PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
Simply put, practice financing means funding granted by a financial institution to veterinarians to start a new practice or expand to new locations. As a veterinarian, it’s often easy to overlook that operating your own practice means you’re also a small business owner. This means that to keep caring for your patients, you would also have to ensure that your overall operations are running as smoothly and as hassle-free as possible.
Like most businesses, you need the necessary startup funds to establish your practice. These funds can come from your personal savings, conventional banks, the Small Business Administration (SBA), or online lenders.
If you’ve been operating for a while now and planning to open a new location, chances are it’s going to be easier for you to acquire funding. Financial institutions are more open to lending funds to established businesses that have a track record of earning money. On the other hand, fresh graduates looking to open a new practice should know that your current credit standing will be the basis of your overall creditworthiness. Other factors such as student loans and other types of debt may also come into play and affect your ability to be approved for a veterinary business loan.
If you aren’t in a hurry to start your very own clinic, consider joining an established practice first to hone your medical skills and learn the ropes of running a successful veterinary clinic. After gaining more experience in the industry, you can then choose to apply for a veterinary business loan to acquire an existing practice or start from scratch.
Veterinary business loans are there to assist veterinarians with their funding needs. These loans enable veterinarians to start a new practice, open a new location, or acquire an existing clinic. Whatever the case may be, it is important to understand that your loan terms may vary based on how you plan to spend the money you will borrow. Aside from the ones mentioned above, here are some of the other uses of veterinary practice loans:
Let’s take a look at some of the loans that you should consider when applying for veterinary business loans.
According to the SBA’s official website, SBA 7(a) veterinary business loans can provide terms of up to 25 years for commercial real estate, up to 10 years for equipment financing, and up to 7-year terms for financing working capital. Loans offered by the SBA can reach amounts of up to $5 million and are provided by SBA-approved credit unions, banks, and online lenders. Generally, this type of loan can be used for:
Loans are probably one of the most popular financing options out there. Bank loans may offer low-interest rates, high loan amounts, and flexible payment terms to borrowers with great credit and a decent amount of liquid assets. However, for startup business owners, keep in mind that veterinary business loans may be difficult to obtain. The good news is that some banks offer loans that are specifically geared towards veterinarians looking to open their own medical practice. Before applying for a conventional bank loan, be sure to explore all of your financing options as there may be loans out there that may be perfect for you and your current financial situation.
Another option for practice loans for veterinarians is a business line of credit. A business line of credit is a flexible loan from a financial institution that veterinarians can access, repay, and then access again as needed. Veterinarians applying for a line of credit could use the funds to cover emergencies, upgrade medical equipment, and even explore other types of business opportunities. The way a business line of credit works is similar to a credit card in terms of having a fixed credit line and a predetermined repayment schedule. However, business lines of credit are best used for bigger purchases because of higher credit limits.
The great thing about having a business credit card is that veterinarians can use them to cover day-to-day business expenses while also racking up points and rewards. Many business credit cards also offer interest-free financing which is perfect for businesses that want to pay for purchases over time without paying for added interest.
Online loans are another great way to finance your veterinary start-up or your practice’s daily expenses. Online loans usually have a faster application process compared to traditional banks and credit unions. Online lenders usually take borrowers through a pre-qualification process that would determine the different interest rates and terms they qualify for depending on their creditworthiness. Borrowers can then pick and choose the loan terms that would best fit their needs. Online lenders offer competitive rates and a convenient way to access loans – making it a great option for veterinarians that need funding as soon as possible.
If you have bad credit, it might be more difficult for you to acquire loans from conventional financial institutions. The best course of action to take is to learn more about other lending options that would not only get your credit score back on track but also address your funding challenges.
In an article by Veterinary Practice News, it was found that the cost of starting a stationary small animal clinic (with equipment included) was approximately $1,000,000. Meanwhile, the cost of starting a mobile clinic was found to be more affordable at $250,000.
Before applying for a loan, it’s important to weigh certain benefits and drawbacks. It only makes sense to think of this carefully as the future of your career and your financial standing depends on this one big decision.
*Note that the pros and cons of veterinary practice loans depend on your prospective lender and the type of loan you are trying to acquire.
Financial institutions are now recognizing the value of medical practices and are now providing customized loans for veterinarians and other medical professionals. Let’s talk about two of the most popular lenders that offer business loans that specifically cater to veterinary practices.
OnDeck is an online small business lender that pioneered the use of data analytics and digital technology to accurately assess the creditworthiness of a small business. Currently, OnDeck offers short-term business loans and business lines of credit for veterinarians that are looking to manage cash flow, purchase equipment, or expand their practice.
Live Oak Bank offers loan solutions for veterinarians that are looking to acquire an existing practice, construct from scratch, or expand to multiple locations. What sets Live Oak Bank apart from other lenders is that it was primarily founded as a veterinary lender. Now, they have also added loan solutions for agriculture, pharmacy, and healthcare as part of their list of services. They also provide veterinarians with free informational resources ranging from helpful customer testimonials to financing advice to make your practice more cost-effective and efficient.
While it’s standard that lenders evaluate your creditworthiness as a prospective borrower, it’s also equally important for borrowers to carefully assess their prospective lenders. As a borrower, one of the best things you could do is to compare various types of veterinary business loans and determine which one fits your current financial situation. If you need a one-stop-shop for all of your veterinary business loan needs, try PrimeRates.
PrimeRates provides prospective borrowers with personalized loan offers through a simple pre-qualification process. Here’s how it works:
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