Veterinary Practice Financing

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Veterinary Business Loan

How a Veterinary Practice Business Loan Can Help Build Your Veterinary Practice

Whether you want to purchase updated equipment, buy new facilities, expand your business, or open a new one – investing in a veterinary practice comes at a high cost. The money needed to cover the expenses of opening and running a veterinary clinic can take years of saving, making you miss out on valuable opportunities that might come along the way.

If you’re looking to start or expand your practice, you don’t have to rely on your personal funds to do so. SMB Compass can help you secure veterinary practice financing, which you can pay back over time, as your business grows.
While veterinary business loans practices have many financing options to choose from, not every loan program is suitable for your business’ needs and goals. The right lender for your business will find the best loan for long-term business growth. SMB Compass will work with your veterinary business to help you secure the right financing terms and rates.

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Use of Veterinary Loan

Top 5 Ways to Utilize a Veterinary Business Loan

SMB Compass has been dedicated to helping thousands of business owners achieve their lifelong dream of starting a business. Our veterinary business loans programs provide funding for veterinarians looking to renovate their office, start their business, or cover day-to-day operations.

Here are some other ways your business can benefit from a veterinary practice loan:

Veterinary Equipment

A lot goes into building an animal clinic. What services are you going to offer? How many rooms do you need? Will there be a pet playground? How much space will you need for surgeries and consultations? No matter what you decide, you want your clinic to be comfortable and inviting.

SMB Compass will help you take care of the details, so you can focus your efforts on creating the bigger picture. As you map out your new veterinary clinic, we will help you analyze the amount of money you need to maximize your business’ long-term growth and profitability. Veterinary practice financing can help you built the clinic you want.

Veterinary Practice Acquisition

Many veterinarians dream of owning their own practice. SMB Compass will help you achieve this goal! We’ll start by assessing your practice’s profit and loss record and tax history to figure out the business cash flow to service acquisition debt. Our very own loan officers will walk you through the entire process – from the application, adjustment period, and even after you close your loan.

Renovations and Improvements

Eventually, your clinic will need some repairs and improvements. Part of maintenance and upkeep is to make your clinic look presentable. Additionally, you might need to expand your clinic to make room for new patients or services as your business grows. SMB Compass provides competitive and flexible financing terms and rates so our clients can renovate and improve their business without sacrificing income.

Purchase Real Estate

If you want to expand your veterinary clinic or open a one in a different location, you might need to purchase real estate. Our veterinary practice financing loan can help fund your veterinary expansion so you won’t have to.

Veterinary Equipment Financing

Having updated equipment or technology is a part of delivering excellent service to your patients. SMB Compass offers flexible equipment financing to help your business purchase new equipment. We will work with your business so that you can have whatever you need for your practice, whenever you need it. Typically, there are two different types of equipment financing: equipment loans or equipment leasing.

4 Best Business Loans for Veterinary Practice

Veterinary Practice
Do you need to fund daily business operations? Or do you need to purchase expensive equipment? Regardless of the reason, SMB Compass offer veterinary financing tailored to your practice’s goals and needs.

Here are four of the best loans for your veterinary practice:

SBA 7(a) Loans

The SBA 7(a) loan program designed by the Small Business Administration to help business owners access long-term financing. Small businesses are likely to qualify for SBA loans, as the SBA incentivizes lenders by guaranteeing 85% of the loan to the lenders. If your business qualifies for an SBA loan, you can use the funds to purchase equipment, renovate your clinic, or cover daily expenses.

Equipment Financing

Aside from your skills and experience, you can rely on your equipment to provide the best care for your furry patients. However, purchasing new equipment is not cheap. Equipment financing helps cover the costs of maintaining the equipment you need. The terms of your equipment loan will depend on your personal credit, trade history of the business, financial strength of the company, and the type of equipment purchased.

Line of Credit

Have you ever used a credit card? If so, then you know the structure of a line of credit. In this type of financing, lenders assign a maximum credit line which you can withdraw funds from whenever needed. The advantage of a line of credit is that you don’t need to repay the interest until you withdraw money.

Since the loan is not secured by collateral, borrowers need to show strong cash flow and a healthy operating history to qualify.

Multi-Year Term Loan

As the name suggests, borrowers can repay a multi-year term loan within two to five years, depending on the lender’s terms. This is a popular option for business owners since the loan has relatively low monthly payments and long repayment terms. But in order to qualify, you need to show good personal credit, historical cash flow, and trade credit.

Learn About Your Financing Options

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