Today’s pet owners are extremely different than generations’ past. They care for their pets as if they were furry children and are therefore much more serious about protecting their health. Veterinary practices and animal hospitals must maintain the capabilities to attract and serve these dedicated pet owners as their industry becomes increasingly competitive.
One way practices are adapting to this new landscape is expanding in size. This includes adding physical space, acquiring an existing practice, or opening multiple locations. Few practices, however, can afford the construction or real estate on their own, and those looking to acquire with their own funds often get outbid by corporate buyers.
Animal hospitals can now perform highly sophisticated operations, but only if they have the means to stay up-to-date with equipment and technology. This might become more difficult soon, thanks to pet insurance or late-paying owners. As if cash flow wasn’t problematic for practices and hospitals already, both businesses could find themselves awaiting compensation for major procedures shortly before they are expected to meet recurring or sudden expenses.
United Capital Source facilitates Small Business Loans for Veterinarian Practices & Animal Hospitals waiting on insurance payments and other receivables. These funds can be used for equipment, supplies, furniture, payroll, expansion, remodeling, or any other medical office needs that require cash in hand. Business financing is perfect for practices that find themselves cash poor and struggling to come up with the money for immediate expenses. Contact us today for your FREE business funding consultation!
United Capital Source is proud to help veterinary practices and animal hospitals obtain the tools they need to stay competitive, stabilize cash flow, and increase profitability. Other business lenders might not be as generous now that an increasing amount of practices and hospitals are no longer exclusively cash businesses. But at UCS, our lender network offers flexible terms that can accommodate all sorts of revenue models. Our expansive business loan selection can finance everything from advanced equipment to new staff members for busy periods.
If you’re looking for a large amount but don’t have the time to go through a traditional SBA loan’s notorious application process, we might recommend our signature SBA “Marketplace” Loan. Collateral is not required, and unlike the bank, our terms can be customized to account for slow cash flow or uncontrollable circumstances like seasonality. In the event of a sudden surge in demand (like an outbreak of an illness), a business line of credit could prove to be very useful for immediately securing extra inventory, more personnel, and other resources associated with treating the condition at hand.
We also offer equipment financing for practices and hospitals that cannot wait until it is convenient for their finances to make such purchases. Paperwork is minimal, and you don’t have to be in your peak season to be approved.
Since pet insurance is still being ironed out, providers might take longer than expected to send reimbursements. For this all-too-common dilemma, UCS has access to great accounts receivable factoring programs. Your business cycle would essentially be shortened from weeks or months to just a few business days, giving you the cash to cover bills and payroll whilst restoring profitability. Accounts receivable factoring could allow you to accept more types of insurance as well, partially because you know you’ll be paid on time despite a difference in the provider’s reimbursement policy.
No matter which business funding program you are interested in, keep in mind that at UCS, we are aware that not every business owner is necessarily “business savvy.” Most healthcare professionals start their careers to help people, not to grow their businesses. So, if you are unfamiliar with small business loans, we are more than happy to walk you through the entire process, up until you have made your final payment to the lender. Apply now to see how much you qualify for!
| LOAN TYPES | MAX AMOUNTS | RATES | SPEED |
|---|---|---|---|
| Merchant Cash Advances | $5k – $1m | Starting at 1-6% p/mo | 1-2 business days |
| SBA Loan | $50k-$5.5m | Starting at Prime + 2.75% | 8-12 weeks |
| Business Term Loan | $10k to $5m | Starting at 1-4% p/mo | 1-3 business days |
| Business Line of Credit | $1k to $1m | Starting at 1% p/mo | 1-3 business days |
| Receivables/Invoice Financing | $10k-$10m | Starting at 1% p/mo | 1-2 weeks |
| Equipment Financing | Up to $5m per piece | Starting at 3.5% (SBA) | 3-10+ business days |
| Revenue Based Business Loans | $5K – $1m | Starting at 1-6% p/mo | 1-2 business days |
