Launching Your Veterinary Practice: A Friendly Guide to Financing with Live Oak Bank
Starting or growing a veterinary practice can feel both exhilarating and overwhelming.
It’s the start of something new, but it comes with some significant financial decisions. From securing the correct location to investing in equipment and staffing, the costs can quickly add up.
That’s why having a lending partner who understands the veterinary profession is so important.
That’s where Live Oak Bank comes in
They've built their reputation by specializing in veterinary practice loans, and their approach is all about understanding your unique needs.
Live Oak Bank is tailored to the needs of veterinary practice owners for several reasons:
Veterinary roots and expertise: Live Oak Bank was actually founded to serve veterinarians—their early focus was veterinary lending, and they even have a DVM on staff to ensure they truly “get it.”
SBA Preferred Lender: They offer SBA 7(a), SBA 504, USDA, conventional, and Express loans—backed by the Small Business Administration for smoother approvals, often faster processing, and favorable terms.
Significant loan amounts for growth: Want to acquire a clinic or expand into real estate? Loan options go up to $5 million (SBA 7(a)) and $15 million (SBA 504).
Dedicated support: Borrowers are paired with a business analyst from application through funding—meaning you're guided every step of the way.
Speed, Support, and Storytelling
Live Oak Bank combines efficiency with a personal touch—moving quickly to get you the funding you need while keeping the process clear and supportive. And because they have real veterinarians who’ve walked this path, you can see firsthand how others have successfully financed their practices, making the journey feel a little less overwhelming and a lot more achievable.
Here are a few more details you can expect:
Fast underwriting and closing: SBA underwriting can take 1–2 weeks, with closings typically within 45–90 days. Preferred lender status helps streamline this.
Personalization: Beyond numbers, Live Oak offers relational support. One reviewer highlighted that “every borrower is connected with a dedicated business analyst.”
Real veterinary stories: Live Oak features real-life veterinary entrepreneurs on their blog—sharing relatable experiences of how they “got the cash.”
Preparing for Your Loan Journey
Preparing for your loan journey is all about laying a strong foundation. The more organized you are with your financials, business plan, and long-term goals, the smoother the process will be.
Think of it as creating a roadmap for your practice’s future—when lenders see that you’ve done your homework, it not only speeds up approvals but also positions you for the best possible terms.
Focus on financial health: Keep your debt-to-income ratio healthy—typically under 50%—and plan to put down at least 10% for SBA loans.
Get documents in order: Expect to provide business plans, financial statements, debt info, tax returns, bank statements, etc. Being prepared can speed up approvals.
Leverage relationships: Connect with SBA-savvy loan officers—Live Oak has region-specific specialists, including some focused on veterinary lending.
Why Veterinarians Should Care
Industry understanding—You’re not just a number. With a DVM and veterinary-focused approach, Live Oak can speak your language.
Customized financial tools—Whether a small clinic expansion or a complete hospital acquisition, the right loan funding is available.
Speed matters—Being an SBA Preferred Lender means faster decisions when you need to ramp up quickly.
Guided process—From application to closing, a dedicated analyst keeps you connected and on track.
Your Next Steps
If you’re dreaming of starting your own veterinary hospital, expanding your current clinic, or upgrading equipment, here’s what to do now:
Visit Live Oak Bank's Veterinary Practice Loans page to get a feel for their approach.
Prepare your paperwork and reach out to a business analyst—they’re there to help you navigate options.
Share your story—both the challenges and triumphs—as this resonates deeply with others and particularly, prospective clients.
Live Oak Bank offers a knowledgeable and flexible path to financing your veterinary practice dreams. With their loan products designed for veterinarians, personalized guidance, and commitment to your success, you're in thoughtful hands and ready to grow—from exam room to entire hospital.
Please reach out to me, and I will help you get the process started. Call: 877-545-1202
Five Simple Questions for Financing Your Veterinary Practice
How to Budget for Your First Year as a New Veterinary Practice Owner
Starting your veterinary practice can be an exciting journey, but securing financing is often one of the process's most significant (and intimidating) steps. Many new practice owners don’t have large cash reserves or private investors, so financing is usually necessary. Working with financial experts and veterinary consultants can help you make informed decisions that support your long-term success.
Here are five essential questions to consider as you plan your financing journey.
1. What Will I Need Financing For?
Before diving in, assess strictly what expenses will require financing. Here are some major categories:
Practice Space: Your first decision will be where you’ll practice. This could mean purchasing an existing clinic, leasing a new space, or even constructing your facility from the ground up. Some veterinarians also consider buy-in options at practices where they’ve been associates or even franchise opportunities.
Equipment: Equipment expenses can add up quickly. Think x-ray machines, exam tables, surgery lighting, dentistry units, and computers. Many lenders offer capital leases to alleviate upfront costs, letting you pay over time and start generating revenue sooner. You could also explore high-quality used equipment on platforms like usedvetequipment.com, which can provide substantial savings.
Daily Supplies: Daily supplies—such as pharmaceuticals, syringes, cleaning agents, gloves, and more—are essential for smooth operation, but they’re recurring expenses that can add up.
Operating Costs: Besides equipment and supplies, ongoing costs include salaries, insurance, utilities, and more. Factoring these into your business plan is crucial for understanding your monthly expenses.
2. How Much Can I Afford to Live On?
Realistically, your practice might not turn a profit for the first 1-3 years. You may not be able to draw a regular salary during this time. Consider how this financial reality will impact your life, especially if you have personal financial responsibilities like dependents or other expenses.
Purchasing an established practice can sometimes mean quicker revenue, as you’re starting with an existing client base. However, building a practice from scratch may require a longer timeframe to become profitable. Understanding your financial tolerance—and having a personal financial plan—can give you confidence as you take on the demands of a new practice.
3. How Will My Student Loans Affect My Financing?
Veterinary lenders generally don’t require you to have your student loans fully paid off before you apply for a practice loan. Still, your student debt status matters—lenders are unlikely to approve a practice loan if your student loans default. Remember that you must account for your student loan payments in your personal budgeting and financial planning.
If you’re uncertain about how your student debt might impact your financing options, don’t hesitate to consult a financial expert to explore your eligibility and options.
4. Do you know where I can find the Right Lender?
Some lenders specialize in veterinary practices, and they can be an excellent option because they understand the field's unique financial needs. On the other hand, Small Business Administration (SBA) loans offer flexible terms and government-backed security, making them another viable choice.
When assessing lenders, compare factors like:
- Required down payment
- Loan term and interest rates
- Fees and penalties
- Options for graduated repayments (small initial payments that increase as your practice grows)
A business plan and financial projections are typically required, so be prepared to present these documents when applying.
5. How Can I Navigate the Financing Process?
Even though starting a practice involves uncertainty, planning and preparation can help you make informed choices. Consulting with a CPA, a veterinary management expert, and a demographics professional can provide valuable insights. These experts can guide you in developing a business plan and financial projections to support your financing application.
Investing in expert advice, along with doing your research, will pay off as you move toward achieving your practice ownership dreams.
Feel free to reach out to me if you need personalized guidance on securing financing for your practice. I’d be happy to help.
Brad Haven, Jr.
Call or text me: 530-355-5886