How Bank of America Practice Solutions Can Help You Start Your Veterinary Hospital
How BofA Practice Solutions Helps Vet Startups Succeed
If you’re a veterinarian dreaming of opening your hospital, you’re in good company! Starting a practice is one of the most rewarding (and challenging) things you can do in your career. One of the first questions most veterinarians have when they start exploring this idea is:
How in the world am I going to pay for this?
The good news? You don’t have to do it all on your own.
Bank of America is a proud financial partner of the American Veterinary Medical Association and the American Animal Hospital Association, and their Practice Solutions Program is the perfect first step to answering this question.
Bank of America’s Practice Solutions program is a popular, veterinarian-friendly financing option that has helped countless DVMs and specialists get started on their new journey.
They offer customizable loans for veterinary professionals seeking to start a new practice, expand their existing one, or acquire an existing practice.
Let’s walk through what you need to know and answer some of the most common questions veterinarians ask about loans and the BofA Practice Solutions program.
Why Do So Many Veterinarians Use the Bank of America Practice Solutions Program?
First, a bit of context: Bank of America has an entire division dedicated to veterinary, dental, and medical professionals, and they genuinely understand the unique challenges and expenses associated with opening a veterinary hospital.
Here are some reasons why so many veterinarians choose this program:
100% financing available: Many veterinarians don’t have significant cash reserves after vet school, internships, or years as an associate. BofA offers loans that cover the full cost of your project, including equipment, construction, inventory, and even working capital to get you through the first few months.
Long repayment terms.: They offer terms that help keep your monthly payments manageable, which can be critical while you grow your client base.
Specialized expertise: The loan officers in the Practice Solutions program specialize in working with medical professionals. They understand zoning, hospital layouts, and the reality of veterinary revenue cycles, so you won’t have to explain why an x-ray table is necessary or why you’re budgeting for a wet table.
What Are the Interest and Payoff Options Like?
Another common question that’s asked is: “Can I pay it off early if my practice starts doing well?”
The short answer is: Usually, yes — and often without a penalty.
Bank of America’s Practice Solutions loans typically allow you to pay more than your monthly payment, or even pay off the loan entirely ahead of schedule, without any prepayment penalty. This is a considerable advantage if your hospital grows faster than expected and you want to reduce your interest costs over time.
Speaking of interest…these loans do accrue interest from the moment funds are disbursed (like any commercial loan). But because the terms are longer and the rates are designed for medical professionals, the payments are structured to be as manageable as possible. You’ll make monthly payments that include both principal and interest.
Suppose you’re concerned about total interest paid over the life of the loan. In that case, you can always pay extra toward principal when you’re able, and every extra payment chips away at the balance and reduces future interest.
What Else Should You Consider When Starting Your Hospital?
Here are a few other common questions veterinarians ask when thinking about a startup:
Do I need a business plan?
Yes — and the Practice Solutions team can even help you refine it. A solid business plan shows lenders (and yourself) that you’ve thought through your market, your services, and your numbers.
What do the interest rates look like?
Practice loan rates are very competitive and vary depending on loan purpose and term, so speak with a Practice Specialist who can help with your specific financing needs. There are also options to lock in your rate so you won't have to worry about potential rate increases.
What can the load cover?
It can cover construction, build-out, equipment, inventory, signage, IT, and even some operating expenses for the first few months.
How long does it take?
The financing process can take anywhere from a few weeks to a few months, depending on how ready you are and how complex your project is.
What if I don’t have perfect credit?
They understand that most veterinarians are still paying off student loans. Strong credit helps, but your experience, business plan, and projected income are also taken into account.
Starting your veterinary hospital can feel daunting, but with the proper support and financing, it’s achievable. Programs like Bank of America’s Practice Solutions exist because they recognize how much veterinarians contribute to their communities, and they want to help you succeed.
If you’ve been dreaming of building a practice that reflects your vision and values, don’t let the fear of financing stop you.
A good loan program paired with a solid plan can make your dream hospital a reality — and give you the flexibility to grow (or even pay it off early) as your business thrives.
