How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 9 veterinary practice loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for low-interest loan | $5,000,000 | 650 | with Fundera by NerdWallet |
Wells Fargo BusinessLine® Line of Credit Read Review | 4.9/5 Best for bank business line of credit | $150,000 | 680 | Read Review |
National Funding - Equipment Financing | 4.2/5 Best for equipment financing | $150,000 | 600 | with Fundera by NerdWallet |
Bluevine - Line of credit | 5.0/5 Best for online business line of credit | $250,000 | 625 | with Fundera by NerdWallet |
Bank of America Health Care Practice Loan Read Review | Best for bank term loan | $5,000,000 | Undisclosed | Read Review |
iBusiness Funding - Online term loan | 4.5/5 Best for short-term loan | $500,000 | 660 | with Fundera by NerdWallet |
OnDeck - Online term loan | 4.7/5 Best for fast funding | $250,000 | 625 | with Fundera by NerdWallet |
Fora Financial - Online term loan | 4.5/5 Best for bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
Fundbox - Line of credit Read Review | 4.9/5 Best for new veterinary practices | $150,000 | 600 | Read Review |
Here are 9 veterinary practice loans
Best for low-interest loan
Best for bank business line of credit
Best for equipment financing
Best for online business line of credit
Best for bank term loan
Best for short-term loan
Best for fast funding
Best for bad credit
Best for new veterinary practices
I'M INTERESTED IN:
Our pick for
low-interest loan
Many banks and credit unions participate in the SBA 7(a) loan program and may be able to offer the most competitive interest rates to lend you up to $5 million for your veterinary business needs. The application process and requirements will be more stringent than for an online lender, however.
SBA 7(a) loan
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- Collateral is typically required.
- Longer processing times than online lenders.
Qualifications:
- For-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
Our pick for
bank business line of credit
This business line of credit from Wells Fargo can help you build your business credit. The bank doesn't charge origination or prepayment fees and won't require physical collateral for this particular loan.
Wells Fargo BusinessLine® Line of Credit
Pros
- Bank line of credit with competitive interest rates.
- Revolving credit line with no scheduled annual review.
- No collateral required; no prepayment penalties.
Cons
- Must be an established business with strong credit to qualify.
- May take longer to fund than online lenders.
- Annual fee and inactivity fees may apply.
Wells Fargo BusinessLine® Line of Credit
Pros
- Bank line of credit with competitive interest rates.
- Revolving credit line with no scheduled annual review.
- No collateral required; no prepayment penalties.
Cons
- Must be an established business with strong credit to qualify.
- May take longer to fund than online lenders.
- Annual fee and inactivity fees may apply.
Qualifications:
- Minimum credit score: 680.
- Minimum time in business: Two years.
Our pick for
equipment financing
National Funding can provide you up to $150,000 in as fast as one business day to purchase or lease equipment for your veterinary practice. It's also one of the few lenders to offer a discount for making early loan payments.
National Funding - Equipment Financing
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
National Funding - Equipment Financing
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
online business line of credit
Bluevine is one of our highest-rated online lenders. It offers business lines of credit with 6-month and 12-month terms and won't penalize you for early loan payments.
Bluevine - Line of credit
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared to traditional lenders.
Bluevine - Line of credit
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared to traditional lenders.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $120,000.
- No bankruptcies in the past year.
Our pick for
bank term loan
Bank of America offers a range of term loans to business owners in health care professions, including veterinary practice owners. You can use the loan for equipment purchases, practice expansion and more.
Bank of America Health Care Practice Loan
Pros
- Can fund startup practices; interest-only and graduated payment structures available for startups.
- Fee discounts for veterans and endorsed medical group members.
- Dedicated project managers assigned to project-based loans.
Cons
- Loan terms, interest rates and qualification requirements not available online.
- Must call to learn more about financing options and how to apply.
- Cannot make loan payments online.
Bank of America Health Care Practice Loan
Pros
- Can fund startup practices; interest-only and graduated payment structures available for startups.
- Fee discounts for veterans and endorsed medical group members.
- Dedicated project managers assigned to project-based loans.
Cons
- Loan terms, interest rates and qualification requirements not available online.
- Must call to learn more about financing options and how to apply.
