Grace Haine Eyecare Ltd is an independent, high street optician which has been running successfully since 2012. The practice serves the local area with full optical services from eye examinations and tests through to the provision of glasses or contact lenses. They also provide an eyeplan care scheme enabling people to have cover for future eye care and tests, as well as accidental cover for eye wear. They have a team of optical experts working in their shop in Stalbridge.
The Challenge – A Need to Invest in the Latest Technology
As a business, they wanted to ensure they had the very latest in modern technology to give their customers the very best eye care. This required a heavy investment in the state of the art equipment that they needed to provide this service.
“Being an independent shop, it can be very hard to compete against the large chain opticians which dominate the high streets”
They needed to borrow £50,000 to cover this along with the purchase of new stock. With no assets to use as collateral against a loan from the bank, they looked around for alternative forms of funding for business and discovered BFS.
The BFS Solution
An Alternative Approach to Business Funding
Here at BFS, we spent time talking with Grace Haine to get a full understanding of her situation, so that we could advise her of the best type of funding. We have many options all of which serve slightly different purposes and work in different ways.
Making Use of Dormant Funds
As it turned out she was able to self-fund the money she needed by using her pension. BFS secured pension funding enables people to access their own pension fund before its maturity. In other words, access dormant funds that you already possess. This little-known form of funding was perfect in this situation as using personal property as collateral was not an option.
The Result – A Word from Grace Haine Eyecare
The application was successful and Grace Haine Eyecare received the full amount of money they had applied for.
“We are absolutely thrilled with the business funding that we received. Business Funding Shop were brilliant through the whole process and opened our eyes to a form of funding we didn’t know existed. We have invested the money as planned in the very latest technology for the shop and with the new cutting-edge equipment we are able to provide an outstanding service to our customers.”
“What we like about this type of funding is that our repayments go straight back into our pension fund, in fact the return is far better than the original pension fund was giving us.”
“Being an independent shop, it can be very hard to compete against the large chain opticians which dominate the high streets. We are very proud to be able to offer the latest technology in eye care as well as provide a very personal service that only an independent can”.
Grace Haine, Grace Haine Eyecare Ltd
Do You Need Funding for your Business?
If you’ve tried the banks and traditional avenues for funding your business with no success or perhaps you didn’t want to risk your home as an asset. Call one of the team here at BFS and we can give you all the options open to you in plain English. Call us now on 0800 047 2389.