Veterinary Practice Business Loans in Arcadia Florida

Veterinary Practice Business Loans in Arcadia Florida

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As an owner of a veterinary practice in Arcadia Florida, you want to offer your clients the best: the best care, the best staff, the best diagnostic equipment, and access to the best medicines and treatment. Like so many small businesses in the veterinary field, providing the highest-quality service comes with many challenges. It takes more than one good vet to keep a practice running successfully. Running a private practice takes high professionalism and hard work from all staff members.

Many pet owners prioritize the health and wellness of their fur babies and trust only the best to care for them. COVID-19 has taught us these furry little ones are here to help us feel better and be a part of our family. As a pet owner, you only trust a select few with the health and wellbeing of your furry friend. Securing this trust is essential for Arcadia Florida business growth as a veterinary business owner.

Luckily, this exciting and growing field makes room for more veterinary practices as dogs, cats, and even livestock demand high-quality treatment. As the demand grows for veterinary practices in Arcadia Florida, your business can be advantageous in this opportunity.

As an owner of a veterinary practice, you want to offer your clients the best: the best care, the best staff, the best diagnostic equipment, and access to the best medicines and treatment. Like so many small businesses in the veterinary field, providing the highest-quality service comes with many challenges. It takes more than one good vet to keep a practice in Arcadia Florida running successfully. Running a private practice takes high professionalism and hard work from all staff members.

One of the more significant challenges associated with running or expanding a Arcadia Florida based veterinary practice is the substantial financial expense. Many vets turn to outside funding sources to finance their everyday costs in veterinary practice business loans.

At First Union Lending, we provide working capital to veterinary practices run by passionate workers who enjoy treating their furry patients daily. We have funded many veterinary practices by delivering numerous veterinary practice loans and financing solutions.

What are Veterinary Practice Business Loans?

Veterinary practice business loans are industry-specific loans offered by traditional and non-traditional lenders to support business needs. It provides funds to small and growing practices to manage capital flow, purchase necessary equipment, run payroll, etc.

Types of specialty veterinary practices that can obtain a business loan:

  • Veterinary behavioral specialists
  • Veterinary dermatology
  • Veterinary emergency and critical care
  • Veterinary surgery
  • Exotic veterinary practices
  • And other veterinary-related businesses

Various Arcadia Florida located veterinary practices require working capital to operate and service their patients. The best solution for a small or growing company is acquiring the funds needed to enhance their endeavors. First Union Lending is here to help! There are a variety of loan options that can help your business thrive.

Types of Veterinary Practice Loans and Financing Options

Once you, the business owner, have determined the requirement for additional funds, consider the factors most important in acquiring a loan. Business owners should apply for loans that offer low-interest rates, down payments, and collateral requirements.

Here are the more widely used loans to help businesses in the veterinary industry grow.

SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Well-established companies looking to expand their initiatives can be several variations of SBA loans.

Businesses must meet the following requirements to be eligible:

  • Operate for profit
  • Be considered a small business, as defined by the SBA
  • Be engaged in, propose to do business in, the United States or its possessions
  • Used alternative financial resources, including personal assets, before seeking financial assistance
  • Not be delinquent on any existing debt obligations to the U.S. Government

These SBA loans, in particular, can benefit small but growing businesses within the veterinary field.

SBA 7(a) Loan: 7(a) loans are the most common within the SBA family. With access to up to $5 million in working capital for 25 years, these types are typically adequate for your business. Interest rates are between 7-8% depending on trade and the nature of your business. Most companies opt-in for an SBA loan fall under this 7(a) category.

SBA 504/CDC Loan: 504 loans are particular; it provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. The borrower may need to provide 20% of the total value, with the SBA kicking in 40% and the lender the rest. The cap on this type of loan is generally $5 million.

Businesses must meet the following requirements to be considered eligible:

  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for two years preceding your application

Business Lines of Credit: Banks, financial institutions, and other licensed lenders often extend credit to creditworthy customers to address fluctuating cash flow needs. It is effectively a source of funds that borrowers can readily tap into at their discretion. Borrowers use this financing option rather than taking a significant, long-term business loan. When borrowers open a business line of credit, they receive access to a state amount of funds to use as needed. A monthly statement reflecting the amount of credit used will also include any interest charges, and borrowers will only pay interest on the funds used.

Most lenders will require the following basic information during the application process:

  • Copy of Business License
  • Tax Returns
  • Three months of Bank Statements
  • Standard financial documents like P&L, AR, AP, Cash Flow, etc.

Equipment Financing: Equipment loans are funding options that allow for business-related equipment purchases. Businesses will often need to purchase, replace, repair, or upgrade various equipment to serve their customers better. Companies who opt-in for this loan can buy exam tables, x-ray imaging equipment, cages, crates, centrifuges, etc.

Long-Term Business Loans: This type of term business loan provides borrowers with a lump sum of funds, with a repayment plan of regular intervals of 5 to 25 years. A long-term business loan has a fixed floating interest rate and monthly or bi-monthly payments deducted from a business bank account. This financing option is best for businesses that need significant capital at a lower interest rate.

Short-Term Business Loans: Short-term loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. It provides a lump sum upfront to a borrower and has a repayment period ranging from three months to three years. Small or medium-sized businesses can use these loans to enhance their activities.

Short-term loans have almost no limitations on their uses, and borrowers can decide how to spend the funds once they receive them within 1-2 business days. The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well.

How to Apply for Veterinary Practice Business Loans: Requirements
						and Getting Started

How to Apply for Veterinary Practice Business Loans: Requirements and Getting Started

If your veterinary practice has come to the point where funds are needed to generate a greater profit return, acquiring a small business loan may be the best option.

First Union Lending is here to help!

Submit your business information below to determine if you qualify for any available small business loans. Our Funding Specialists will analyze your qualifications and reach out to walk you through the required steps to receive funds.

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While each of the available loans have varying qualifications, lenders will typically ask for the following general information:

  • Business Operations History
  • Business Revenue Statements
  • Personal & Business Credit Scores
  • Collateral if needed

Online lenders like First Union Lending provide various businesses across the United States with the funds needed to grow and generate revenue.

If you have any questions in regards to any food industry-related business loans, feel free to give us a call: 863-825-5626

Advantages of Veterinary Practice Business Loans and Financing

Advantages of Veterinary Practice Business Loans and Financing

Depending on the loan you qualify for, there are many benefits in partnering with a lender to gain funds for business initiatives. The funds from these financing options can solve various challenges at a veterinary practice.

These loan options provide the working capital needed for borrowers to maintain day-to-day operations. Veterinary practices can use this working capital to cover payroll, make payments on equipment, or pay the monthly lease.

Depending on your veterinary niche, often, specific equipment is needed to help treat patients effectively. Equipment financing options can cover exam tables, x-ray imaging machines, computers, etc. Borrowers can also use the funds to purchase or upgrade equipment.

Borrowers also utilize a business loan to purchase an existing veterinary practice. If your business grows, you can use a loan to open a second location. Veterinary practices looking to expand can also use these funds to renovate their current office. Developing or acquiring another veterinary practice is costly if paying out-of-pocket.

Ultimately, businesses can use these loans to help run their veterinary practices smoothly. The working capital help businesses purchase, upgrade, or enhance their business strategy to attract new patients to your veterinary practice.

Utilizing out-of-pocket funds can be expensive and quickly burn a hole in your pocket. Rather than spend your working capital on tedious expenses, look to a lender to finance your initiatives.

Choose First Union Lending As Your Premier Lender

At First Union Lending, we believe that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.

We are here to consult, help you save, and guide you and your business to success.

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