According to a recent survey, half of dental practice owners in the UK are finding access to finance a challenge.
In the UK there is a strong appetite for many dentists to invest in expanding their business, but for most, gaining access to funding is becoming a real challenge.
When asked about how challenging accessing funding is, 21 per cent of practice owners said it was ‘a major challenge’, while 29 per cent said it was ‘a little challenging’.
However, not all practice owners are struggling with accessing finance. The survey showed that 17 per cent of owners believe that gaining access to funding is actually becoming easier, whilst 25 per cent have never experienced any issues regarding access to funding.
The remaining eight per cent were unsure how they felt about the challenges around accessing finance.
The findings are based on a survey conducted earlier this year, which canvassed the opinion of 830 dental professional across the UK and Ireland.
The dental practices’ accountant is usually the first place they go for financial support and advice, followed by their bank manager and financial advisor, the study found.
As part of the survey, practice owners were also asked if they planned to seek funds for business investment within the next 12 months. 60 per cent of owners said that was the plan, with 15 per cent still making up their mind on the matter.