The pet industry is a booming industry in the U.S. today. In addition, it will only continue to grow in coming years. There is also a lot of growth in the service sector of the pet industry. Pet groomers are a very large part of the service sector. People love to have their pets looking their best. While this is a thriving industry, it still presents some challenges to business owners. Running this kind of business means that you need capital for equipment, rent, payroll, and marketing etc. Luckily, there are banks, credit unions, and alternative lenders, all of which help cover these expenses with pet grooming business financing.
Banks, credit unions, and alternative lenders all provide funding for pet groomers. Yet, banks and credit unions have a more complicated process to secure financing. Both have a number of requirements that a business must meet before even being approved. They require a great deal of documentation such as years of bank returns, recent profit and loss statement, and months of bank statements. They would also want zero tax liens or bankruptcies, along with a lease or mortgage statement. Most require a minimum of 3 years in business and a FICO score of at least 750. In addition, it can take weeks to find out if you are even approved. After that it can take a few more weeks to actually receive the funding.
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union. Small Business Funding is the one stop shop for all of your pet grooming business financing needs. Bad credit, bankruptcies, and tax liens are okay (as long as there is a payment plan in place). Documentation required to receive an approval is an application (one page), 3 months of bank statements and 3 months of credit card merchant statements (if you process credit cards). This information will allow an alternative lender to provide you with a decision within 24 hours.
We have programs specifically geared towards the service industry. Programs include lower rates, more attractive terms, and larger loan amounts. We help connect you with a lender that is truly concentrated on your business needs. Our network of lenders will compete to provide you the best possible loan product. We will sort them and present them to you. You have a business to run – let us do the heavy-lifting.
Pet grooming businesses are promising and will only continue to grow. Apply for a small business loan today to find how much you are approved for and to help grow and maintain your business!