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In 2017, veterinary offices and animal hospitals in the United States employed over 400,000 people and generated $42 billion in sales. If you’re a veterinarian or animal hospital owner looking to buy or grow your company, an SBA 7(a) loan may be a good option. The 7(a) program may be the best option for many veterinary entrepreneurs because of its low-interest rates, lengthy loan periods, and capacity to finance working capital.

Veterinarian and Animal Hospital SBA 7(a) Loans

SBA 7(a) loans may be used to finance commercial real estate for up to 25 years, equipment for up to 10 years, and working capital for up to 7 years. These loans, which may be for up to $5 million, are available through SBA-approved credit unions, banks, and internet lenders all across the country. Many doctors utilize SBA 7(a) loans to purchase veterinary equipment, pay staff wages, or advertise their companies, while others use them to restructure debt.

SBA 7(a) loans may be used for a number of different things, including:

Purchasing a veterinarian partner’s interest in the business

If your veterinary partner is departing and you’d want to buy their share of the practice, an SBA 7(a) loan may be a good option.

Building a new veterinarian office or animal hospital

SBA 7(a) loans may cover almost every aspect of the building process, from landscaping to furnishings, lighting, and alarms.

Refinancing a veterinarian business

An SBA 7(a) loan may be an excellent method to refinance the debt on your existing veterinary operation. However, only debt that was expressly utilized for qualifying company acquisitions may be refinanced using 7(a) loans (working capital or commercial real estate.)

Purchasing or remodellingThe 7(a) program may be used by veterinarians who wish to enhance their present practice or purchase an existing practice.

a veterinary practice

The 7(a) program may be used by veterinarians who wish to enhance their present practice or purchase an existing practice.

Veterinary equipment purchases

SBA 7(a) loans may be used to purchase veterinary equipment, although they are usually only available as part of a larger loan package.

For the overwhelming majority of veterinarians who qualify, an SBA 7(a) loan may be the best option, but those seeking to build bigger animal facilities may be better off with an SBA 504 loan. SBA 504 loans are intended especially for financing commercial real estate developments (rather than working capital), and therefore have lower interest rates and slightly higher maximum loan amounts.