Veterinary Services: SBA business acquisition loan data
202 SBA 7(a) loans since FY2018 financed the purchase of an existing business classified as Veterinary Services (NAICS 541940), totaling $219M. Median loan $859,200, 33% higher than the all-acquisition median.
- Loans, FY2018-FY2026
- 202
- Median loan
- $859,200 (middle half $435,000 to $1,461,250)
- Top lender
- Live Oak Banking Company (27%, 54 loans)
- Top state
- Florida
- Charge-off, FY2018-FY2021 loans
- 0.8% (all-acquisition: 3.5%)
- FY2026 loans (latest complete year)
- 20 (-5% vs FY2025)
SBA lenders approved 202 7(a) loans to buy businesses in the Veterinary Services industry from FY2018-FY2026, with a median of $859,200 and a middle half of $435,000 to $1,461,250. Live Oak Banking Company made 27% of them. FY2026 had 20 loans, down 5% from FY2025.
Financing one? Read the guide: How to get an SBA loan to buy a veterinary practice
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Reading this industry's numbers
- Deal size. The loan excludes the buyer's equity and any seller note and may include working capital. A loan request far above $1,461,250 would be in the top quarter of SBA acquisition loans in this industry.
- Share of all acquisitions. This industry is 0.4% of all SBA-financed business purchases, ranking #53 of 300 industries tracked.
- Geography. Florida leads with 24 loans; the top five states account for 36% of the industry's acquisitions.
- Jobs. Lenders reported 2,151 jobs supported across these loans, about 10.6 per acquisition, a rough proxy for the size of business changing hands.
How the Veterinary Services industry compares
| Measure | Veterinary Services | All acquisitions |
|---|---|---|
| Median loan | $859,200 | $645,250 |
| Middle half of loans | $435,000 to $1,461,250 | $283,000 to $1,465,000 |
| Average initial rate | 6.39% | 7.76% |
| Median term | 14 years | 10 years |
| Charge-off rate (seasoned loans) | 0.8% | 3.5% |
| Loans in sample | 202 | 48,902 |
The median for Veterinary Services acquisition loans is $859,200, above the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $435,000 to $1,461,250, against $283,000 to $1,465,000 nationally; the median term is 14 years, longer than the national median of 10 years; the average initial rate is 6.39%, below the 7.76% national average.
Seasoned loans were charged off at 0.8%, well below the 3.5% rate for all acquisition loans.
Loan size distribution
| Loan size | Veterinary Services | All acquisitions |
|---|---|---|
| Under $350K | 19% | 30% |
| $350K to under $1M | 36% | 33% |
| $1M to under $2M | 32% | 19% |
| $2M and over | 13% | 17% |
Most Veterinary Services acquisition loans (54%) were under $1M, and the largest single band is $350K to under $1M at 36%, against 33% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Live Oak Banking Company made 27% of Veterinary Services acquisition loans, and the top three lenders together made 40%. 12 of the 78 lenders involved made three or more. Repeat experience is spread across many banks. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 41 Veterinary Services acquisition loans were approved. That is 193% more than the 14 approved in FY2023 and FY2024. The median was $1,090,000, above the $859,200 median across all years.
Veterinary Services acquisitions by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 30 | $27.1M | $664,850 | |
| FY2019 | 30 | $30M | $847,500 | |
| FY2020 | 24 | $24.6M | $762,500 | |
| FY2021 | 39 | $40.9M | $1,025,000 | |
| FY2022 | 24 | $20.9M | $582,250 | |
| FY2023 | 8 | $11.7M | $1,356,150 | |
| FY2024 | 6 | $6.4M | $1,079,000 | |
| FY2025 | 21 | $25.3M | $992,500 | |
| FY2026 | 20 | $31.9M | $1,302,600 |
How often do these acquisition loans fail?
Of the 123 Veterinary Services acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 1 have been charged off by the SBA, a rate of 0.8% by loan count and 0.7% by dollars. 64 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Veterinary Services is 77% lower than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top states
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Florida | 24 | 11.9% | $31.9M | |
| 2 | California | 17 | 8.4% | $24.2M | |
| 3 | Texas | 13 | 6.4% | $13.9M | |
| 4 | Georgia | 12 | 5.9% | $11.5M | |
| 5 | New York | 7 | 3.5% | $10.2M | |
| 6 | Louisiana | 7 | 3.5% | $9.3M | |
| 7 | Oklahoma | 7 | 3.5% | $3.8M | |
| 8 | Kansas | 7 | 3.5% | $2.7M | |
| 9 | Arkansas | 6 | 3.0% | $8.6M | |
| 10 | Pennsylvania | 6 | 3.0% | $6.4M |
Most active lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 54 | 26.7% | $68.8M | |
| 2 | First Financial Bank | 17 | 8.4% | $12.1M | |
| 3 | United Community Bank | 9 | 4.5% | $7.9M | |
| 4 | Banc of California | 8 | 4.0% | $9.2M | |
| 5 | PNC Bank, National Association | 6 | 3.0% | $8.2M | |
| 6 | Fifth Third Bank | 6 | 3.0% | $8M | |
| 7 | North Valley Bank | 5 | 2.5% | $5.8M | |
| 8 | Firstrust Savings Bank | 4 | 2.0% | $7.1M | |
| 9 | The Huntington National Bank | 4 | 2.0% | $4.5M | |
| 10 | Seacoast National Bank | 3 | 1.5% | $4.2M |
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Questions buyers ask
How much is a typical SBA loan to buy a business in Veterinary Services?
Median $859,200 across 202 acquisition loans (FY2018 to FY2026); the middle half ran $435,000 to $1,461,250. That is 33% higher than the $645,250 median for all SBA-financed acquisitions.
Which lenders finance the most Veterinary Services acquisitions?
Live Oak Banking Company (54), First Financial Bank (17), United Community Bank (9), Banc of California (8), PNC Bank, National Association (6).
Are businesses in Veterinary Services often franchised?
Rarely. Only 1% of acquisition loans in this industry involved a franchised business; most are independent operators.
How risky are SBA loans for buying a business in Veterinary Services?
Of 123 seasoned loans (FY2018 to FY2021), 0.8% charged off, 77% lower than the 3.5% benchmark for all SBA acquisition loans.
What loan terms are common for Veterinary Services acquisitions?
Median term 14 years, average initial rate 6.39% at approval (blended across years and fixed/variable structures). Terms longer than 10 years usually indicate real estate was included in the purchase.
How much do you need down for an SBA loan to buy a business in the Veterinary Services industry?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for Veterinary Services acquisition loans was $859,200, and the middle half ran $435,000 to $1,461,250.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 41 Veterinary Services acquisition loans in FY2025 and FY2026.
Which banks make SBA loans for a business in the Veterinary Services industry?
By loan count, FY2018 to FY2026: Live Oak Banking Company (54), First Financial Bank (17), United Community Bank (9), Banc of California (8), PNC Bank, National Association (6). Live Oak Banking Company made 27% of Veterinary Services acquisition loans. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
The purchase agreement decides what you bought, not the loan approval.
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Related
Cite this data
SBA Acquisition Data, "Veterinary Services: SBA acquisition loan data", https://sbaacquisitiondata.com/industry/veterinary-services-541940 (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/industry/veterinary-services-541940.json.