How to Finance a Veterinary Hospital
Owning your own business can be both rewarding and lucrative. It can also cause many headaches and worry, especially when it comes to financing issues. Starting up a veterinary hospital is a good path to take, but don't jump in head first. Learn how to finance a veterinary hospital before using your own money.
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Instructions
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Save your own money. You should save as much money as you can to put toward your veterinary hospital. You can use it as start-up money or a down payment on a facility.
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Write a business plan. There are templates and guides available, and more information is available through the Small Business Association. Bring your business plan to the bank, lenders and possible investors.
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Hire a certified public accountant, or CPA. This person will be able to help you with questions about financing, as well as get you on the right track financially before you even make or spend money. A CPA is well worth the hourly rate that they charge.
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Have a good credit rating. Even though you go to a bank or lender to get a loan for a business, they look at your personal financial history and credit score. A good score is above 680. If less than 680, the bank will be very cautious and possibly deny you a loan.
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Ask for more than your projected need for a loan and request the length of time be longer than what you need to repay the loan. Unexpected expenses may arise, and you will want to be able to take care of them without jeopordizing your veterinary hospital.
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Resources
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Comments
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aemurphy
Jul 30, 2008
It's the Small Business Administration not Association. Under the SBA programs, terms are set by the SOP and all proceeds must be documented. You can't just ask for more money and different terms. Credit scores below 700 are also harder to get financed. I could go on...
