The Borough Dental Practice in the village of Downton was founded by local dentist, Jenny Wordley, in 2013. After becoming frustrated working at other practices, Jenny realised that the only way she could provide the high level of care she wished to give to patients was by starting her own clinic.
Since opening, the business has grown significantly with more than 1300 patients now registered at the surgery.
In order to deal with the increase in demand Jenny decided to renovate a second consulting room to accommodate another full time dentist. The new clinic will boast a range of state of the art features including digital x-raying, intra oral camera and needle-free anaesthetic.
Jenny Wordley, head dentist at the practice, said: “We always hoped to have a second dentist and consulting room at the practice, but thought it would take three to five years before demand would be sufficient. However my own book is virtually full and in order for the surgery to continue to expand it was apparent we needed another full-time dentist.
“As a result we approached my former colleague Richard Stephenson who will be joining the practice in April.”
To gain funding for the renovations to the surgery Jenny approached Lloyds Bank Commercial Banking, which provided a £60,000 loan through the Funding for Lending Scheme (FLS) - through which customers can receive competitively priced lending.
Lloyds Bank Commercial Finance also provided a further £60,000 asset finance facility, which allows the firm to borrow against its assets.
Jenny added: “Lloyds were fantastic from the start. The specialist skills of the healthcare team were invaluable and we could always approach them for guidance and support.”
Sharon Hillier, healthcare relationship manager for Lloyds Bank Commercial Banking, said: “The practice has experienced an exceptional first eighteen months of trading, so when funding to renovate the building further was required, we immediately recognised the growth opportunities it would provide the business.
“At Lloyds Bank Commercial Banking, we’re dedicated to supporting businesses like The Borough Dental Practice that are looking to seize opportunities for growth. To help companies access funding more quickly, we’ve doubled the amount our senior managers can lend to businesses without central approval, enabling more firms like this across the country prosper.”
Susan Morris-Hansen, sales executive at Lloyds Bank Commercial Finance, said: “Asset-based finance is perfect for growing businesses like The Borough Dental Practice, as it allows them to drive their growth without affecting day to day cash flow.”