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    7 Replies Latest reply on Apr 7, 2009 3:43 PM by MMMThree

    Veteran owned business looking for funding for expansion!

    PawsPet Newbie
      I currently own a Pet Care services business, which is a BOOMING field, even in this downward economy. We offer Boarding & Pet Care to clients when they have to be away from home for the day or for extended amoutns of time. We have been in business for two years during which time I have been medically retired from the Military. We are a family run operation and my wife homeschools our three sons so that they can be an integral part of our life while we run the business together as a family. We are looking to expand our current facility as well as open up a second facility in an area of high growth. We have been utilizinf all of our revenue to carry our expenses as well as financing minor renovations to our current facility. My personal debt is in jeopardy of becoming delinquent because without improvement to our facility, we can't bring in new customers looking for a "fresh and modern" facility for their pets. So therefore we are stuck between a rock and a hard place. I applied for an SBA patriot express loan, or so I thought, through a local bank quite a while back, but was turned down without any explanation. Therefore, we are currently seeking somebody to assist us with financing of $100,000 and at this point don't know where to turn. We have NO problem meeting our monthly expenses and have funds available to pay back financing no problem. Seeing as I am a disabled Vet, I thought the banks would offer some sort of help, but they are giving me the cold shoulder instead.

      Any suggestions? We LOVE what we do, and I am unable to secure a second job, due to my disability, nobody will hire me!


      Thanks for any help!
        • Re: Veteran owned business looking for funding for expansion!
          LUCKIEST Guide
          Business looking for funding for expansion, Welcome Pet Care owner

          Who are you?? Where are you?? Do you have an Accountant??

          Have you developed a Business and Marketing Plan that I can read??

          Talk to me, LUCKIEST
          • Re: Veteran owned business looking for funding for expansion!
            Lighthouse24 Ranger
            You wrote, "I applied for an SBA patriot express loan . . . but was turned down without any explanation."

            Banks made over a billion dollars in SBA-guaranteed loans to veterans last year (average loan was $101,000). When all the forms for that program are completed and the package is submitted to a lender, about the only reasons they seem to turn it down are when the applicant isn't eligible for the program or isn't creditworthy. If neither of those are the case here (and it doesn't sound like it), I think I'd want an explanation -- I'd encourage you to look into that, or perhaps take the package to a different lender.

            The idea that banks are giving a veteran and a streamlined loan product with an enhanced guaranteed the "cold shoulder" doesn't seem quite right. I'd like to believe that a federal program specifically designed to assist service-disabled and active duty transition veterans would be a more probable source for $100K than would strangers on the web. Either way (guaranteed loan or funding from strangers) I hope something comes through for you quickly. Best wishes.
            • Re: Veteran owned business looking for funding for expansion!
              bmt2008 Adventurer
              PawsPet - I too am a disabled veteran - I was medically separated for the Army in 1992 after the first Gulf War. I have been dealing with similar situations for a very long time. Banks really are not that interested in you as a person. They don't care if you served your country or not. They only look for two things - willingness to repay (your credit history) and ability to repay (your income in relation to your debts). Additionally, many banks don't like SBA loans of any type as they require a lot of effort. But, I would keep at it. Our Government have recently revamp some of its SBA programs - reducing fees - to both the borrower and the bank and increasing guarantee amounts. These new programs are to kick off in the next few weeks. Go back to your lender and re-submit or find another lender in your area that wants to work with SBA loans and submit your package.

              There are also aternative financing that can either get you the capital you need or speed up your cash inflow through working capital loans.

              Business Money Today
                • Re: Veteran owned business looking for funding for expansion!
                  Lighthouse24 Ranger
                  I'd like to add a thought on the comment that banks "don't care if you served your country or not" and "don't like SBA loans of any type."

                  I'm a veteran of the Viet Nam era, and while I felt that there was a lot of that "attitude" around back in my day, things seem different now. Banks are skating on thinner ice with the general public, whereas veterans (especially veterans who've made life-changing sacrifices to defend our nation) are generally appreciated in most parts of the country. That would seem to provide some potential "leverage."

                  Like anyone else looking to start-up or expand an enterprise, an American armed services veteran has to able to present a solid business plan and be creditworthy (i.e., as noted above, be willing and able to repay the loan). If those elements are present, however, and a bank is still turning up its nose at making a guaranteed loan to a qualified veteran under a program that's specifically designed to require less effort on their part (not more) and provide them with greater security in their portfolio -- then that's a real story, and I'd be inclined to tell it to my elected representatives, the Military Times, local newspapers and television stations . . . that is, provided my business plan and credit were absolutely rock solid. Under those conditions, funding would soon come, I believe.

                  On the other hand, if my business plan and credit were not absolutely rock solid, then that's what I'd work on first. Just as a new recruit (fresh off the street) isn't ready to go into combat, a borrower with business planning issues or credit problems isn't ready to go into a bank and request a loan yet. As recruits, we had to complete basic training and give up everything else in life for a period of time, in order to be prepared for the real mission that followed. That same type of "boot camp" existence may be necessary to solidify a business plan or repair one's credit -- we can't shortcut that part and go into the bank (or try to use "leverage") until we are fully "mission ready."

                  Note: This is not meant to reflect a conclusion about anyone's business or financial situation who may be reading/participating in this thread.
                • Re: Veteran owned business looking for funding for expansion!
                  veteranowned Newbie

                  Be sure to visit It's a directory of businesses owned by veterans, active duty military, reservists and especially service disabled veterans. Listings are free and it will join over 1,000 other businesses owned by veterans.


                  Good luck with you business.
                  • Re: Veteran owned business looking for funding for expansion!
                    ggoodard Adventurer
                    I have some ideas that may be beneficial to you. My email address is contained in my profile. Please email me so we can exchange thoughts.

                    P.S. I to am a veteran
                    • Re: Veteran owned business looking for funding for expansion!
                      MMMThree Newbie
                      Sounds like a great business - especailly in times when people are very busy and don't have the time to look after their pets. Did you find what you were looking for? We need to help our venterans more - they have helped us - it is out turn.