Greencastle veterinary clinic opens with SBA financing

West Central Veterinary Services takes care of large and small animals at their practice. The Greencastle clinic is the their third business opened since 1995.

The West Central Veterinary Services opened in a new building in Greencastle last September. They are part of the U.S. Small Business Administration's 504 loan program, which is one of the most successful lending programs for expanding businesses.

"We were already doing a lot of work in Putnam County with large animals so we had a presence. We had 50 or 60 clients who were using our Rockville and Veedersburg clinics, so it fit for us to open here," said Dr. Michael Meade, who is one of the practice's six owners.

This clinic is the third West Central has opened since its founding in 1995.

Financing from JP Morgan Chase Bank and the Indiana Statewide Certified Development Corporation provided the SBA 504 financing to the veterinary clinic. This helped purchase equipment and complete construction of the 3,600 square-foot building that has a staff of six people.

Two Greencastle residents, Jason Huff and Jennifer Hochstedler, both veterinarians, are in charge of the facility. They also have a veterinary technician and three staff members on board.

The practice offers a complete mix of services including exams, treatment, surgery, pharmacy and a kennel. They provide diagnostic and treatment services for dogs, cats and other small animals. They are one of the few practices offering full time emergency services in the county.

Both Huff and Hochstedler, along with seven other vets in the group, are licensed as large animal veterinarians and drive to farms in and around the county to treat cattle and horses.

"We spend about half our time on the road. We treat horses, cattle and a lot of goats. They seem to be a growth area with many of 4-H kids showing them," said Meade.

The Indiana Statewide Certified Development Corporation works with banks around Indiana to issue SBA 504 loans. Companies may buy real estate, buildings and equipment with the financing. Congress created the SBA 504 program so small expanding companies could borrow capital with a longer repayment time, lower interest rate and lower down payment than most conventional funding.

"The fixed long-term rate was a big factor for us. We feel we got a good financing package," said Meade.

According to Jean Wojtowicz, executive director of the Indiana Statewide CDC, SBA 504 loans work because borrowing companies pay as little as 10 percent down and can gain a low fixed interest rate for as long as 20 years.

"The SBA guarantees bonds that are sold to finance a portion of the loan so we can offer loan rates that more favorable than conventional financing," says Wojtowicz.

Over $313 million in 852 Indiana companies has been invested since 1983, helping to create or save more than 26,000 jobs. Last year the Indiana Statewide CDC approved 49 loans for $23 million and funded 55 loans for $33 million.

A recent national study of the SBA 504 program said borrowing companies return $94 in tax revenue for every $1 of SBA 504 funding they receive.

"They were really good to work with. This was the first time we used SBA and it went very smoothly. There was a little more paperwork, but they walk you through it. We would definitely use them again," said Meade.

West Central Indiana Veterinary Services is located in Greencastle at 316 N. Jackson St. Their hours are 8 a.m. to 5 p.m. Monday through Friday by appointment only and Saturday from 8 a.m. to noon by appointment only. To reach them call 765-301-4369.