Business loans for Veterinary Practices from PDQ Funding offers your practice an easy access to a unique alternative funding opportunity.
The veterinary industry has experienced a rapid growth in demand for its care services over the last 10 years. Vets professionally provide medial advice and treatment for family pets and farms across the UK.
The growing popularity of pets has raised the demand for quality pet care at competitive prices. This is welcomed news of owners of veterinary practice businesses. As this growth heads in to a new decade vets will need new funding lines to provide the first rate care services that they offer.
As a veterinary surgeons understand the importance of animal care comes naturally, and being able to provide these services sadly comes at a cost due the the expense of equipment used, Ultrasound, x-ray machines, consulting rooms and kennels are just the few areas of costs that must be covered, and without significant working capital this will be near impossible to achieve.
What are Veterinary business loans?
Veterinary business loans are a type of loan that supports a veterinary practice or clinic, this form of loan doesn’t require security. This type of business loan can be used for a variety of purposes. The application process is generally simpler and usually speedier than that of a conventional business loan. The main purpose is to support veterinary professionals with funding for practice growth.
Veterinary Practice Loans
Traditional High Street banks offer veterinary practice loans, sadly businesses need to have traded for at least three years. It is true that banks are able to offer lower interest rates and usually higher business loan amounts, for any new start up veterinary practices this may not always be the most viable route. Our vet business loans are unsecured, you don’t have to worry about offering security to the lender using valuable business assets.
You will be asked to provide a personal guarantee. After signing the personal guarantee, you are agreeing that if your practice defaults on its loan repayments you will become personally liable for repaying the money in full back. This may sound like a high risk situation but its just standard practice and if your business growth is good there is little to worry about.
Grow your practice with business loans for Vets
The business cash advance makes acquiring a vet business loan a straightforward and easy process to complete. This product differs from a traditional high street bank loan as it is unsecured and based on future card transactions that your business makes. There is no APR and you’ll only make repayments when you make sales. This means if you have a slow sales month, the amount you repay that month will be lower than usual, whereas if you have a good month, the loan will be paid back quicker. This product offers your practice easy access to the capital it needs in order to succeed, unlike any other business loan.
Unfortunately, animal care is often something that suffers during times of economic difficulty. Though, of course you’ll be well aware of the importance of animal care, as a small veterinary practice owner. Thankfully, the future of our economy is beginning to look a little brighter, meaning your business plans should too.
Over the past couple of years, simply surviving as a business has been a monumental task at times, meaning business expansion hasn’t been something present in the minds of many. However, home-grown businesses may be about to receive some much-needed good luck, as the UK attempts to fight back. The British Veterinary Association (BVA) claim there are over 5000 vet clinics in the UK and over 18,000 vets. These statistics show that it’s a key sector, and one we’re extremely proud to support on a financial level.
If you’re the owner of a veterinary business and you’re looking to grow, a business cash advance may just be the product to help you achieve your goals. There’s many reasons you could need a boost of cash, you may be looking to train staff, renovate your premises, or purchasing new pet care equipment, whatever the reason is, we’re here to help you.
Business Cash Advance For Veterinary Practices
An alternative to veterinary business loans is something that is know as a business cash advance. This is an advance on the money your practice is predicted to make in future debit and credit card transactions. After receiving an instant cash injection, you are then expected to make repayments via a pre-agreed, small percentage of customer card sales.
Veterinary clinics can access between £5,000 and £200,000 with this product. The business cash advance is a perfect funding solution to veterinary business owners, repayments are always nicely in sync with your business cash flow. This makes repayments easy to manage each month!
Business expansion maybe something on your mind, maybe a partner is retiring or you have the opportunity to purchase another practice. Growth is something all business need to do to survive. There are specific financing options for vets that give you access to new equipment and assets your business needs as it grows. It depends on what your practice needs, and using unsecured finance is a smart way to do this. It means you get access to the equipment without having to pay large amounts of cash up-front. This helps keep the business in a good cash flow position.
