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More detailsLearn MoreTerms ApplyPaid PlacementBiz2CreditGet Prequalified up to $200,000 in business financing Learn MoreTerms ApplyPaid PlacementBig Think CapitalSmall Business financing that moves as fast as you doLearn MoreTerms ApplyMonarchOur top pick for being easy to use, Monarch's budgeting app is 50% off your first year of Core Plan with code CNBC50Learn MoreTerms ApplyBluevineBluevine offers fast funding options for your small businessLearn MoreTerms ApplySBG FundingFast and flexible financing options for your small businessSelect independently determines what we cover and recommend. We earn a commission from affiliate partners on many offers and links. This commission may impact how and where certain products appear on this site (including, for example, the order in which they appear). Read more about Select onCNBC, and clickhereto read our full advertiser disclosure.If you're opening, buying or expanding a veterinary practice, a small business loan could help cover costs such as equipment, renovations, working capital or a new location. Some lenders offer financing specifically for veterinary practices, while others provide small business loans that can be used for practice expenses.
Below, CNBC Select rounded up lenders with financing options for veterinary practices. Read on to compare your choices and find a loan that fits your needs. See our methodology for more information.
Best veterinary practice loans
- Best for large loan amounts:Small Business Administration (SBA) loans
- Best for less-than-perfect credit:Fora Financial
- Best for a business line of credit:Bluevine
- Best for flexible qualification requirements:Greenbox Capital
- Best for 100% financing:U.S. Bank
Best for large loan amounts: SBA loans
Who's this for? For veterinary professionals who need substantial funding to start a practice, acquire an existing clinic, expand their operations or purchase equipment, the SBA 7(a) loan program offers loans of up to $5 million to eligible small businesses. The SBA doesn't lend directly to borrowers; instead, it guarantees a portion of loans issued by participating lenders.
Standout benefits: Because the SBA guarantees a portion of eligible loans, participating lenders take on less risk than they would with an otherwise comparable, non-guaranteed loan. This can help eligible borrowers access financing they might not qualify for otherwise, subject to the lender's requirements and the SBA's eligibility criteria.
Small Business Administration (SBA) Loan
Learn MoreTypes of loans
SBA loan
Better Business Bureau (BBB) rating
Not Rated
Loan amounts
$500 to $5.5 million ; microloan limit is $50,000
Terms
Varies depending on the lender; up to 6 years for microloans
Minimum credit score needed
Not disclosed
Minimum requirements
Be a for-profit business in the U.S. and meet SBA size standards
Terms apply.
Pros
- Lender options available to those with lower credit scores
- Can choose between microloans, 7(a) loans and 504 loans
- Eligible borrowers could receive up to $5.5 million in funding
Cons
- Some lenders may require collateral
Best for less-than-perfect credit: Fora Financial
Who's this for? For veterinary practice owners with less-than-perfect credit who need funding for business expenses or growth, Fora Financial lists a minimum personal FICO® Score of 570, giving some borrowers with lower credit scores a chance to qualify. Businesses must also have been operating for at least six months and generate at least $240,000 in annual revenue. Meeting these minimums doesn't guarantee approval.
Standout benefits: Fora Financial offers a quick application process, with approval decisions available in as little as four hours after the required documentation is submitted. If you accept an offer, funding may be available within 24 hours. However, review the repayment schedule and total borrowing cost carefully, as some products require daily or weekly payments and have relatively short repayment terms.
Fora Financial
Learn MoreLearn MoreSpotlight
Be in business for at least 6 months with $240,000 in monthly revenue and no open bankruptcies
Credit scoreTermsUp to 18 months
Loan amounts$5,000 to $1.5 million
Our expert take
Offers many types of loans including small business loans and revenue advance
Pros & cons
- Higher loan limits than many competitors
- Low minimum credit score
- Next-day funding available
- Prepayment discount
- Borrowers can increase their loan amount after repaying at least 60%
- Charges a factor rate rather than a traditional APR
- Daily/weekly repayment schedule
- 3% origination fee
$0
Minimum balance$0
Annual Percentage Yield (APY)1.00% APY on balances of $0.01-$24,999 and over $250,000; up to 1.35% APY on balances of $25,000-$250,000
LEARN MOREFound BankingMonthly maintenance fee$0
Minimum balance$0
Annual Percentage Yield (APY)None using the base version; Found Plus* subscribers earn 1.50% APY on balances up to $20K.
