Whether you’re looking to start a practice, expand a practice, or just need help with some aspect of your existing practice – like payroll, purchasing new equipment, or renovations – a veterinary business loan might be exactly what you need. But just as there are a variety of animals and conditions a veterinarian treats, there are a variety of veterinary business loans. Here, we’ll be looking at the six best options for you to consider when you’re in need of additional funding.
Here are the six veterinary business loans you should consider:
- SBA 7a loans
- Bank loans
- Equipment Financing
- Business line of credit
- Online short-term loans
- Business credit card
- Unsecured loans
Veterinary business loan rates will vary between each, and the rates that lenders offer will also differ depending on your personal and business finances. The loan you ultimately decide to go with will be impacted not only by these varying veterinary business loan rates but by what you need the loan for. For example, if you need a loan to purchase new equipment, you’ll likely choose a different loan than someone who needs additional funding to open a new clinic location.
To prepare to get the funding you need, we recommend that you get your personal and business finances in good order so lenders are not only more likely to approve your application but are able to offer you a better rate. Lenders will be looking at your personal credit score and history, tax returns, income, and if you have any outstanding debt. If you’ve taken out loans before, they will also look at your borrowing history. On the business side of things, lenders will want to see your cash flow statement, business tax returns, profit margins, and business credit score. To increase your chances of getting a loan or better veterinary business loan rates, you should look to improve your personal and business credit score, pay off your debts, gather and organize all business-related financial documents, and do what you can to maintain a consistent, positive cash flow. Unsecured Funding Source’s expert Loan Advisors can help you identify the loan that’s right for your practice and your needs. Contact us today to learn more and get on the path to securing the funding you need.