Optometry finance

For optometrists, opticians, and other optical specialists, we provide optical finance solutions and funding options
that are intended to help with the expansion and improvement of your business. We have a solution to assist with anything from the purchase or relocation of practice, a shop fitting renovation, new technological equipment, or even just a loan to satisfy any tax requirements.

Loans for optometry practices are a form of commercial financing that is only used by private optometry enterprises. These company loans can be used to finance the purchase of pricey optical equipment, staff training, and business expansion.

You can apply online and select the amount you wish to borrow for an unsecured business loan or a merchant cash advance for your optometry business. We’re here to help you quickly access cash, whether it’s for an unexpected cost or broken equipment that needs to be replaced right away. Each professional practice will be dealt with on an individual basis, as no two businesses operate the same.

Typical financial applications in the optical industry

Do you want to spend money on a newer stock, nicer optometry equipment, and a waiting space that clients would like to use? To make that happen, you’ll likely need more money. Loans for opticians have come a long way recently, with many different routes to capital finance, from an unsecured practice loan to providing finance for a commercial mortgage. Optical sectors can operate in completely different ways, which is why we strive to find financial solutions and flexible loan funding partners that match your business vision.

Your optical shop’s success is a result of precise technology, positive client feedback, and a welcoming team. It seems natural that you’d want to contact a finance firm that is aware of your requirements.

Practice loans can be used for many different things, such as tax, vat, asset finance, optician equipment, IT & software, acquisitions, working capital, or even just cash flow.

Apply for optometry funding

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How does it work?

Fill in our form​

A member of the team will be in touch to collect some basic information. This helps us understand the type of funding that would best suit your business.

We find the best funding for you

We use the information you provided to source the best funding options for you and your business using our panel of over 250 lenders.

We present your options

We’ll then present you will all of the funding options available to you and give you time to decide which one you would like to proceed with.

Here are some popular funding solutions for your business:

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Hire purchase

Hire Purchase enables you to stretch the expense over a term that works for you while allowing outright ownership of the asset. Budgeting for financial flow is simpler because payments are set and transparent in advance. Saving working capital so that money can be spent elsewhere. Interest expenses may be deducted from profits for tax purposes. Complete ownership following the conclusion of the agreement.

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Leasing

If you need the most recent equipment but don’t want the added cost of ownership, leasing will provide you with the freedom and flexibility you need. Maintenance may still be handled by the leasing firm after you sign a lease, which lowers your time commitment and expense. There is no requirement for a deposit. Repayment terms are fixed to make managing easier. safeguards working capital Since repayment amounts are set, you know what to anticipate each month.

Merchant Cash Advance

For opticians, the Merchant Cash Advance is ideal. Your company will receive the required funding and then recoup it through credit and debit card sales. The payments will be made before the money is received, allowing you to gauge how well your cash flow is doing.

In contrast to a typical unsecured commercial loan, there are no fixed monthly installments to be concerned about because a portion of the money is immediately returned each time you process a payment on your card machine.

Your monthly debit card and credit card sales volume, which can include both online and in-person purchases, will determine the amount of the cash advance you are provided.

Revolving Credit Facility

Your practice might gain from an increase in cash flow, similar to an overdraft, because revolving credit is available whenever needed. One of the main benefits of a revolving credit agreement is that you may pay your bills on time, replace your inventory levels quickly, pay your employees on time, and go to bed without worrying about money.

This can be the kind of finance you’ve been looking for if you prefer flexible credit facilities to term loans.

Unsecured Opticians Loan

We can provide you with arranged commercial loans for your optical business. We also provide unsecured loans, so you won’t have to put up any collateral to secure the money you borrow. Smaller firms that are just getting started may benefit from choosing an unsecured business loan, which can provide you with the extra support and flexibility you require. It will assist you with business maintenance and upkeep or merely help with expansion charges.

This kind of lending takes into account your situation and doesn’t demand security. It can offer a sizable amount of financing at a favourable interest rate that you can use for any objective associated with your practice.
Terms of repayment range from three months to five years. Since the loan is unsecured, neither your personal nor professional assets will need to be pledged as security for the sum borrowed.

VAT Loans & Tax Funding

You can split the cost of your tax demand into manageable monthly instalments thanks to tax loans. Although VAT and corporation tax cannot be avoided, they can severely impact your cash flow. The stress of running a business is increased by getting an unexpected bill or realising you owe more than you thought.

Benefits include better control over cash flow, repayments are fixed and funding can be arranged quickly, allowing HMRC to be paid on schedule.

Loan Consolidation

If you have a lot of open contracts, credit card debt, and other continuing financial responsibilities, a consolidation loan can be your best option.

Consolidating or refinancing your debts has many advantages. By combining your existing debt into one monthly payment over a term that matches your circumstances, you can free up cash flow and thus lessen stress.

Loans for debt consolidation may be secured or unsecured. Depending on the amount of debt being assumed, you can be asked to provide collateral as security.

Franchise Financing

Franchise development could be one of your opticians’ finest options. You might assume that if your firm is successful, the neighbouring town will also be prosperous. Set high standards for yourself and make sure everything goes according to plan if you want to dominate the market.

The initial stages of franchising are the most expensive because there is a lot of legal paperwork to handle and the franchisees require help setting up and receiving training. We will find your ideal lender for you, in order to finance the project.

