It can be difficult to find loans that cater to pet retailers because the industry is not a large one
However, that doesn’t mean there aren’t companies out there that want to work specifically with pet stores. Inventory-based pet store loans are becoming more popular, but a pet store owner should look for these criteria when considering those types of loans.
Flexible loan options
Flexibility is key for retail pet store owners. Management Partner Brad Parker helped to create an inventory loan program to meet the needs of small retail pet businesses. His company has pioneered the transition to flexible loans for pet stores. They provide pet store inventory loans with lower interest rates and longer payback periods compared to the alternative of traditional inventory loans, which charge over 30% interest and require the balance be paid within 45 days.
These new and innovative pet store loans can be used to finance live and dry inventory. Loan amounts range from $5,000-$1,000,000, with flexible interest rates and payback periods that range from 4 to 18 months. Borrowers even have the option to reduce loan payments upon paying 40% of the loan.
Simple Qualification Criteria
Qualifying for pet store loans should be easy. Financing Your Way understands the retail pet store industry. They know that maintaining adequate inventory levels is a critical part of gaining repeat customers and competing with major corporations. Therefore, their inventory loan program only has two simple qualification criteria. A minimum FICO score of 500, and at least one year in business.
Knowledgeable Partnership
15 years ago, when Brad Parker started his first retail pet store, there were no options for financing inventory and this hasn’t changed much. His experience in the industry allowed him to create pet store loan programs with owners in mind. Brad and his staff know the traditional options that are now available don’t consider small or new pet store owners. They are knowledgeable partners and created this program to advance the industry and give small businesses the opportunity to compete and gain access to the fair and inexpensive retail finance options.