Case Study

Upgrading Care Home Equipment

Company —
Care Home
Business Type —
Residential Care Home
Requirement —
Renovation, New Equipment & Vehicles
Solution —
Business Loan

Enhancing Residential Care Homes Through Finance

See how a reputable care provider offering accommodation for persons who require nursing or personal care, used finance to upgrade their services include round-the-clock nursing care, support for dementia patients, respite care, and specialised care for those with physical disabilities and complex needs.

The Challenge

As the business looked to expand its services and accommodate more residents, they faced the challenge of equipping their care homes with modern facilities and transportation resources. Upgrading care home equipment and fit-out, as well as acquiring suitable vehicles to transport residents safely and comfortably, required a substantial investment that could strain their financial resources.

Equipment and Vehicle Upgrades

With the support of Portman Finance Group, they were able to invest in a comprehensive equipment and fit-out upgrade. This included modernising resident bedrooms, communal areas, and essential care equipment, such as lifting hoists, specialist beds, and medical devices. Additionally, they acquired a fleet of appropriate vehicles to transport residents safely and comfortably, ensuring a seamless and reliable transportation service.

brand new medical equipment

Benefits

  1. Enhanced Resident Comfort and Safety: The modernised care home facilities and state-of-the-art equipment contributed to the enhanced comfort and safety of residents, promoting a better quality of life.

  2. Improved Care Services: Upgraded equipment and fit-out allowed the care staff to deliver more efficient and effective care services, catering to individual needs and requirements.

  3. Increased Capacity and Occupancy: With improved facilities and reliable transportation, they could accommodate more residents and meet the growing demand for their services.

  4. Positive Reputation and Trust: The investment in modern care facilities and transportation resources positioned the business as a trusted and preferred care provider within the community and among healthcare professionals.
Care home worker helping a patient

Challenges for Care Home Businesses and Solutions with Finance

  1. Capital Intensive Upgrades: Purchasing new care home equipment and vehicles can be capital intensive, especially for expanding businesses. Care home finance through Portman offers a flexible solution to spread the costs over time, easing the financial burden and protects working capital. This can be done through business loans.

  2. Rapid Technological Advancements: The healthcare industry continually experiences rapid technological advancements. Finance options, such as equipment finance, allow care homes to stay up-to-date with the latest medical equipment and technology, ensuring they provide the best possible care to residents.

  3. Regulatory Compliance: Care homes must comply with stringent regulations to maintain their licenses and reputation. Finance can help businesses invest in equipment and facilities that meet regulatory standards, avoiding any compliance issues.

Conclusion

By leveraging the support of Portman, the business successfully upgraded their care home equipment and fit-out while acquiring a fleet of reliable vehicles for resident transportation.

The financial flexibility offered by care home finance allowed the business to overcome financial challenges and ensure the well-being and comfort of their residents. If you’re looking for care home equipment finance or want to upgrade your offer with transport for your care home, then Portman can help.

Partner with Portman, for a successful future

There are plenty of finance options out there for you, deciding which is right for you will take time and consideration. But why should you choose these financing options from Portman?

At Portman Finance Group we are focused on serving the needs of you and your businesses, and have been doing so for thousands of other businesses since 2007, raising over £1 billion in funding for UK SMEs. 

We take the time to truly understand your business and what you need, ensuring we secure the right funding for you. As both a broker and a lender, we can also offer financial options that others cannot. We promise you will have one point of contact from start to end, providing you solutions quickly, sometimes within hours.

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Hire Purchase

Hire purchase usually involves paying the VAT and a deposit up-front. Fixed monthly repayments are then made, affected by whether you pay off the entire loan over the term or chose a final balloon payment. The final option to purchase is guaranteed for a nominal fee, transferring ownership of the asset to the customer.

Hire purchase is well-suited for situations where a company definitely wants to own the item at the end of the term, often where the asset has a significant usable lifespan, a high residual value and will not need to be upgraded.

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Lease Finance

Equipment leasing allows a business to acquire hard or soft assets without the upfront costs associated with large purchases. A lender purchases the item, the business then leases it through fixed monthly payments over an agreed term.

Typically, asset finance is provided for high value ‘hard’ assets such as machinery, equipment, or vehicles, but Portman also arranges asset finance for ‘soft’ assets such as IT, fitness, catering, or vending equipment, as well as premises fit-outs, furniture or even air-conditioning.

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Business Loans

Business loans are a way of borrowing money, which is repaid in monthly instalments, including interest, over an agreed term. Business loans are a common way to help smooth out cashflow fluctuations and take opportunities where otherwise they could be missed due to a lack of working capital.

Business loans can be secured or unsecured. Portman typically provides unsecured loans which can be more flexible and do not require collateral but are likely to require a personal guarantee. Secured loans are tied to an asset which the lender can claim ownership of if repayments are not made, these may be used in equipment refinance deals.

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Start Up Loans

New businesses often need an injection of finance to get them off the ground. Asset finance for new businesses allows you to focus on running your company and bringing in customers, confident that you have the equipment, vehicle or stock you need without the large initial outlay.

Using finance for your equipment means that you preserve the credit card or overdraft for contingency and operating expenses when the unexpected happens.

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Equipment Refinance

If you recently bought a high-value item outright but would now prefer to have financed it, we can help with a sale-and-lease-back agreement. If the item is less than 3m old, give us a copy of the invoice and we will calculate the current value. After a few checks and acceptance of the term and monthly repayments, we can give you the cash equivalent of the invoice to put back into the business. You’ll then make fixed monthly payments including interest, whilst your asset earns you money.

If your business owns high value assets that are not currently on finance, subject to a valuation, it is also possible to use them as security for a loan, with lenders offering a cash loan up to a % of the asset’s value.

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Recovery Loans

Recovery Loans offer an excellent way of making sure your business gets back on its feet after the long-term effects of the pandemic and subsequent supply chain disruption. Businesses with turnovers up to £45m, including those who have previously benefited from the government’s CBILS, BBL or RLS, can apply.

Recovery Loans can be used for any legitimate business purpose or simply to provide cashflow. Rates are capped and the government continues to guarantee 70% of the outstanding balance, giving added security for lenders who are now able to consider finance for businesses who may have previously found it difficult to obtain.

Up to £2m can be borrowed on terms from 2 to 6 years. Your personal private residence cannot be taken as security.

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