SBA 504 Veterinary Clinic Feasibility Study in Wisconsin

One corporation carries almost the whole cell

Wisconsin's SBA 504 veterinary clinic lending runs through a single development corporation: WBD, Inc. is named holder of 23 of the 25 loans, with $22.8 million of the $23.7 million approved from FY2017 to FY2026. Wisconsin is 4 on the national count for this lane, and clinics hold 13 of 39 at home. The median of $906,000 reaches 1.45x against veterinary borrowers elsewhere, a high ticket; half the Wisconsin loans lie between $518,000 and $1.2 million. No franchise brands appear, at 0.00%.

Counties and years

The county list is thin and even: Brown and Milwaukee show 3 loans each, La Crosse, Marathon and Saint Croix show 2 each, and the rest hold single loans. Lending began with 1 loan in FY2017, reached 7 loans and $5.5 million in FY2021, held at 5 loans in FY2023, stopped in FY2024, and returned with 3 loans and $4.2 million in FY2026.

What the blanks mean

Cancellation and charge-off are both left out, as the early cohorts are small. With one holder, the cell tells a lender little about how different lenders treat clinic credits; it tells a borrower mostly who is likely to package the loan.

What a Wisconsin clinic study must test

Under 504 a veterinarian takes on a building, so the study must treat property and practice together. It should state the practice type, small animal, mixed or large animal, and count the pets or herds in the trade area, the competing hospitals and the drive time clients accept. Wisconsin has strong farm and companion-animal markets, but each region differs, so the study should rest on local counts, not statewide statements. Revenue should be shown by service line and by doctor, with payroll for veterinarians and technicians taken from real wage data. The building needs surgical suites, kennels, imaging space and ventilation, and each should be priced from bids. A median near $906,000 implies a sizable clinic, so the study should justify the number of exam rooms against caseload. Run the coverage test on a smaller caseload than the sponsor expects, and an appraiser will ask whether another practitioner could afford the implied rent in a building laid out for one clinic.