Pet Store Financing
Pet store loans for small business owners.
Leashes, kibble, bedding, and more can be found in a pet store. Pet stores are the place to be for many pet owners. They hold all of the necessary supplies that people need to take care of their furry or not-so furry friends.
As a pet store owner, you know the importance of your shop to the community. If you need extra funds or are thinking of an expansion, the LendThrive team wants to help you.
Read on to learn about pet store financing options, qualifications, and more. It’s vital to know the pet store financing options you have as a small business owner. It may pave the way for success for your business.
What Is Pet Store Financing?
Pet store financing is secured by small business owners who need additional funds to grow or run their businesses.
Pet store loans allow business owners to run a successful pet store and provide pet owners with the supplies they need. There are a lot of expenses associated with running a pet store that loans can help cover.
LendThrive understands that researching pet store loans can be stressful. We want to make it simple for you to be able to choose the right option. Keep reading to learn what pet store financing may be available to you.
Types of Pet Store Loans
There are many different ways business owners can secure funds for their pet stores. Here are some of the best pet store loan options.
- SBA 7(a) Loan. These loans are provided by the Small Business Administration to businesses in the United States. SBA 7(a) loans are commonly used to finance expansion or operating costs. Loan amounts are capped at $5 million.
- Small Business Loan. A small business loan can have a variable interest rate or a fixed interest rate. These term loans are a flexible option for pet store owners.
- Business Line of Credit. A business line of credit works better for short-term financing. Business owners can borrow up to $250K without collateral. A personal guarantee may still be required.
- Microloan. A microloan for small businesses is under $50K and can be secured through the SBA. Microloans can be used to restock inventory, make repairs, or operate as working capital.
There are several pet store financing options. However, to reap their benefits, you must qualify for them. Next, we will look at pet store loan qualifications.
Pet Store Loan Qualifications
Loan qualifications for pet store financing will vary a bit depending on your lender and their terms. However, here are some common financing qualifications you can expect to see.
A good credit score and credit history are important for securing a pet store loan at the best interest rate. Lenders will pull your credit history to assess the level of risk they would be taking on by loaning you money.
Some other factors that will be considered are the length of time your pet store has been in business and your annual revenue. Most financial institutions require borrowers to have been in business for at least two years and meet a minimum annual revenue.
How Can I Use Pet Store Financing?
When you secure a pet store loan or financing, you can use funds in many different ways. Some of the most common ways include:
- Restocking inventory
- Hiring more employees
- Buying equipment
- Opening another location
- Maintaining a website
- Renovating your store
- Buying supplies
This list includes only some of the ways you can use a pet store loan. There are many other ways to use funds. If you have a question about using your loan for a specific purpose, ask your lending professional.
How To Choose a Pet Store Loan
Choosing a pet store financing option can seem daunting at first, but that’s why we created this guide.
You must consider your pet store’s needs and business credit history when deciding what financing option is best for you. Unfortunately, getting an SBA 7(loan) can be tricky if you don’t have the best credit history, so your application may get denied by the SBA. Don’t worry, though; there are other avenues you can take. A small business loan is an excellent way to fund your business because it gives you the freedom and flexibility to grow.
The bottom line is that you should evaluate your business’ needs, credit history, annual revenue, and desired loan amount when making your decision.
Why LendThrive?
If a flexible small business loan sounds like the right fit for your pet store financing needs, choose LendThrive. We provide fixed rate business loans of up to $150K for business owners just like you. Our team wants to see your pet store business thrive and grow with the funds you need. That’s why we don’t have any early repayment penalties!
Through our Rate Reduction Rewards program, you can lower your interest rate bit by bit for making consistent, on-time payments. Apply for a fixed rate business loan today or contact us for more information.
Frequently Asked Questions
What are the loan amounts available from LendThrive?
LendThrive offers business owners the opportunity to borrow anywhere from $25K to $150K to grow their business. Apply today to get the process started!
What is the loan approval process like?
When you apply, you will need to provide basic information about your small business to be preapproved. Once you are preapproved, we will ask for more detailed information and pull your credit history. You will be given a final decision on the loan within one business day.
When do I receive funds?
You will e-sign a document after you accept the loan offer. After we receive the signed document, you will receive your funds the next business day.