- Cannot make loan payments online.
Qualifications:
- Bank of America does not specify qualification requirements for these loans on its website, but like all bank financing products, you’ll likely need to meet strict eligibility criteria to qualify.
Our pick for
short-term loan
Funding Circle's streamlined application process can help you receive funds quickly. If you can meet the minimum requirements (which are higher than some other online lenders), you can be approved for up to $500,000 to put toward growing your veterinary practice.
iBusiness Funding - Online term loan
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
iBusiness Funding - Online term loan
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: Two years.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
Our pick for
fast funding
OnDeck's term loan can be available as soon as the same day of application for qualifying borrowers. That can be a gamechanger for a veterinary practice owner in need of a swift cash injection. But be prepared to repay the loan within two years.
OnDeck - Online term loan
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
OnDeck - Online term loan
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
- Must have business bank account.
Our pick for
bad credit
Veterinary practice owners with bad personal credit scores may turn to Fora Financial for their financing needs. Fora's minimum credit score requirement is one of the lowest on the online lender market.
Fora Financial - Online term loan
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
Fora Financial - Online term loan
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
Qualifications:
- In business for at least six months.
- At least $20,000 per month in revenue.
- No open bankruptcies or dismissed bankruptcies within the past year.
Our pick for
new veterinary practices
If you're just starting up your own veterinary practice, you may find it difficult to secure funding with less than two years of business history. That's where Fundbox can help. It offers its line of credit to veterinarians with only three months in business.
Fundbox - Line of credit
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Startup-friendly -- accepts borrowers with a minimum of three months in business.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- May require personal guarantee.
- Weekly repayments required over a short term (maximum of 24 weeks).
Fundbox - Line of credit
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Startup-friendly -- accepts borrowers with a minimum of three months in business.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- May require personal guarantee.
- Weekly repayments required over a short term (maximum of 24 weeks).
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: 3 months.
- Minimum annual revenue: $30,000.
What is a veterinary practice loan?
Types of veterinary business loans
1. Bank loans
2. SBA 7(a) loans
3. Online term loans
4. Business lines of credit
5. Equipment financing
6. Business credit cards
How to apply for a veterinary practice loan
- Determine the right loan type for your veterinary business. Based on what you need funding for and how much you need, decide whether a bank loan, online term loan, SBA loan, line of credit or equipment loan is the best fit for your practice needs. You may also determine that a business credit card is what you need.
- Make sure you qualify. Check the qualification requirements for the loan you intend to apply for. You’ll need to meet the minimum requirements for personal credit score, time in business and annual revenue. You’ll also need to be sure you can afford monthly loan payments for the amount you’re seeking. Use our business loan calculator to estimate your potential payment amount.
- Compare lenders. Once you’ve determined which type of loan you need for your veterinary business and the minimum qualification requirements you’re able to meet, it’s time to search and compare lenders. Based on your qualifications, you may be able to apply with a bank, the SBA, an online lender and/or a microlender.
- Gather the required documentation. You’ll need to include a number of documents with your application. Exact requirements will vary by lender, but in general, you can expect to supply proof of identity, general information about your business, personal and business financial documents (including tax returns) and details about your collateral, if applicable.
- Submit your application. Some lenders will require you to apply in person or over the phone, while others may accept your application online.
- Review and sign your agreement. Once your veterinary practice loan application has been accepted, you’ll receive an agreement to sign before you can receive your funding. Be sure to review the agreement carefully and ensure any questions you may have are answered before you sign.
Methodology
- Cost (37%). Lenders that don’t charge origination fees or prepayment penalties rank higher in this category.
- Transparency (22%). Lenders that make it easy for borrowers to understand loan rates, fees, terms, qualification requirements and more rank higher in this category.
- Credit (15%). Because it helps borrowers establish business credit, lenders that report timely payments to the commercial credit bureaus rank higher in this category.
- Underwriting and loan flexibility (11%). Lenders that have flexible underwriting and offer multiple payment terms rank higher in this category.
- Application experience (7%). Lenders that offer fast funding and multiple ways to apply for a loan rank higher in this category.
- Customer service (7%). Lenders that provide multiple ways to speak with a customer service representative and an online dashboard for loan management rank higher in this category.
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.