment based on your requirements and circumstances and advise on the loan products we can offer you. Our team are experienced, helpful, friendly- and they don’t speak in jargon!
Get in touch for a no-obligation chat today and secure the business finance that you need.