To secure a traditional bank loan, veterinary practices need near-perfect credit, a detailed business plan, financial forecasts, explosive growth, substantial cash reserves, and collateral.
As a result, most independent, non-corporate veterinary businesses don’t qualify for conventional bank financing. Even if they get approved, they usually only qualify for a fraction of what they need.
As an alternative, more veterinarians are turning to revenue-based financing. These financing products are underwritten based on your practice’s revenue and don’t ask for collateral, cash reserves, or perfect credit like banks do. This simplified process makes it much easier to qualify since you only need to meet the minimum monthly income requirement.
What’s more, revenue-based financing companies only need to see a few months of bank statements. Fewer documents mean faster underwriting, and the ability to close on the same day or the next.
In this article, we explain how our lending process is designed to help veterinary businesses access funding more easily and quickly than traditional banks.
Complete this short application form to receive multiple offers for veterinary business loans, with the ability to close as early as today or tomorrow.
| Funding Features | Redline Capital Terms |
| Loan amounts | $30,000 to $2 million |
| Minimum credit score | 600 |
| Minimum time in business | 12 months |
| Minimum monthly revenue | $30,000 |
| Collateral or cash reserves | None required |
| Paperwork requirements | Just a 4-month bank statement |
| Interest-only options available? | Yes |
| Loan programs | Term loans, working capital loans, business line of credit, cash advances, equipment loans, and SBA loans. |
1. Redline Capital
Secure a Veterinary Business Loan with Just Four Months of Bank Statements
Redline Capital offers revenue-based financing solutions designed to help veterinary practices secure financing fast.
The only paperwork we need is four months of bank statements, so underwriting is quick, taking as little as one to two hours. This allows us to close as quickly as today or tomorrow. When businesses needed funds urgently, we’ve even stepped in and closed in under five hours.
This simple approach also makes it easier for veterinarians to qualify for larger dollar amounts, which may be needed to acquire diagnostic and surgical equipment, invest in new technology, and manage cash flow. We can extend veterinary practice financing up to 200% of your monthly revenue, while banks very rarely do more than 50%
To qualify, veterinary practices need to:
- Earn at least $30K in gross monthly revenue
- Be in practice for 12 months or more
- Be located in the U.S.
Here’s feedback from clients on how efficiently we handle the application and closing process:
You can hear more from our clients by heading over to our case studies page:
How to Apply for a Veterinary Business Loan with Redline Capital
- Fill out this short form, which asks for your preferred amount, gross monthly revenue, and industry, and then submit four months of bank statements. We don’t ask for tax returns, balance sheets, or other financial statements.
- Within a few hours, we underwrite your application and send offers for different lending products you can choose from. Each offer highlights your financing amount, rates, weekly or monthly payments, term length, and origination fees.
- Choose the offer that works best for you. Take as much time as you need to decide. Our team is here to answer any questions you may have, but we will never pressure you to accept quickly.
- If you accept, we deposit the funds into your business checking account immediately. This entire loan process typically takes between 24 and 48 hours.
Here’s what sets us apart from other lenders and revenue-based financing providers.
We Enable Borrowers to Secure Lower Rates and Better Terms
As revenue-based financing brokers, we’ve built relationships with top business lenders over the past decade, such as OnDeck, Credibly, Rapid Finance, Kapitus, and BriteCap.
We generate countless loan applications for these lenders, helping them grow their business. In exchange, they offer our applicants priority pricing, wholesale rates, and larger amounts not available to the public.
These relationships also give us negotiating leverage. We can negotiate lower terms for your practice by showing lenders competing offers and asking if they can lower their rate. If your application is initially rejected, we may be able to renegotiate to help you qualify. Lenders rarely do this with individual borrowers.
Complete One Application and Receive Multiple Offers From Reputable Lenders
If you want to apply to different lenders to increase your chances of finding a good deal, you must submit multiple individual applications, which is time-consuming and involves significant paperwork.
Each lender has slightly different criteria, so you need to prepare different documents and complete multiple application forms. Submitting multiple applications in a short time may also negatively impact your credit score.
Additionally, it can be tricky to choose which lenders to apply to because you’ll only see offers from the ones you pick. Most business owners don’t really know which lenders offer the lowest rates for their specific financing needs and industry type.
Instead, with Redline Capital, a single application opens the door to multiple offers. We match your application with the right lenders to ensure you get the most competitive rates for your industry, revenue, and credit profile.
Types of Business Financing Products Available
Redline Capital offers a range of financial products to cover various needs, including:
- Unsecured term loan: Term loans provide a lump sum for a fixed period, ideal for substantial investments, such as equipment, renovations, or practice acquisition or expansion. You don’t have to worry about offering valuable business assets as collateral to a lender.
- Equipment financing: This type of funding is designed to help you purchase or refinance the equipment needed to operate your practice, such as X-ray machines, surgical tables, or anaesthetic devices.
- Business line of credit: Business lines of credit offer access to funds as needed, useful for managing fluctuating cash flow. Your business can draw funds as needed, only repaying what you use. After you’ve repaid the withdrawn amount, your line of credit will be replenished to its original amount. They are like a business credit card, making them ideal for ongoing expenses or unexpected opportunities.
- Merchant cash advances: This is a short-term loan, typically under 9 months, allowing your business to receive a cash injection to cover urgent expenses or cash flow gaps.