LEARN MOREBest for a business line of credit: Bluevine
Who's this for? For veterinary practice owners who want flexible access to working capital for ongoing expenses, unexpected costs or growth opportunities, Bluevine offers a revolving business line of credit of up to $250,000. Unlike a traditional term loan, which provides a lump sum upfront, a line of credit lets you draw funds as needed, up to your approved limit. As you repay what you borrow, your available credit replenishes. All draw requests are subject to review and approval. Note that Bluevine's line of credit requires an eligible business structure, so it may be a better fit for established veterinary practices rather than brand-new startups.
Standout benefits: Bluevine offers fast access to funds. Approved draws can be deposited instantly into a Bluevine Business Checking account, while transfers to other accounts may take up to 24 hours or longer, depending on the transfer method and processing time.
Bluevine Business Line of Credit
Learn MoreOn Bluevine's siteAnnual Percentage Rate (APR)
Starting at 14%
Loan amounts
Up to $250,000
Terms
6 or 12 months
Minimum credit score needed
625
Early payoff penalty
None
Maintenance fees
$0
Failed payment fee
5% of the missed repayment (minimum of $35)
Terms apply.
Pros
- Open to borrowers with fair credit (minimum 625 score)
- High loan maximum
- Quick funding
- Few fees
- Option to pay monthly or weekly
Cons
- Requires at least 12 months in business which may not suit newer businesses
- Requires at least $10,000 in monthly revenue
- Not available for all industries or in all states
Best for flexible qualification requirements: Greenbox Capital
Who's this for? For veterinary practice owners who may not meet traditional lenders' credit requirements, Greenbox Capital evaluates several aspects of a business' financial health, including revenue, cash flow, vendor payment history, years in business and public records. Credit score is also a factor, but it isn't the sole basis for approval. Eligibility requirements vary by financing type.
Standout benefits: Greenbox Capital offers several small business financing options, with funding of up to $500,000. Funds can be used for eligible business needs, such as covering operating expenses, purchasing equipment or supporting expansion. Depending on the financing product and your qualifications, funding may be available in as little as one business day.
Greenbox Capital
Learn MoreTypes of loans
Term loan, business line of credit, invoice factoring, merchant cash advance
Better Business Bureau (BBB) rating
A+
Loan amounts
$3,000 to $500,000
Terms
Not disclosed
Minimum credit score needed
Not disclosed
Minimum requirements
Must be in operation for at least five months
Terms apply.
Pros
- Funding amounts between $3,000 and $500,000
- Borrowers could get funded in as little as one business day
- Applicants get connected with a Funding Advisor to walk through funding options
- Options available for borrowers with lower credit scores
Cons
- Repayment terms for collateral loans may err on the shorter side
Best for 100% financing: U.S. Bank
Who's this for? For veterinary professionals looking to start or acquire a practice, expand an existing clinic or purchase equipment without necessarily making a down payment, U.S. Bank offers up to 100% financing for eligible practice acquisitions, startups, expansions and equipment purchases. Loan amounts and terms depend on the borrower's qualifications, financing needs and loan type.
Standout benefits: U.S. Bank is an SBA Preferred Lender, offering eligible borrowers access to SBA-backed financing options that may feature lower down payments and longer repayment terms than some conventional loans. SBA loans are subject to separate eligibility requirements, credit approval and program guidelines.
U.S. Bank Business Term Loan
Learn MoreTypes of loans
Term loan, SBA loan, equipment financing, commercial real estate loan
Better Business Bureau (BBB) rating
A+
Loan amounts
Up to $250,000; up to $5 million for the SBA loan
Terms
Up to 15 years
Minimum credit score needed
Not disclosed
Terms apply.
Pros
- SBA-preferred lender, which grants access to larger loan amounts and better terms
- Options for six-month interest-only periods
- Offers secured and unsecured loan options
Cons
- Not all loan programs are available in all states for all loan amounts
3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000
Minimum deposit$100 to open account
LEARN MORELive Oak Business SavingsAnnual Percentage Yield (APY)2.75%
Minimum depositNone
LEARN MOREHow long do you have to be in business to qualify for a loan?
Requirements vary by lender, but online lenders typically require borrowers to be in business for at least six months to two years.
How fast can you get a veterinary practice loan?
You can get a fast small business loan funded within 24 to 48 hours of approval, depending on the lender.
Can you get a veterinary practice loan with a low credit score?
Different lenders have different credit score requirements, with some being more lenient than others. It may be possible to get a medical practice loan with a low credit score if you consider lenders with more flexible requirements.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business loans list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business loan products.While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best veterinary practice loans, CNBC Select analyzed loans offered by both U.S. brick-and-mortar and online lenders.
Each lender was rated on a range of features, including:
- Minimum and maximum loan amounts
- Term lengths
- Credit score needed
- Approval requirements
- Application process
- Funding disbursement
- Better Business Bureau rating
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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