Loan Options for Veterinarian Practices
If you own a veterinary practice, you walk a tightrope between full-time business management and full-time work in your profession. To make your operation run smoothly, you need a great staff, but you also need to give them the right tools to run your finances and ensure your administrative needs are met. That’s why you need to look into specialized veterinarian financing that has been built with your business cycle in mind.
Starting a practice from scratch requires deep financing, and veterinarian-specific programs offer you up to 100 percent financing to get your new business off the ground. Acquisition loans for existing practices add the option to acquire a practice that’s already up and running. Whichever way you go, long-term small business loans that provide you with the capital you need to get your practice running are available to qualified veterinarians.
If you are looking for a good program to finance your practice, there are a few things to consider besides the basic comparison of rates and number of payments. You’ve also got to consider your penalties for missed payments, possible prepayment penalties if they apply, and your additional financing options through the program. Some veterinarian financing programs will contain multiple components, providing options for your working capital while setting your practice up as well as equipment financing you can use on an ongoing business when you need new diagnostic and clinical machines for your practice.
When you are thinking about what financing options your practice will need, consider the common costs you are likely to incur. Your practice will need facilities, which means either a lease or a loan to cover the purchase of a property. You’ve also got to consider equipment costs, because leasing or financing the purchase will conserve your working capital at startup and allow you to plan for a controlled monthly cost of operation for the equipment, which lets you know how much work you’ll need to do to achieve a return on your investment.
Putting time into this thinking and planning before you apply for veterinarian financing programs will mean maximizing your resources when you launch your operation while optimizing your expenses on an ongoing basis, making your new company’s cash flow easier to handle during those crucial first years. If you are ready to talk about financing your practice, the next step is to find a qualified program that has the options you need to get yourself up and running.