Adult social care serves a fundamental need of society, offering essential services to people who require day-to-day assistance. Care homes in particular play a critical role in the nation’s healthcare system, relieving pressure on hospitals, emergency wards, and GPs while providing a support network for the elderly and vulnerable.
While indispensable, care homes have faced many challenges in recent years. The Covid-19 pandemic and resulting staff shortages have put an immense strain on resources, and the reluctance of banks to lend to social care companies has led to a funding crisis. With an ageing UK population, it's feared that some facilities may struggle to meet demand without financial aid.
At Fleximize, we offer award-winning commercial finance for care homes in the UK. Read on to find out how our fuss-free approach to care home funding could help your small business.
What is care home finance?
Care home finance covers a range of products available to businesses in the senior care space, including business loans for nursing homes, residential care homes, and other providers. External funding can be used in many ways, like protecting your cash flow. Alternatively, you can apply for care home finance for asset purchases, advertising campaigns, service upgrades, or other projects that contribute to business growth.
UK care homes were hit hard by Covid-19 and the fallout from Brexit, with many now seeking finance to shore up their business' future. As banks frequently dismiss entire sectors based on general trends, digital lenders like Fleximize are often better placed to help your business through challenging times.
Fleximize's finance for care homes
We've helped hundreds of care home businesses to achieve their short and longer-term goals. Our loan products, the Flexiloan and the Flexiloan Lite, come with unsecured and secured options, which you can read more about on our business loans page. Flexibility is at the heart of everything we do, which is why all our loans come with features including:
- Loan values between £5,000 and £500,000 over a period of 3 - 48 months.
- Competitive interest rates starting at 0.9% per month.
- Approval and drawdown in as little as 24 hours.
- Industry-leading flexibility, with top-ups and repayment holidays included as standard.
- No hidden fees under our Penalty-Free Promise.
- Interest paid on a reducing balance rather than the total loan amount.
- Access to our Member Marketplace and Knowledge Hub, bringing you helpful advice and handy discounts.
Our application process is very different to that of a bank, meaning we avoid unnecessary hurdles like lengthy interviews and endless paperwork. Where possible, we always try to give businesses the green light. Providing you've been trading for longer than six months and pass our basic checks, you could be eligible for one of our residential or nursing home loans.
How can care home funding be used?
As with many industries, you may encounter obstacles to success in the care sector. The Care Quality Commission demands very high standards from every establishment, necessitating heavy investment in facilities, equipment, and staff. Moreover, prospective clients will thoroughly research their options before choosing a care home. To attract new residents, it's vital to offer well-furnished rooms, trained staff, and extra services like group activities.
As the 'grey pound' strengthens in the UK, you could look to commercial care home finance as a way to capitalize on this burgeoning market. Such funding can be used in many ways, including:
Check your eligibility for a residential home loan
Fleximize is proud to be different from other finance providers. One way we stand out from the crowd is by keeping our criteria as flexible as possible, but there are a few basic requirements to meet:
- The business must be UK-based and registered with Companies House.
- Your business needs to have been trading for at least six months with a minimum monthly turnover of £5,000.
- If you’re based in England or Wales, you can apply for up to £500,000 on an unsecured or secured basis. For businesses in Scotland or Northern Ireland, we offer unsecured loans up to £250,000.
- Non-homeowners who have been trading for over 36 months can borrow up to £20,000.
How much does care home finance cost?
Interest rates on our nursing and residential home loans start at 0.9%. If you repay early, you’ll save on your total repayment as interest is only charged for the time you have the loan. Under our Penalty-Free Promise, you also won’t be penalized for early repayment, and there are no other hidden fees in the small print.
We keep it personal with all our care home packages by getting to know your business before tailoring a solution to your needs. For an estimate of what your loan might cost, try out our award-winning business loan calculator. Or, for a personalized quote, call us on 020 7100 0110.
Why choose Fleximize for care home finance in the UK?
We believe in offering flexible finance for care homes, done properly. But what does that mean in real terms? Discover five reasons why small businesses choose to partner with Fleximize:
- Flexible: We offer care home finance packages tailored to your business, complete with our Penalty-Free Promise and other flexible features.
- Fuss-free: It takes just a few minutes to complete our online form, and you could have a decision in as little as 24 hours. Once we've got everything we need, you could even receive your funds on the same day.
- Trusted: Our customers love us. Read our Trustpilot reviews and customer testimonials to learn about their experiences with the Fleximize team.
- Personal: You'll get a dedicated relationship manager to guide you through the process, who'll also be your point of contact if you return for extra funding.
- Award-winning: We've twice been named Best Business Finance Provider at the British Bank Awards, and won a number of other major industry awards.
Apply for a care home loan today
To apply for care home funding, you'll just need a few minutes to fill in our simple application form. Once you’ve passed our basic checks, one of our team will be in touch to take you through the final steps.