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Small Business Loans 101: Repaying Your Loan (Part 3)

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Bianca Crouse

Bianca Crouse

Bianca Crouse has been writing about business loans and finance for three years. In addition to Merchant Maverick, she has appeared in Startup Nation and, among others. She has a BA in English from George Fox University and lives in the Pacific Northwest.
Bianca Crouse
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    Hi. I am considering starting a Pet Daycare/Boarding business and will need a loan to begin this adventure. I currently work in Human Resources for a large company and I do not have any experience with a start up business. I guess the first thing I will need to do is find a loan that would fit my situation. I did some research and to me it looks like a SBA 7(a) Loan would be something to consider.

    I do not have much for collateral nor do I have much for free cash flow. As a start up, are there any loans that I would be able to defer for an amount of time so I can get up and running and bring in some kind of revenue to help pay the loan?

    Any advice and/or input would be greatly appreciated.

    Thank you,


      Emily Hale

      Hi, Jamie! Your situation is definitely not unique. Our post, How To Start A Pet Sitting Business: The Complete Guide, gives several funding options along with a range of helpful tips to hopefully get you on the right path. Best of luck!

        Steve Vallery

        I have been paying back a lender $725.00 per day – I just found out that three of my big accounts are going to reduce my monthly revenue by 17% but I can’t come close to cut payroll that much do to the work won’t get done. I still make a little profit. I will be reaching out to my lender to let them know that now I could only afford $208.00 per day. What kind of response do you expect. I have been in good standings with them.

          Jessica Dinsmore

          Hi Steve,

          Our understanding is that lender responses vary quite a bit when it comes to that type of scenario (some are more lenient than others), so we really don’t know what sort of response you should expect to get. I’d recommend when you reach out, that you include as detailed a plan as possible, including a timeline as to when you’ll be able to get back to paying the $725, and any documentation you might be able to provide that corroborates your claim. Best of luck!


            What about taking a cash advances loan from your merchant service , and didnt realize they were still taking payments out for 5 months after I already paid the loan back in full? Which caused me to close my business more days during the week cuz I couldn’t make payroll. A total of over 41,000 dollors. It’s already hurt my daily business and causes me to get addmitted into the hospital over my finances with non payment of my business taxes and my personal taxes. There’s no way a sorry is going to help my situation. The reason I just found this out us I’ve been going to courts over a divorce, so I wasn’t on top of my paperwork at that time…. ?

              Jessica Dinsmore

              Hi there,

              I’m so sorry; that sounds very upsetting! If you think your MCA provider is not adhering to the terms of the agreement, you’ll probably need to get a lawyer involved. Best of luck to you!

                Chad Martin

                I have an employee that wants to buy into my small business. Where does his payment of repayment come from? His percentage of the profits or directly from his personal life? Thanks.

                  Jessica Dinsmore

                  Hi Chad,
                  To be honest, this isn’t something we’ve ever encountered before, so it may be a bit outside of our expertise. I’d rather not give you an answer that I’m not too certain about. I’d suggest consulting with an accountant. Good luck!

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                  Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

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