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    7 Replies Latest reply on Sep 3, 2008 11:47 PM by finsolamerica

    "PET" Store is looking to expand!

    blperform Wayfarer
      First...thank you for reading our request. My husband and I own a small specialty retail shop (animal related collectibles) in the premier shopping, dining and entertainment complex in Myrtle Beach, SC. We have been in business for 14 months and have grossed over $200,000 from our little 1000 sq. ft. store. The buying has been more seasonal than we had anticipated and we are looking to expand to a second location with a more general buying public or a seasonal buyer in winter and summer (we are leaning towards Gatlinburg, TN). From a financial respect, as is the case with many small businesses, we are using personal credit and savings to fund the shop and the available funds we still have are needed to cover the MB location until next summer. We have a three year lease w/option and two part-time employees (we are opened 11-13 hours a day 7 days a week). My husband is a woodworker/carpenter so all construction and fixturing was done by him. We are looking for $200,000 minimum which is approximately the same cost as opening this location.

      Thank you again.
      Lee & Bill LaCorte
        • Re: \"PET\" Store is looking to expand!
          Fortis Wayfarer
          Hello blperform,

          Hope all is well. I\'m originally from up the road in Wilmington. I\'ve read your post and understand the seasons there. Have you considered talking with someone about an SBA?
          1 of 1 people found this helpful
            • Re: \"PET\" Store is looking to expand!
              blperform Wayfarer
              Our one inquiry on a SBA loan, (a Patriot as my husband is a veteran} was very curt. Because money is generally tight in the market place, unless you have a high 700 or 800 FICO, no one would even look at the deal. We're also concerned about the amount of time an SBA loan might take. Thank you for your response.
                • Re: \\\"PET\\\" Store is looking to expand!
                  Fortis Wayfarer
                  Yes I agree that the SBA can be lengthy. Statistics due show though that the majority of the time its taking too long is due to the customers response time getting back the documentation needed. In my eyes it should already be together before seeking financing. I\'ve seen them go quick when someones on top of it and I\'ve seen them go on for months.

                  I do not agree on the credit though. The SBA is not working with extremely low credit but can extend beyond a 700. That only tells me you talked about an SBA loan with a traditional bank. You have to understand the SBA has guidelines then the bank has their guidelines on top. Most traditional banks have recently posted over a billion in qtrly loses. Yes they are getting a bit tight on who they lend too. Non traditional lenders dont have the same guidelines.

                  I wish you the best, let us know if you have anymore questions.
                  1 of 1 people found this helpful
              • Re: "PET" Store is looking to expand!
                LUCKIEST Guide
                "PET" Store is looking to expand! Welcome

                How exciting. How do I get in touch with you?? email?? Phone number??
                How long do you need the Funds for?? and How and When will you pay me back??
                Go to Members page and share some info.

                Have you developed a Business and Marketing Plan on this new location that I can read??
                Do you know about SCORE?? SCORE is FREE and can help.

                LUCKIEST

                1 of 1 people found this helpful
                  • Re:
                    blperform Wayfarer
                    Thank you for your response. We have a prospectus from "Belle Island Village" in Pigeon Forge, TN. It is a themed shopping, dining and entertainment center backed in part by Daryl Waltrip of NASCAR fame. It includes a motion picture museum backed by Debbie Reynolds and Otter Cove set up by the Knoxville Zoo. We have not personally visited the complex which is due to open in late fall, as not obtaining financing would make expansion a mute issue. As far as details on a loan, we are flexible. Obviously, the more the better and the longer the better!!! Yes, I am familiar with SCORE although we have never availed ourselves of what they can offer. Please feel free to call us at anytime. The store # is 843-448-4010. Thank you again.
                  • Re: "PET" Store is looking to expand!
                    Chris_Black Newbie
                    You might want to consider a Merchant Advance. There is no credit check, no collateral needed. You would leverage your future credit card receivables from your Myrtle Beach location to fund your Gatlinburg location. I would like to go over this with you in a little more detail. If this is something you would be interested in, send me an email: cblack@m-o-minc.com, or give me a call: (866) 942-9199 ext 223. Our website will also provide you with some information: www.ourbusinessloan.com. I hope I can help.

                     

                    Chris Black
                    Making Obstacles Manageable
                    • Re: "PET" Store is looking to expand!
                      finsolamerica Newbie

                      We can provide the financing you are looking for. Please forward your contact information and we will send you the information for your review.

                       

                       


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