MINNESOTA · NAICS 541940
Minnesota veterinary acquisitions are goodwill-driven, with Twin Cities practice values keeping most deals above the independent going-concern appraisal threshold. Live Oak Bank's national veterinary vertical, the largest in SBA lending, closed $219.2 million in calendar 2025, and projection-based startups carry the same study expectation.
FEASIBILITY TRIGGER
Goodwill-driven appraisal triggers on acquisitions; projection-based for startups.
Minnesota generated 116 SBA-disbursed veterinary clinic loans between FY2010 and FY2026, worth $64.8 million in approved 7(a) and 504 financing at an average of $559,000 per deal. Ranked #17 of 38 states for veterinary clinic SBA volume, the state captures 1.3% of national veterinary clinic dollars. 77.6% of the loans ran through 7(a) with 504 covering the remainder; 8 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 116 |
| Approved volume | $64.8 million |
| Average loan size | $559,000 |
| 7(a) share | 77.6% |
| Approvals since FY2024 | 8 |
| State rank by loan count | #17 of 38 |
Among the 100 seasoned loans in this segment (approvals FY2010–FY2021), 0.0% 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 0.0% adverse-resolution rate below the national veterinary clinic benchmark of 1.9% supports the credit story for well-underwritten Minnesota projects in this class. Across 116 SBA loans averaging $559,000, 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 Minnesota 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.
Minnesota projects 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 calendar 2025 average rate ran 0.63 points below the national figure. 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.
Live Oak Bank's national veterinary vertical, the largest in SBA lending, closed $219.2 million in calendar 2025, and Twin Cities practice values keep most acquisitions above the appraisal threshold.
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.
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
National program evidence
Fleetwood, Berks County, Pennsylvania
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