Business Loans for Veterinarians
Fast Business Loans When You Need It
Running a veterinary practice can be a difficult proposition—but we can help. Shield Funding has been helping vets and other pet professionals run and grow their businesses for 10 years. We offer competitive rates on the best loan products to help you get the most out of your loan
Jobs for veterinarians are growing much faster than average. It’s a great field to get into. But if you want to run your own practice, you’ll have a lot of things to deal with—including financing the business.
And as you’ll see, that can be quite expensive. Vets need a lot of equipment and people to run that equipment to best serve clients. Doing so can be very profitable (vets make, on average, around $100,000 every year), but a successful veterinary practice requires a lot of cash. No matter what you need funding for we make the process of securing additional working capital fast and easy. Our process is fast and easy and it can all get started by applying online.
What Do I Need to Qualify?
Below is a list of the requirements to get approved for business funding with our most basic program. There may be additional factors that are considered, meeting these three requirements though gives you a very high chance of having your application approved.
How Do I Apply?
Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at
Submit your online application by clicking apply below and entering a few basic details about your business.
Types of Business Loans Available
1. Small Business Loans
Term loans are probably what you think of when you hear about a small business loan. You get a lump sum of cash, you can spend it however you want, and you pay it back in monthly installments with interest.
As a vet or the owner of a pet hospital, these loans are invaluable. You might need $30,000 or more worth of medical and surgical equipment just to get started. Every room will need an exam table, which can cost $1,500 or more. Surgical tables that move up and down are even more.
Fortunately, we have you covered. Our small business term loans give you up to $1,000,000 at rates as low as 5%. And because you can pay them back over 36 months, you’ll have the time you need to get your business running smoothly after a downturn or expansion.
As long as your practice makes $8,000 per month, you’ve been in business for two months, and you have a credit score of 500 or more, you can qualify.
2. Unsecured Business Loans
Most traditional bank loans require that you put up some collateral—if something goes wrong and you can’t pay the loan back, you’ll lose that collateral. But we don’t like to do business that way. You’ve worked hard to build your veterinary practice, and you shouldn’t risk the whole thing on a loan.
Which is why we require no collateral for our unsecured business loans for vet practices. Up to $1,000,000, as low as 9% interest, and a minimum credit score of 500 mean you can get the terms that work best for you without risking your business.
So even if you don’t have the best credit score and you don’t have many assets you can put up for a loan, we’d love to work with you.
3. Bad Credit Business Loans
We work with veterinarians of all types—even those who have made mistakes in the past. Just because you don’t have a great credit score doesn’t mean you don’t deserve a loan. Unfortunately, you’ll never get a traditional loan from a bank with bad credit.
But as long as your credit score is 500 or more, we’ll work with you on a loan of up to $1,000,000. With two months in business and $8,000 of monthly revenue, you can qualify.
Our bad-credit interest rates are as low as 12%, so you won’t feel like you’re being taken advantage of. And with terms of up to 18 months, you have the flexibility you need to make the most of the loan.
4. Merchant Cash Advance
Paying back a loan can be an administrative hassle—especially if your cashflow is unpredictable. A merchant cash advance solves that problem. Instead of making monthly payments against the balance of the loan, we automatically take a specific percentage of your credit card payments each month.
This means you don’t have to worry about seasonal downturns, difficult times, or making monthly payments. It’s easier for everyone. We can even offer merchant cash advances to companies that don’t process credit cards.
With up to $250,000, a merchant cash advance can provide the injection of cash you need to kickstart a renovation, hire more staff, or expand your offerings. And if you come across an unexpected expense, we can help you get an advance quickly.
Business Financing Tips for Additional Working Capital.
Outfitting Your Veterinary Hospital
A veterinary hospital requires a lot of equipment. Here are just a few of the things you’ll need to have on hand:
- Exam tables
- Surgical tables
- First aid equipment
- Surgical tools
- Reception area comforts
- Consumable supplies
That’s just a start. When all is said and done, you could easily spend $30,000 or more on the equipment you need to run your practice. You can buy some of these things used, which will make the process easier on your budget.
But offering other services means you’ll need more equipment. If you don’t want to outsource your lab tests, for example, you’ll need some expensive lab equipment in house.
You’ll need lots of consumables, too—syringes, bandages, blood vials, splints, harnesses, and so on. Whether you’re opening a new clinic or expanding your current one, you can’t afford to run short on these.
If you don’t have a plan for purchasing all of this equipment, it’s time to consider a loan to help.
Offering Boarding and Grooming
While not every vet hospital offers boarding and grooming, it’s a great way to grow the profitability of your business. Pet owners already come to you when their pets need help—and they’ll be happy to know that you’re there to care for their pets if they leave town, too.
The biggest thing that boarding requires is space. You’ll need a lot of kennels of different sizes, playrooms, outdoor space for bathroom breaks, and room for any other amenities you want to provide. Some boarding facilities have different levels of kennels, others have outdoor pools, and so on.
The cost of adding boarding to your hospital depends largely on whether you already have the room for it or if you’ll need to invest in more space.
Even if you do have space, though, there are things you need to add to it. In addition to kennels, you’ll want grooming tables to make the process easier. Grooming supplies so your employees do a great job. Life jackets for the pool.
This might sound like a big hassle, but it can also bring in a significant amount of cash to keep you earning even when your clients’ pets are well. The investment can have a big payoff.
As a veterinarian, you’ll be processing a lot of lab tests. Many check-ups require heartworm and common disease checks. Pets that are exhibiting specific symptoms might warrant a more specific test.
You can process these tests in house if you have the equipment. But if you can’t afford that equipment up front, you’ll have to outsource the processing of the tests. This might not seem like a big deal; a canine parvo test might only cost you $45.
But if you’re processing hundreds of labs every month, that cost adds up. You can buy your own equipment and run these tests for less than $10 per test . . . but that could require thousands of dollars in upfront costs.
It’s a difficult decision to make. In-house testing means you can offer better prices to your clients. But it can also put you in a tight financial spot. Whichever you decide is a better fit for your vet hospital, loans like merchant cash advances and business lines of credit can help a lot.
Successful vets can make a lot of money; private-practice vets might earn over $120,000. But to pay those salaries, you’ll need to bring in a lot of cash. This is especially true when your business starts growing.
If you have three vets earning $100,000 and six vet techs that earn around $30,000, you’ll have $480,000 in salaries to pay every year. And that doesn’t include receptionists, boarding staffers, or groomers.
In short, to keep your vet practice running, you’ll need to make a lot of money. Creating a great customer experience is your priority—it’s what people keep coming back to your facility for. To provide that experience, you need great employees.
If you need to take a loan to hire or keep them, it will pay off.
Not sure which loan product is right for you? Want to get more information on how we can help you grow your veterinary practice? Get in touch today!