Wesleyan Bank, part of Wesleyan Assurance Society, is launching a bespoke commercial loan service in response to demand from dentists.
Steve Deutsch, managing director of Wesleyan Bank, said: “At a time when many mainstream banks are either unable or unwilling to lend to some businesses, finance can be difficult to arrange for smaller dental practices. There are currently around 11,000 dental practices in the UK and only 10 per cent of these are managed by larger corporate dental chains.
“Our loans service is backed by an in-depth knowledge of the needs of dental practices, which means we have a clearer understanding of why a loan is required. We provide loans so dentists can modernise surgeries and buy new equipment; to support dentists wanting to buy a practice or those wishing to expand and buy a new surgery. We’ll also provide short-term loans to help with personal tax bills, a model that has proven extremely successful with our legal customers.”
Shalin Mehra, a dentist and practice owner, and a member of the Wesleyan Medial Sickness Advisory Board, said: “Wesleyan understands the dental market and has responded to its customers’ needs by developing a loan service that will really benefit those in the profession.
“To refurbish a consulting room with a new chair, cabinets and up to date equipment can cost more than £25,000, and if a dentist has bought a new practice and wants to renovate an entire surgery, it can be considerably more. Surgeries are also spending thousands of pounds to comply with the new regulations. Being able to access finance quickly and easily could make a huge difference to the future of a business.”