You will need to seek a business loan if you are determined to franchise your business but are unsure that you can afford the start-up costs.

Can I apply if I have bad business credit?

Businesses with various credit histories can still qualify for business financing. Finding out if you qualify for a loan is simple, even if you’ve had trouble making all of your payments on time in the past.

If your credit is bad, getting standard finance could be difficult. However, there are several financing options available, so you can still get the money you need to grow your company. Your business can still gain from the alternative finance lenders we have accessible, even with a bad credit background. With a bad credit business loan, lenders tend to spread the costs over a shorter term.

To learn how much you could raise for your company, fill out our indicative terms enquiry form, where we’ll come back to you with a no obligation quote within 24 hours.

Want to find out more or apply?

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Enquiry Form

How quickly can I get business funding?

Have you already decided on the new showcases and coffee maker for the waiting area? At Smart Funding Solutions we can typically assist you in getting your money in a matter of days, allowing you to begin remodelling, renovating, and allow you to concentrate on other tasks.

Finance for opticians over the long run and short term

Are you willing to spread out your commercial loan over a few months or years, or do you want to make sure you can pay it off as quickly as you can?

A short-term loan might be simpler if your revenue fluctuates at particular times of the year. You can arrange the repayments during the more lucrative months so that slower months are as debt-free as feasible.

Our financing options for optometrists and dispensing opticians are made to help you expand your business, including through the purchase or relocation of practice, the purchase of new technology, and tax loans. Our unsecured loans are intended to boost the working capital available to your company.

Bank loans via your typical high street bank tend to take a long time, here at Smart Funding Solutions we can have a decision for you within 24-48 hours.

How optometrists can use their funding

What are the top business priorities you have for the foreseeable future? Perhaps you want to establish yourself as a destination for a certain brand, increase the thoroughness of your eye exams, or just shorten the time-sucking administrative tasks you do daily. Practice funding can be used for any business rationale and loans are available to each healthcare professional in the optometry industry.

Update your equipment – Although pricey, optometry equipment is critically necessary to your business. Provide the most accurate test results and eye health information to your customers.

Update furnishings and interior design – Aside from your service, style and décor can be just as crucial. Make it however you want it to be: pristine and cosy, opulent, contemporary, elegant.

Lenses and frames – The more options you provide for premium brands and frames, the more likely it is that your consumers will be delighted with their new face wear.

Education and training – You and your team may become more effective, provide the best service possible, and complete necessary tasks more quickly with the aid of education and training. Business financing can inject vital capital into your company, allowing you the flexibility to make adjustments and invest in the things that count.

Do you prefer fixed or flexible repayments?

Want to know the precise amount of your monthly payments? Or does the idea of a high monthly expense make you a little uneasy?

Because they increase and decrease as your company accepts credit card payments, flexible repayments may be simpler for optometrists to manage. If January is a month with few appointments but some months are filled with appointments, you’ll repay more when business is brisk and less when business is slow.

For us to match you with your ideal funder, you’ll need to be a limited company, partnership or sole trader, registered in England, Wales, Scotland or Northern Ireland. We’re a credit broker, not a lender and you should always make responsible lending choices.

Smart Funding Solutions are authorised and regulated by the financial conduct authority, FRN: 972740.

Frequently Asked Questions

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Optometry Finance is a customised loan product catered specifically towards the needs of optometrists and optometry practices. This could include starting a new practice, purchasing equipment, or covering day-to-day operational costs.

Qualified and registered optometrists or other professionals looking to start or grow their optometry practice can apply for Optometry Finance, provided they meet the lender’s specific eligibility requirements.

Upon successful approval of Optometry Finance, a specified loan amount is provided to the borrower. This amount is then repaid, with interest, in regular instalments over an agreed duration.

The amount you may borrow with Optometry Finance can vary greatly and depends on factors including your credit status, your professional standing, and the lender’s specific application criteria and lending policies.

Yes, Optometry Finance can generally be used for any business-related expense. This includes purchasing optometry equipment, renovating your clinic’s premises, or covering operational expenses.

Interest rates can differ significantly, depending on factors such as the lender’s policies, the loan amount, the term of the loan, and your creditworthiness. Comparing rates from multiple lenders can help you obtain the most favourable interest rate.

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Though requirements vary among lenders, typically, you may be asked to provide a completed application form, proof of income, your professional registration details, and potentially a detailed business plan.

The time it takes to receive Optometry Finance can differ between lenders. Factors influencing this may include the completeness of your application and the lender’s processing times. However, some lenders may be able to provide finance as quickly as within several business days of application approval.

Yes, Optometry Finance usually follows a fixed repayment schedule, with regular instalment payments required over an agreed term. However, some lenders may offer flexible repayment schedules to accommodate varying income patterns.

Early repayment terms are dependent on the individual loan agreement. Some lenders may permit early repayment, while others could impose an early repayment fee. Be sure to review your loan agreement in detail or consult directly with your lender.

Failure to repay your Optometry Finance Loan can lead to increased interest rates, late fees, potential legal action, and impact your credit score. If you foresee difficulty in meeting your repayment obligations, it’s best to communicate promptly with your lender.

If you’re an optometrist or optical professional looking for additional capital to enhance your practice, Optometry Finance could be an appropriate solution. However, it’s crucial to examine your capability to repay and consult financial experts before obtaining any loan.

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