WASHINGTON · NAICS 541940
Washington veterinary projects run across acquisitions and de novo startups in the Puget Sound metros and the Spokane and inland 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.
Washington generated 153 SBA-disbursed veterinary clinic loans between FY2010 and FY2026, worth $147.1 million in approved 7(a) and 504 financing at an average of $961,000 per deal. Ranked #13 of 38 states for veterinary clinic SBA volume, the state captures 2.8% of national veterinary clinic dollars. 86.3% of the loans ran through 7(a) with 504 covering the remainder; 16 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 153 |
| Approved volume | $147.1 million |
| Average loan size | $961,000 |
| 7(a) share | 86.3% |
| Approvals since FY2024 | 16 |
| State rank by loan count | #13 of 38 |
Among the 128 seasoned loans in this segment (approvals FY2010–FY2021), 3.1% 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 3.1% adverse-resolution rate against the national veterinary clinic benchmark of 1.9% tells credit committees to scrutinize revenue projections and coverage assumptions closely on Washington 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 $961,000 across 153 loans.
Every Washington 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.
Washington 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 Puget Sound market where 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.
Live Oak Bank's national veterinary vertical, the largest in SBA lending, closed $219.2 million in calendar 2025, and Seattle's pet ownership density keeps practice demand among the strongest in the country.
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: Virginia, West Virginia, 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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