Upload four months of bank statements here, and we’ll provide you with multiple offers for your veterinary business. We can close as fast as the same day or the next.
Alternative Veterinary Practice Financing Options to Consider
We believe Redline Capital is the best option for most healthcare businesses, including veterinary practices. However, if you would like to compare your financing options, here are a few alternative lenders, including traditional banks and companies offering revenue-based financing.
2. Bank of America Veterinary Practice Loans
Bank of America offers loans up to $5M for veterinarians through their Practice Loans, which can provide up to 100% financing for projects including construction, equipment, and working capital. These loans can be used to start a new practice or expand an already established business.
Loans operate on a credit approval basis, and loan terms, amounts, and interest rates vary based on the business’ creditworthiness and the specific loan product. There is a 25% discount on certain types of loans available to Veterans, Active Duty, Reservists, and National Guard U.S. Armed Forces.
They also offer SBA-backed loans, which can be beneficial for those with less favorable credit, although these loans typically involve a more complicated application and loan process.
3. Wells Fargo Practice Finance
Wells Fargo Practice Finance is a member FDIC that provides start-up veterinary practices with loans for various needs, including buying an existing practice, purchasing new equipment, or managing cash flow. Types of financing products available include commercial mortgages, equipment financing, business loans, lines of credit, and merchant cash advances. Businesses may need to offer assets, such as equipment or property, as security for the loan.
Eligibility criteria vary depending on the type of financing needed, but practices typically need strong financials, including business and personal financial statements and tax returns, to demonstrate profitability and repayment ability.
4. American Express Business Line of Credit
An American Express Business Line of Credit works by giving veterinary practices access to funds up to $250K that can be used as needed. To qualify, businesses need to be in operation for at least 12 months, have a credit score of 660, and a monthly income of at least $3k. Once an American Express Business Line of Credit application is completed and approved, funds are available within 1 to 3 days.
Businesses only pay interest on the amount they’ve borrowed, and each withdrawal is treated as a short-term loan with its own fee structure and repayment terms, typically 6 to 24 months. When the loan is paid off, the funds become available to borrow again.
Typically, this line of credit can be used by veterinary practices to purchase equipment, manage cash flow, and help with business growth.
5. SBA Business Loans: Low-Interest Small Business Loans
SBA or Small Business Administration is a government agency that offers loan options like the SBA 7(a) and SBA 504 loans, where qualified businesses can access up to $5 million.
Businesses don’t borrow directly from the SBA. Instead, they apply for a loan through a bank or another lender that partners with SBA. The SBA then provides a partial guarantee, lowering the risk and allowing lenders to provide loans (including real estate loans) to small businesses with more favorable terms, such as longer repayment periods or lower interest rates than conventional loans.
SBA loans can be a good option for veterinary practices, providing versatile funding for medical equipment purchases, commercial real estate acquisition, and working capital, often with favorable terms and government backing that can make them easier to obtain than conventional loans. However, the application process can be lengthy and requires significant documentation, including a solid business plan and strong credit history.
To qualify for an SBA loan, businesses must be located in the US, be a “small” business according to SBA size standards, and demonstrate a reasonable ability to repay the loan.
6. OnDeck Medical Practice Loans
OnDeck is an online lender that provides a variety of financing products for veterinary practices, including term loans up to $250k and lines of credit up to $200k. Repayment terms vary but are typically up to 24 months. Their interest rates tend to be higher than traditional banks, but they offer more flexible qualification requirements and faster approval times, often within 24 hours.
To qualify, businesses need a minimum credit score of 625, at least 12 months in business, and a minimum annual revenue of $100,000. Funding can be used to cover expenses like equipment upgrades, working capital, or unexpected costs.
The online application takes just a few minutes and requires only 3 months of bank statements. Their scoring system analyzes your business data, including cash flow and credit history, to determine loan amounts and interest rates. While much of the initial assessment is automated, each application receives personal attention from an OnDeck representative.
7. National Funding
National Funding is an online direct lender offering loans to veterinary practices up to $500,000, including short-term business loans, working capital loans, invoice factoring, and equipment financing and leasing. These loans can be for whatever the business needs, such as buying equipment, improving cash flow, or growing the business.
The online application process is simple and offers fast funding. To qualify, businesses need a credit score of at least 670, six months in business, and $250,000 in annual revenue. If the loan is approved, businesses can receive the money within 24 hours.
8. Fora Financial
Fora Financial provides fast, flexible, and accessible funding solutions for veterinary practices, primarily through its revenue-based financing and small business loans. They offer loan amounts of up to $1.5 million and credit lines ranging from $5,000 to $100,000, making them suitable for both short-term needs and larger capital requirements.
They offer rapid approvals, work with businesses that have lower credit scores (as low as 570), and allow flexible repayment schedules tied to their business revenue. Businesses only need to submit bank statements for the past 3 months and do not need to provide collateral. Applications can be approved in as little as four hours, with funds typically deposited within one to three business days. Repayments are made on a daily or weekly schedule. Once 60% of the original balance is paid off, borrowers may qualify for additional funding.
Secure Fast and Affordable Veterinary Business Loans with Redline Capital
You can qualify for our veterinary financing solutions by simply submitting four months of bank statements, with the option to close on the very same day you apply.