Samantha Shayler-Freeman, Sales Director

Who are Snowbird Finance and what do you do?

We are a leading finance broker to the medical profession, offering fixed rate, unsecured and tax efficient finance.  That means practitioners can fix their equipment costs whilst maximising returns. Whether starting out or expanding, replacing/upgrading your equipment, or simply looking for a loan to aid cash flow, we help by providing the finance they need with a variety of flexible payment options. We have long-standing relationships with a large panel of specialist funders, major banks and finance companies. Our experienced team will review the market to ensure our client get the right finance solution, regardless of size, leaving them to do what they do best – running their business.

What is the difference between a broker and a lender?

A good question. Many of our customers often ask us this. The simplest way to answer it is that a finance broker, like Snowbird Finance, works with multiple lenders and it is our responsibility to find the right financing deals for our clients from that network of lenders. On the other hand, a lender usually only has access to one source of funding. So, when it comes to financing your equipment, a broker is best placed to offer you the most competitive rates as they have access to rates and funds across the entire market. From a client’s perspective,  this means they often get the best deals through brokers.

“Financing your equipment is a highly effective way to purchase equipment, maintaining your cash reserves and generating revenue from your equipment purchase. Snowbird Finance has been working with medical professionals for over 18 years, so we understand the profession deeply, and we put our clients’ business needs first.”

Do you only work with preferred suppliers and equipment manufacturers?

We work with all manufacturers and vendors across the industry. Our clients benefit from support with the project management of a purchase; liaising directly with the supplier and organising payments, even on a staged payment basis. This means there will be no delays on your project from a payment perspective as the vendor will be paid on time every time, meaning your critical equipment can be delivered and you can start to generate revenue from it without delay.

What is the benefit of financing your equipment?

At its most basic level, using finance to fund the purchase of a piece of equipment removes the need to use critical cash reserves that might be better allocated to other things such as staffing or marketing.  But other common reasons for financing are:

  • Fixing repayments to ease budgets and forecasts whilst protecting clients from the uncertainty of rising interest rates which has now become a reality. By fixing the rate, they make direct savings in the long-term, as they won’t be affected by rising interest rates for the duration of the agreement.
  • Unsecured finance applications are often less complex than their secured equivalents, meaning that capital can often be accessed quickly. No large set-up or legal fees are required and as no assets are required to take out this finance, there is reduced risk for the borrower.
  • Tax efficiencies because the full cost of equipment and interest payable can usually be deducted from taxable revenue by entering into a financing agreement. With that in mind, then the net cost can be less than the sum borrowed.

What finance terms do you offer?

We can offer terms of up to 7 years, this means that the cost of the equipment is fixed over this period and negates any interest rate rises over the term of the agreement, allowing clients to maximise the usage on the equipment and generating revenue; making managing cash flow easier so clients can focus on running the business.

Will I be approved for finance?

Because of our panel of lenders, we have a wealth of options open to our clients.  For example, some of our lenders require downpayments, whilst others don’t.  We find the right lender for your specific project and based on your needs and circumstances.  That’s the benefit of a broker.  We can be much more flexible and accessible. Equipment financing is an inexpensive and tax-efficient way for a business to acquire the assets it needs to grow. And we have the lenders to help practitioners do that.

Can I use equipment finance to modernise my business?

Equipment financing not only provides a business with an opportunity to modernise itself and gain a competitive edge but can also improve its bottom line. Using equipment finance to purchase the latest machinery businesses can improve efficiency margins, reduce operating costs, and increase profit margins – all critical things to running a successful business and practice.

How will inflation affect any finance I wish to take?

Inflation is generally considered a negative aspect of any economy, but when it comes to lending and financing decisions for new equipment, inflation actually works in your favour. The simple fact is that instead of handing over a large amount of money with more buying power for any new equipment, practitioners can spread the payments over the term of the agreement for a fixed amount.

The value of their money will decrease over time so they will effectively be buying the asset at a steadily increasing discount on its original price, by financing the equipment.

Why should any business use a specialist medical broker?

A broker, especially one that fully understands the needs of healthcare business owners bring many benefits. For us at Snowbird Finance, we use lenders with specialist medical divisions, so they too are fully aware of the nuances of the industry and profession. We are not tied to any lender and, depending on a client’s needs, we may consider a specific product from all our lenders, some of our lenders or just one lender. Whatever a client’s circumstances are, our team of highly trained experts will provide our clients with unrivalled, dedicated service with fast turnaround times s. We understand the business, so we know what it takes to get things right, and we’ll be there for our clients, every step of the journey.

 

Want to talk about financing your next piece of equipment?  Get in touch today.