COLORADO · NAICS 541940
Colorado veterinary projects run across acquisitions and de novo startups in the Front Range metros and the mountain resort markets. Studies translate trade-area pet population, fee schedules, doctor productivity, and ramp into projections, and reconcile goodwill-driven appraisal triggers against the going-concern requirement on acquisitions.
FEASIBILITY TRIGGER
Goodwill-driven appraisal triggers on acquisitions; startups are projection-based.
Between FY2010 and FY2026, SBA lenders approved and disbursed 227 7(a) and 504 loans for veterinary clinic projects in Colorado, totaling $236.6 million in approved financing at an average of $1.0 million per loan. Colorado ranks #6 of 38 states tracked for veterinary clinic SBA lending volume and accounts for 4.6% of national veterinary clinic SBA dollar volume. 91.6% of these loans were made under the 7(a) program, the remainder under 504. 17 loans have been approved since FY2024.
| Disbursed loans (FY2010–FY2026) | 227 |
| Approved volume | $236.6 million |
| Average loan size | $1.0 million |
| 7(a) share | 91.6% |
| Approvals since FY2024 | 17 |
| State rank by loan count | #6 of 38 |
Among the 189 seasoned loans in this segment (approvals FY2010–FY2021), 0.5% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for veterinary clinic is 1.9%, against 7.3% across all industries. That performance runs below the national benchmark for this asset class, a credit-positive signal for lenders.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 0.5% adverse-resolution rate below the national veterinary clinic benchmark of 1.9% supports the credit story for well-underwritten Colorado projects in this class. Across 227 SBA loans averaging $1.0 million, that track record does not eliminate the need for a third-party feasibility study, but it means a rigorous study reinforces rather than defends the projections.
Every Colorado veterinary clinics project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Colorado projects most often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, decisive in a state where Front Range land costs run high. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Colorado runs one of the strongest pet economies in the country, with non-veterinary pet care alone drawing $17.7 million across 25 calendar 2025 loans, while Live Oak's national veterinary vertical, the largest in SBA lending, closed $219.2 million the same year.
For a national view of this asset class, see our veterinary clinic SBA feasibility overview, and read our related analysis in the veterinary clinic lending research on our blog.
Compare neighboring markets: California, Connecticut, Texas.
Public SBA and CDC program records, cited as program evidence
Seedcopa-documented SBA 504 of $1,237,000 within a $3,000,000 project with Mid Penn Bank
Fiscal 2024 Seedcopa-documented financing, national program evidence
Fleetwood, Berks County, Pennsylvania
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