Maryland Large Animal Veterinarian Assistance Loan Program

The Maryland Large Animal Veterinarian Assistance Loan Program was established by MARBIDCO to help attract and/or retain large animal veterinarians in Maryland. In addition, it is known that many large animal veterinarians are carrying a large student loan debt burden which can inhibit their ability to receive commercial financing for the purchase of a truck and/or specialized equipment that they will need to provide large animal veterinarian care services.

Overview

Maryland Large Animal Veterinarian Assistance Loan Program loan amounts may range between $25,000 to $100,000. A six-month interest-only option for repayment will be available for those eligible applicants who request it.

To be eligible for a loan under this program, a veterinarian must:

  • Be licensed to practice veterinary medicine in Maryland.

  • Have some clinical experience providing veterinarian care to large animals (e.g., cattle, horses, hogs, sheep or goats).

  • Provide evidence of a current student loan debt obligation of at least $50,000.

  • Reside in Maryland on the date that the loan is settled.

  • Agree to have a majority of their large animal practice in Maryland during the term of their loan.

  • Agree to pay for at least 10% of the costs of any items being purchased with MARBIDCO loan proceeds.

  • All loans require collateral security.

Maryland Large Animal Veterinarian Assistance Loan Program

Loan Terms and Conditions

Minimum/Maximum Loan Amount: $25,000/$100,000

MARBIDCO Interest Rate: 4.50%

Collateral Valuation: The collateral security that is offered may not exceed 95% FMV.

(NOTE: During the loan underwriting process MARBIDCO will determine the valuation of the collateral that is pledged to secure the loan, including a first lien on a truck, etc., that is being purchased.)

Loan Terms:  

  • For loans between $25,000 and $39,999 – 3.5 years

  • For loans between $40,000 and $59,999 – 4 years

  • For loans between $60,000 and $79.999 – 4.5 years

  • For loans between $$80,000 and $100,000 – 5 years

Loan Origination Fee: 0.25%                                     

Personal Guarantee: Required if the business entity is the borrower. Owners of business entities (e.g., an LLC) must also provide guarantees. (Note: The minimum eligible credit score is 620.)

Application Submission Process: All applications must be originated by the applicant. Applications are processed as they are received.

Send a completed and signed original application form, including all the required attachments to: MARBIDCO Large Animal Veterinarian Loan, Attn: Brittany Rawlings, 1410 Forest Drive, Suite 21 Annapolis, MD 21403 or email to brawlings@marbidco.org

Photos: Top and Left, Muddy Creek Veterinary Services. Above: USA Today