WISCONSIN · NAICS 541940
Wisconsin veterinary deals split between goodwill-driven acquisitions, which trigger the independent going-concern appraisal, and projection-based startups. Live Oak Bank's national veterinary vertical, the largest in SBA lending, closed $219.2 million in calendar 2025, and Wisconsin's metro practice values keep most acquisitions above the appraisal threshold.
FEASIBILITY TRIGGER
Goodwill-driven appraisal triggers on acquisitions; projection-based startups.
From FY2010 through FY2026, Wisconsin recorded 174 SBA-disbursed veterinary clinic loans across the 7(a) and 504 programs, representing $105.0 million in approved financing at an average loan size of $603,000. The state sits at rank #11 of 38 for veterinary clinic SBA lending volume and holds 2.0% of the national veterinary clinic dollar pool. 7(a) accounts for 81.0% of the count, 504 for the rest, with 8 fresh approvals dated FY2024 or later.
| Disbursed loans (FY2010–FY2026) | 174 |
| Approved volume | $105.0 million |
| Average loan size | $603,000 |
| 7(a) share | 81.0% |
| Approvals since FY2024 | 8 |
| State rank by loan count | #11 of 38 |
Among the 149 seasoned loans in this segment (approvals FY2010–FY2021), 0.7% 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 0.7% adverse-resolution rate below the national veterinary clinic benchmark of 1.9% supports the credit story for well-underwritten Wisconsin projects in this class. Across 174 SBA loans averaging $603,000, 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 Wisconsin 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.
Wisconsin 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 SBA 7(a) covers acquisitions, working capital, and equipment. 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 Wisconsin's metro 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: West Virginia, Wyoming, 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
Veterinary practice real estate, national program evidence
Fleetwood, Berks County, Pennsylvania
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