MICHIGAN · NAICS 541940
Michigan veterinary projects run across acquisitions and de novo startups in the metro and resort-county 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.
Michigan generated 198 SBA-disbursed veterinary clinic loans between FY2010 and FY2026, worth $115.0 million in approved 7(a) and 504 financing at an average of $581,000 per deal. Ranked #9 of 38 states for veterinary clinic SBA volume, the state captures 2.2% of national veterinary clinic dollars. 88.4% of the loans ran through 7(a) with 504 covering the remainder; 18 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 198 |
| Approved volume | $115.0 million |
| Average loan size | $581,000 |
| 7(a) share | 88.4% |
| Approvals since FY2024 | 18 |
| State rank by loan count | #9 of 38 |
Among the 167 seasoned loans in this segment (approvals FY2010–FY2021), 1.8% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for veterinary clinic is 1.9%, against 7.3% across all industries. That is broadly in line with the national benchmark for this asset class.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
An adverse-resolution rate of 1.8%, close to the national veterinary clinic benchmark of 1.9%, puts Michigan deals in this class on ordinary SBA credit footing. Across 198 loans averaging $581,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Michigan 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.
Michigan 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, and the state's Collateral Support Program can layer up to 40 percent collateral coverage onto qualifying deals. 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.
Pet care services outside veterinary medicine drew $14.4 million across 24 calendar 2025 Michigan loans, signaling the depth of the pet economy, 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: Massachusetts, Minnesota, 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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