Veterinary Practice Financing
Veterinary Practice Financing Can Help Grow Your Business
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How a Veterinary Practice Business Loan Can Help Your Business
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 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.
Best Ways to Use a Veterinary Business Loan
SMB Compass has been dedicated to helping thousands of business owners achieve their lifelong dream of starting a business. Our loan 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:
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
Are you ready to expand your business from an online store to a physical location? Or maybe you want to branch out? A retail store business loan will help you finance your business expansion, no matter how big or how small.
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 options for equipment financing: equipment loans or equipment leasing.
How Long Does Veterinary Practice Financing Take?
SMB Compass offers quick approval for your veterinary practice business loan. Our company has provided more than $160,000,000 to small businesses all over the country. All of our clients are presented with the best loan programs, tailored to their demands.
We offer fast and flexible funding. In four easy steps, your business will receive the funding you need:
Apply for a veterinary business loan online
Our simple online application lets you fill out and submit your request for funding. The process is pretty simple, but if you need help along the way, you can contact us via phone, chat, or email.
A friendly 5 to 10-minute introduction
The next step is an introductory conversation with one of our account executives. We will go over your needs and begin to discuss the different options available.
Documentation and underwriting
Once you make a decision and reach an agreement, we’ll provide closing documents to review the terms. We’ll also answer any final questions you might have.
Approval and funding in less than 24 hours
When your loan has been approved, we immediately send the funds to your business bank account within 24 hours.
Best Types of Loan Programs for Veterinary Practice Financing
SMB Compass offers different types of financing options for your veterinary financing needs. To ensure that your business gets nothing but the best, our trusted financial advisors will help you find the right loan, based on your practice’s specific needs and goals.
Here are the most common types of financing for veterinary practice:
SBA 7(a) Loans
An SBA loan is a loan program designed by the Small Business Administration to help business owners secure long-term loans. Small businesses are likely to qualify for SBA loans, as the SBA incentivizes lenders by guaranteeing a percentage 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.
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
If you’ve ever used a credit card, then you basically know the structure of a line of credit. In this type of financing, lenders assign a maximum credit line which your business can withdraw money from whenever needed. The advantage of a line of credit is that businesses don’t have to pay for interest until they withdraw money.
The terms of a line of credit are based on three factors: personal credit, business credit, and cash flow. Potential lenders love to see strong cash flow and good operating history, because this type of loan isn’t secured by collateral.
Multi-Year Term Loan
A multi-year term loan typically has a repayment schedule of two to five years. This type of loan charges low monthly payments and provides sufficient cash flow for daily business operations. In order to qualify for a multi-year loan, business owners must have good personal credit, as well as good historical cash flow, and strong business trade credit.
Best Types of Loan Programs for Hotel Business Loans
SMB Compass offers different types of financing options for your hotel business needs. We have financial experts on hand, ready to help answer any question to make sure you find a loan product that fits your needs.
Here are the most common types of financing products for hotels:
SBA 7(a) Loans
The Small Business Administration (SBA) gives incentive for lenders to offer loans to small businesses by guaranteeing a percentage of the funds immediately. This makes SBA loans ideal for small businesses.
The SBA 7(a) loan is also ideal for hotel financing because it has low-interest rates, long repayment terms (10 to 25 years), and you can borrow up to $5,000,000. The SBA 7(a) loan is flexible, and you can use it to fund any hotel financing need, such as purchasing commercial real estate, construction, renovations, equipment purchasing, additional working capital, and more.
If your business doesn’t have enough revenue or cash flow to qualify for other forms of business financing, you might want to look into asset-based loans. Asset-based loans are ideal for businesses with a high value in assets or on their balance sheets.
Businesses can use their assets as collateral to secure financing. Most lenders consider the following as collateral for an asset-based loan:
- Accounts Receivable
- Intellectual Property
- Real Estate
- Marketable Securities
Merchant Cash Advance
A merchant cash advance is a good option if your hotel business needs working capital ASAP, or if you don’t have good credit. Technically, a merchant cash advance is not a loan; as the name suggests, it’s more of a cash advance.
With a merchant cash advance, lenders provide you with the funds you need in exchange for a percentage of your daily credit/debit card transactions. While a merchant cash advance isn’t a loan, it still offers similar benefits. It also has a higher approval rate than other traditional loan programs.
Buying new equipment for your hotel is expensive. Equipment financing provides you with the money you need to purchase new beds, washers and dryers, vehicles, or any other equipment your hotel needs. Typically there are two equipment financing options: equipment leasing and equipment loans.