Top Reasons to Consider Veterinary Practice Financing

As of 2018, approximately 84,500 veterinarians worked in the United States. However, despite a strong job market and decent pay, many veterinarians cannot meet their financing needs when starting/expanding a veterinary business.

Veterinary practice financing offers an alternative solution that can help you start/expand your veterinary practice. Here are the top reasons why you might want to consider this option.

1. Vet Practice Financing Can Be Accessible to Even the Smallest of Businesses

Veterinary practice financing is available to practices of every size and location. Because finance companies cater to various sectors, you can find an option that works for your needs and budget. This means that even if you only have one office in a rural location, you can still get a veterinary practice loan that suits your needs.

2. Access to Funds Without the Hassle of Selling Equity

A huge part of why vet practice financing is so attractive is because it doesn’t require you to sell equity in your business to get a financing package. Instead, these deals are built around the money you earn from your practice on an ongoing basis. These financial arrangements also don’t tie up your assets like traditional loans, making them much more appealing for startup and expanding practices.

3. A Wide Range of Terms and Options Are Available

Veterinary practice financing isn’t just available in one size fits all packages either. You have plenty of options regarding how much you want to borrow and how long exactly you want to repay the loan. This is very attractive because it allows you more flexibility.

4. It Can Be Used for a Broad Range of Expenses You Might Not Have Considered

Veterinary practice financing can be used for a wide variety of expenses that you might not have thought about when establishing your practice. Listed below are just some of the kinds of business expenses you could use veterinary practice loans for:

• Buying new equipment for your practice
• Upgrading old equipment to help improve productivity and profitability in your business
• Paying for supplies or inventory that you need to get your business up and running
• Covering unexpected expenses

5. Veterinary Practice Financing Can Be Used for a Broad Range of Practice Types

Veterinary practice financing is not just limited to large animal practices, either. It can be used for a wide range of different practices, including:

• Animal hospitals
• Veterinary clinics and facilities
• Veterinarians who want to branch out into an entirely new practice area and more

6. The Interest Rates Are Highly Competitive

If you go with traditional bank loans, you may find yourself paying through the nose for the funds needed to start your veterinary practice. However, when working with a specialized lender, interest rates are highly competitive and very much within reach of small practices like yours. Veterinary business loans allow you to save money on your financing package right off the bat.

7. You’ll Receive Your Funds Quickly

When you start setting up your veterinary practice, time is of the essence. You want to get your business up and running as quickly as possible, and thanks to veterinary practice loans, that’s exactly what it offers you. Speed and convenience even for small practices.

8. The Process Is Straightforward and Fast

The veterinary industry offers many unique challenges that traditional lenders do not understand. Luckily, specialized lenders such as FiSol DVO understand these challenges and have the expertise to provide you with a financing solution that suits your business needs.

When it comes down to it, veterinary practice financing is an enticing solution that provides lots of benefits for your practice and your business as a whole. If you don’t have access to other forms of business financing but still need money for renovations, inventory, or anything else, this could be the solution you’ve been looking for. Call FiSol DVO today, and we will help craft a business financing solution customized to fit your unique needs.