Veterinary Clinic Feasibility Study in Florida

Florida veterinary loans are large and concentrated

Florida ranks 2 of 53 among states for SBA veterinary lending, and its loans are large. The median is $775,000, 1.25x the national median for veterinary clinics, and it is the metric that sets Florida apart from both its broader SBA lending and the class nationally. A quarter of the loans exceed $1.7 million and a quarter fall under $313,700. From FY2017 to FY2026, SBA approved 343 loans for $414.2 million, and a location quotient of 1.37x gives veterinary practices outsized weight in Florida's SBA book, although the class is only 12 of 39 among the state's own classes.

One lender stands out. Live Oak Banking Company holds 99 of the loans, for $178.2 million, far more than Wells Fargo Bank National Association and TD Bank, National Association with 15 each, United Community Bank with 12 and Fifth Third Bank with 10, whose loans total $29.2 million. SBA 7(a) carried 296 loans and SBA 504 carried 47, with Florida First Capital Finance Corporation, Inc. holding 24 for $21.2 million and Florida Business Development Corporation 22 for $18.2 million. Franchise brands appear in 1.5% of loans.

Late losses only

The loss record is thin and late. Charge-offs total 1.3% so far among the 155 loans paid out from FY2017 to FY2021; inside five years of approval the floor is 0.00%, so none of the recorded losses arrived early. Cancellation is the larger risk: FY2017 to FY2024 approvals show a cancellation floor of 13.1% against a ceiling of 15.7%. Volume swung from 18 loans and $27.1 million in FY2023 to 49 loans and $72.6 million in FY2025. For a borrower, a large acquisition loan that is approved but then cancelled can trace to the appraisal or to the selling veterinarian's terms.

What a Florida veterinary study must test

Pinellas leads with 30 loans, followed by Broward with 25, Palm Beach with 24, Miami-Dade with 23, Orange with 19, Polk with 17 and Lee with 16, so the lending is spread across the state rather than tied to one metro. A study should test the pet-owning households within the clinic's draw, the competing general and emergency practices, and whether the area can staff the doctors the plan needs. Cost covers the surgical suite, imaging and kennel build-out, or, when buying a practice, the goodwill premium. Coverage should be tested on revenue after the selling doctor leaves, since clients can follow a veterinarian. In a buyout the appraiser must value land and building apart from goodwill.