UTB funds Vet’s practice growth plans
Often when a business is looking to expand they face many financial hurdles, with a need to preserve valuable cash resources to avoid disruption of their day-to-day operations. Therefore credit can play a significant role in maintaining a healthy cash flow.
In March we were approached by a new introducer in order to assist a well-established veterinary practice, which was looking for alternate sources of funding to allow them to refurbish parts of their existing premises. They had a wealth of unoccupied space, so their intention was to obtain enough funding to allow them to create two additional treatment rooms with a view to appointing another qualified vet and assistant.
Fortunately the request was well-suited to our Professional Lending product and we were able to provide an approval for the full amount and term requested with the information presented to us. We were comfortable that the business had been performing well for a number of years and was well-managed by the sole shareholding Director, who was also willing to provide a personal guarantee. Due to the efficiency of the client and our introducer, documents were quickly issued and the loan drawn down a few days later.
Loan amount: £100,000
Term – 36 months