Veterinary businesses face unique challenges. The cost of veterinary equipment is incredibly high, but that equipment is a necessary investment. Veterinary facilities are specialized buildings, and expanding or buying one can be cost-prohibitive. Even funding the salary for an additional staff member can be expensive. Veterinary business loans can help owners to invest in their businesses and get through times when cash flow is limited. If you’re considering taking out a veterinary business loan for your business, this article outlines some top options that include different funding types.
How to Choose the Best Veterinary Business Loan
When you’re considering the different types of veterinary practice financing available, it’s important to consider the following factors. These elements can help you to evaluate loans and better understand their pros and cons. Our experts used these factors to rank lenders.
- Loan Features: Look for loan terms and repayment optionality that are comfortable for you. Loan amounts can vary, so choose a loan that will give you the funding you need.
- Application process - Consider how simple or invasive the application information requirements are. Does the application feature a hard-pull or soft-pull credit score impact? How long is the funding time after the application is approved? If you need funding quickly to pay for taxes or payroll, you’ll need to look for a short approval and funding time.
- Interest rates and fees - Consider the different types of fees, like origination or draw fees. What are the loan’s minimum and maximum interest rates, and are they competitive?
- Qualification process - How practical are the eligibility requirements? Are the minimum credit score, annual revenue, and business history requirements reasonable, particularly if you have a new business?
- Customer support - If you need help with your application or funding, how can you contact the lender? Can you talk to a live customer service representative? Does the funder offer multi-channel support so you can get help when you need it, even while managing your practice?
- Online user reviews - What are customers saying about the funders on independent review sites like Trustpilot?
- Perks and Bonuses - Does the loan offer perks like payment flexibility and advertising transparency? If your business encounters income fluctuations, does the loan give you the flexibility you need to make your payments?