As a veterinarian, your practice has undoubtedly been impacted by COVID-19. This includes the regulations and restrictions set in place to contain the spread of the virus. With an increase in pet adoptions and health issues associated with animals adjusting to our new normal, it’s more critical than ever to provide uninterrupted pet care to clients. Clients who rely on you to keep their extended family members healthy.
Whether your practice is in need of an expansion or consistent cash flow, a business loan from a dependable bank can support your mission.
In this article, we’ll explore how you can secure financing and loans to expand your veterinary practice, purchase new equipment, and more. Plus, we’ll look at how John Marshall Bank’s dedicated banking package focuses on serving veterinarians just like you.
Veterinary Industry Facts*:
- Veterinary care accounts for 30% of total pet spending, and the majority of practices are experiencing sales growth, according to the American Animal Hospital Association (AAHA).
- Total pet industry expenditures continue to grow at a healthy rate of 3-5% annually, reaching $95.7 billion in 2019, according to the American Pet Products Association (APPA).
- Pets have become integral parts of families, and owners are demanding high-quality health care.
- Pet ownership is steady, at about 65-68% of US households.
*Source: Vertical IQ
What do I need in order to be approved for a business loan?
While not all lenders are alike, there are certain factors that most banks consider including, cash flow, credit scores of borrowers, and financial and legal documents.
A lender carefully assesses your financial health prior to securing a loan for your veterinarian practice. This includes reviewing your monthly cash flow history since any debts from credit cards or loans impact the loan application.
So before applying, make sure you take the time to:
- Address any outstanding debt
- Build your personal and business credit score
- Gather your business documents including tax returns, articles of incorporation, etc.,
- A validated business plan
We have a great article on our website that does a deeper dive into how to secure a loan for a small business.
How can I leverage a business loan for my veterinarian practice?
If you’ve already applied for a loan, you most likely already knew its intended purpose. But if you’re just doing some research, we provided a few scenarios where a business loan can go really far in helping you expand your veterinarian clinic.
- Acquisition: If you’ve been in the industry for some time, an acquisition might be the next step for you. A business loan can help finance that acquisition. It can also provide you with some flexibility moving forward. John Marshall Bank offers financing for the acquisition of an existing veterinary practice.
- Owner-Occupied Commercial Loans & Renovations: Love the office space that you’re in and thinking of making some renovations? Unfortunately, if you’re a tenant, lease restrictions could limit your plans for a remodel. However, a business loan could help you purchase the unit and possibly have enough left over to make the desired renovations.
- Construction: Sometimes, you have to build the perfect clinic yourself. A business loan can help you make your vision come to life by financing the construction costs for the clinic of your dreams.
- Equipment Financing: The medical field — whether pet or human — is always growing and advancing in technology. A business loan can support the purchase of new medical equipment that can help you better serve your customers and their pets.
How do I choose a lender for my business loan?
When choosing a lender, you want to do a deep dive into the lending institution or bank. This includes meeting the relationship managers and hearing testimonials from current clients (preferably in your industry). It includes determining if the institution is able to provide personalized attention to your veterinarian practice.
At John Marshall Bank, we’ve created a package of banking services exclusively for veterinarians. As a local community bank, we understand what it means to take care of your client’s most important needs. We work with our neighbors and serve the communities we live in.
What makes John Marshall Bank different is the full range of financial products and services carefully crafted to address the needs of a veterinary practice. We tailored our package to help your practice grow, operate efficiently and maximize your cash flow.
Case Study: Sully Animal Hospital
Our client, Sully Animal Hospital located in Northern Virginia, recently shared their business banking experience with us in a recent video testimonial.
Check out what they had to say about our specialized services and financing opportunities that helped them expand their practice on our Health Services page.
John Marshall Bank’s Veterinarian Business Banking:
Below is a snapshot of what our targeted package consists of:
- Dedicated bankers who understand the nuances within the veterinarian industry
- Real-estate lending options to help expand your practice
- Preferred SBA 7(a) loans lender
- Specialty business checking accounts to suit the needs of your practice including fee-free services and products
- Risk management tools
- Fraud prevention software and measures
- Rewarding credit cards and purchasing card options
Reach out to us today to help you secure a loan for your veterinarian clinic!
Your priority is to have the highest quality of service to the pet owners who trust you with a member of their family. Our priority is to ensure that your financing and operations are well-equipped to do so.
Contact our team today for more information!