If you are looking for funding for your vet business then our Vet Business Cash Advance is a perfect solution. Whatever the reason we understand that it’s not always that simple to get loan from the banks. At PDQ Funding we offer a simple and pain free solution to business lending. You won’t have to deal with the banks or pay a ridiculous amount of interest.
Business Cash advance rate example:
Funding Amount: £9,000
Repayment Amount : £11,700
Factor Rate : 1.3
- Registered and trading in the UK
- Business owner over the age of 18
- Business must be at least 6 months old
- Average monthly card sales must total £5,000 minimum
There are no fixed repayment periods with our veterinary finance and you keep 100% of the money you make through cash sales. Because you only pay back a small percentage of your daily card sales, repayments are always in sync with your business’ cash-flow.
We offer loans from £5000 to £200,00 and the repayments come solely from your credit/debit card transactions. There is no interest charged on the amount borrowed. Instead, you receive just one clear, all-inclusive fee making our short term loans perfect for any modern day veterinary clinics in the UK.
Veterinary clinic start up?
The costs associated for starting and setting up a vet clinic are both extensive and expensive. Most of these costs will be an upfront costs to cover. The UK’s largest independent veterinary community and a leading provider of veterinary business support business Vet Dynamics states that startup vet practices should be able to generate a positive cash flow after 12 – 18 months.
The following is needed in order to achieve this:
- A synergy for the business that team members and professional advisors are signed up to
- A great and accessible location that offers potential for several regular clients
- To accurately project and a cashflow forecast for expenses and revenue
The industry is made up of 69% small local independent veterinary clinics- employing fewer than 10 people.
If it is your dream of setting up a veterinary practice in the uk, the government offer a start up business loan scheme. The start up loan is a government-backed personal loan available to individuals looking to start or grow a veterinary clinic business in the UK.
In addition to finance, successful applicants receive 12 months of free mentoring and exclusive business offers to help them succeed. The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.
All owners or partners in a veterinary business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.
- Borrow between £500 – £25,000
- Fixed interest rate of 6% p.a.
- 1 – 5 year loan repayment term
- Free application support
- Free post-loan support and mentoring
- Free templates & guides
- No application or set-up fees
Applying For Vet Finance
PDQ Funding application process has been designed to help busy veterinary surgeons access finance quickly. Our hassle-free application should only take a few minutes and can be completed entirely online. Applying for vet business finance may at first feel intimidating. Once you have completed the first stage we will assign a business account manager that will be more than happy to help with our finance solutions.
Click to get a quick quote now button. We have a panel of expert direct lenders, we will need more information about your business to ensure we match you to the lender most suitable. You will ask the following to be disclose:
- The name of your business
- The number of years trading
- Average monthly card sales or turnover
- The amount you’re looking to borrow to fund your vet practice
You will be redirected further down the page. We will also want to find out more about you as the business owner, so please tell us the following:
- Your title, first name and surname
- Position in the business
- Contact details / email and contact number
Step 3: Once you have provided us with these details, click to accept the terms and conditions and then click ‘get a quick quote’. Your application will then be processed and assessed by one of our approved business vet finance suppliers.
Step 4: One of our account managers will soon be in contact with you by either phone or email, to discuss the terms of your vet business loan or business cash advance agreement.
Step 5: Please make sure you take time to carefully read through all of the terms of agreement, then sign the relevant documents and return them back to the direct lender. You should then receive the funding to your account within five working days
FAQ’s Veterinary Practitioners Ask
What is a Veterinary Practice Loan?
A Veterinary Practice Loan is is a loan that is intended for business purposes within a Veterinary Practice.
How much can my Veterinary practice borrow?
The amount depends on many factors but as a guide anything between £5,000 - £200,000
Is the Veterinary practice business loan secured?
Our business loans are unsecured ( Meaning we will not ask for security over your home or business premises) but we may as for a personal guarantee.