Bank Business Loans for Veterinarians

The business of veterinary practice is just similar to commercial businesses—without sustainable financial resources, production of services will not be as efficient. And in the same way, investing on a veterinary clinic, medical equipment, animal-care goods and products, office supplies and especially sanitary management is not easy, much more since the return of investment may take months before it reaches a breakeven. Bank business loans and grants are the best way to acquire additional financial support to ensure quality service for quicker and better profitability.
Veterinary practice financing is not limited to grants for start-up businesses. They also have specific clauses covering the renovation of practice clinics, procurement of modern equipment or expansion of businesses. It works like any other business loan or grants; the advantage though is, it has more specific coverage and some banks even include graduate plans financing and some support on business administration, accounting and marketing.

Here is a list of some banks that offer veterinary practice business loans.

1. Wells Fargo Practice Finance

Wells Fargo provides comprehensive business loans that cover not just capital financing but also financing for relocation, systems and equipment upgrade, debt consolidation and even retirement security. It prides its efforts in implementing programs that support veterinarians in looking for and financing commercial real estate properties to improve business opportunities. Furthermore, it integrated special business strategies training through Practice Success Program.

2. Bank of America Practice Solutions

Unlike other lenders, Bank of America does not offer small business administration (SBA) loans so that they can offer multiple and more flexible options for veterinarians. One of their strategies is assigning regional sales managers who will reach out to borrowers to specifically address their urgent needs. These managers are tasked to walk through their clients in unfamiliar business processes and ventures. Bank of America offers up to $5M-worth of 15-year loans for relocations and buyouts, $200,000 for equipment and 25-year loans for funding buildings and establishments.

3. Live Oak Bank

David Lucht, the president of Live Oak, saw the increasing need of veterinarians for financing. Live Oak uses SBA loans to assure 75% of the loan amount against principal and help compensate various fees and paperwork. Applying for them requires strict compliance to criteria set. But they do have extensive offers for business loans until you fit into the criteria perfect for your practice.

About the Author: Elston Marcelo is a Marketing Consultant for Debtconsolidation.com.au, a debt consolidation and agreement company that provides assistance and advice for bad credit loans and bankruptcy issues for people and their finances. Follow him at twitter @SamariaKurt

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