Industry data
Financing for veterinary practices: what the loan data shows
837 SBA 7(a) loans went to veterinary practices recently, at a median of $655,000. The lenders that make them, the terms they write, and what underwriters look at.
837 SBA 7(a) loans went to veterinary practices in the most recent fiscal years, at a median of $655,000 over 126 months. 49.2% went to new or under-two-year-old businesses, and the most active lender was Live Oak Banking Company.
What a veterinary practice loan actually looks like
These are approvals, not advertised ranges. Computed from SBA 7(a) loan-level FOIA data released 2026-06-30.
| Measure | Veterinary practices | All 7(a) borrowers |
|---|---|---|
| Loans approved, fiscal years 2023 to 2026, using data released June 2026 | 837 | 214,102 |
| Median loan | $655,000 | $150,000 |
| 25th - 75th percentile | $197,550 - $2,050,000 | $50,000 - $500,000 |
| Median term | 126 months | 10 years |
| Median initial rate | 8.50% | 10.25% |
| Share to new businesses | 49.2% | 33.6% |
| Charge-off rate, FY2010-19 | 2.0% | 7.1% |
What stands out
Reading these figures against all 7(a) borrowers:
- Loans here run larger than average. The median of $655,000 is 337% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- New businesses do well here. 49% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- One lender dominates. Live Oak Banking Company alone made 31% of these loans, and the top three made 47%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
- Rates run lower here. The median initial rate of 8.50% is 1.75 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- This market has performed well. Its FY2010-2019 charge-off rate of 2.0% is below the 7.1% overall figure, which is part of why lenders compete for it.
What lenders look at in this sector
Veterinary is one of the most attractive credits in small business lending: recurring demand, mostly cash and pet-insurance pay rather than third-party reimbursement, and sticky clients. Several lenders run dedicated veterinary programs and will finance close to the full purchase price for a qualified DVM buyer.
Which lenders actually fund veterinary practices
Ranked by loans approved in this niche. The median, startup share and rate describe each lender's own loans to veterinary practices, not its national averages — which is how you spot a genuine specialist.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Live Oak Banking Company | 262 | $1,750,000 | 50% | 8.00% |
| The Huntington National Bank | 77 | $393,000 | 56% | 9.00% |
| Fifth Third Bank | 55 | $2,027,000 | 64% | 7.50% |
| Bank of America | 36 | $672,050 | 81% | 6.01% |
| Wells Fargo Bank | 22 | $667,950 | 73% | 6.80% |
| TD Bank | 21 | $75,000 | 57% | 10.50% |
| United Community Bank | 18 | $1,435,000 | 44% | 9.50% |
| Manufacturers and Traders Trust Company | 16 | $51,200 | 50% | 11.50% |
| BayFirst National Bank | 15 | $150,000 | 0% | 12.25% |
| Newtek Bank | 14 | $275,000 | 29% | 11.50% |
Where these businesses borrow
Most active states for veterinary practices: California (90), Florida (81), Texas (72), Ohio (41), Pennsylvania (35), Georgia (33).
Which financing fits
| Product | Fit for this sector | Typical cost |
|---|---|---|
| SBA 7(a) | The dominant vehicle in this niche | 10.0% - 14.0% APR |
| Commercial mortgage | If you are buying the building | 6.5% - 9.5% APR |
| Equipment financing | For the hard assets, often cheaper separately | 7.0% - 30.0% APR |
| Business acquisition loan | If you are buying an existing operation | 10.0% - 14.0% APR |
Before you apply
- Check coverage first. Run the payment through the affordability calculator at 1.25x.
- Shortlist from the lender table, favouring ones whose median loan here is close to what you need.
- Assemble the documents — see the checklist.
- If you are buying rather than starting, read business acquisition loans first; the injection rules and diligence are different.