VIRGINIA · NAICS 541940
Virginia veterinary acquisitions are goodwill-driven, with Northern Virginia 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.
From FY2010 through FY2026, Virginia recorded 111 SBA-disbursed veterinary clinic loans across the 7(a) and 504 programs, representing $100.1 million in approved financing at an average loan size of $901,000. The state sits at rank #19 of 38 for veterinary clinic SBA lending volume and holds 1.9% of the national veterinary clinic dollar pool. 7(a) accounts for 85.6% of the count, 504 for the rest, with 9 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 111 |
| Approved volume | $100.1 million |
| Average loan size | $901,000 |
| 7(a) share | 85.6% |
| Approvals since FY2024 | 9 |
| State rank by loan count | #19 of 38 |
Among the 89 seasoned loans in this segment (approvals FY2010–FY2021), 2.2% 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 above the national benchmark for this asset class, which is a factor lenders weigh in their credit decision.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 2.2% adverse-resolution rate against the national veterinary clinic benchmark of 1.9% tells credit committees to scrutinize revenue projections and coverage assumptions closely on Virginia deals in this class. A rigorous third-party feasibility study — built on documented demand, defensible pricing, and stressed coverage — carries meaningful weight in that underwriting conversation, particularly at an average loan size of $901,000 across 111 loans.
Every Virginia 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.
Virginia 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, decisive in Northern Virginia and Hampton Roads land markets. 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 Northern Virginia 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.
Compare neighboring markets: Texas, Washington.
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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