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A guide to helping you understand and compare veterinary loans online
A guide to vets business loans
All pet owners want their beloved animals to be cared for with the best treatment possible, which means finding a vet which they trust. To maintain your brilliant reputation in the area requires experienced staff, the best equipment and prominent premises, which all require access to capital.
Here at Business Comparison we offer a variety of vets business loans, to provide your business with the flexible funding you need to succeed. This guide will take you through the types of business loans available and how to find the best deal.
What vets business loans are available?
For any practice to stay ahead in the veterinary world they need to be innovative and flexible enough to keep up with changes in the industry and practice demands. There are many types of vets business finance with many forms specifically designed for vets including standard fixed term loans and also alternative forms of finance such as asset finance, overdrafts, merchant cash advances and lines of credit.
When searching for veterinary finance in the UK, the loans available from our panel of lenders vary from small amounts of just £1,000, which is ideal for financing new equipment and marketing campaigns, up to a maximum of £20,000,000. Choose from short-term business loans which will need to be repaid within 12 months, or long-term finance products with repayments spread over several years.
How do I find the ideal vets business loan?
To ensure we can provide business loans to every type of veterinary surgery we work with a range of lenders, from traditional banks to alternative online lenders. To find the ideal vets funding, you should enter your requirements and business details into our finance finder tool, which is designed to analyse your needs to find the ideal loan for you.
The loan terms available to you will depend on your business’ financial situation and also how much you are looking to borrow and what for. The traditional route is to borrow from a bank, as they tend to offer the largest amounts with long repayment periods and low interest rates. Although, they have strict criteria which will require you to have secure finances and a good credit rating.
If your business is just starting out or has struggled with finances recently, there are a variety of alternative lenders available. They can offer flexible terms with loans secured against business or personal assets, to reduce the risk associated with lending to you.
How to apply for vets business loans
Our comparison tool will make it easy to compare business loans available to you, so you can quickly apply for the loan you need. Almost every lender will want to see a variety of documents that prove your financial situation and plans for the future, so it is advisable to have these ready. Gather together everything from evidence of tax returns to your current balance sheet and cash flow forecasts, these will provide a detailed insight into how your business is performing.
To improve your chances of a successful application for vet’s business funding you should also include a comprehensive business plan. This should explain why the loan is required, whether it is to assist the business in a quiet period or fund an expansion. Our team are always available to advise on the application process and can explain the different aspects of each loan. To find out more, please contact our team today.
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