2 Options to Finance Your Beauty Salon Business
February 15th, 2019 by Advance Point Capital
Beauty salons are a big business opportunity, but to own one, you will need a steady cash-flow and access to funding so that you can support the various facets of your business:
- Styling experts
- Skill training
- Latest Beauty Products
- Enhanced Customer Service
You need finances not just to meet your business obligations but also to market your business to attract loyal customers.
But, Big Banks May Not Offer Much Help!
As more and more banks began to focus on the big businesses, the smaller ones don’t usually make it to their lending priority list. This is because the smaller businesses are not able to meet the stringent lending criterion. So, if your business is still young, you may have to seek funding from the alternative finance lenders. Here is why getting funding from the banks is a challenge:
- For banks, a salon is a high-risk This is why they may insist on collaterals, guarantees and good credit score for approval of loans.
- Banks may also decline the loan if they find that the sales graph of your business is downward or the cash flow is low, or you lack the collaterals to back your loan.
- If your business is less than three years old or new, then the loan approval can be very difficult. Most banks turn away a request for newcomers’ loan.
- You may have to provide a lot of documentation including the business plan which contains all the details including the financial projections.
1-Financing from an Alternative Lender May Help!
You can get loans from USD 10,000 to USD 500,000 with terms up to three years or 36 months. You can pay your loans easily with a fixed payment schedule which is deducted automatically from the Business Bank Account. Even if the bank has turned your request down for financing, then:
- You don’t have to provide tax returns
- You don’t have to fill lengthy forms
- No collateral is needed
- No business profitability statement is required
Getting an alternative loan is a simple process as well:
Source: AdvancePoint Capital
Step-1: Fill the Online Pre-Approval Form
You should fill the secure online pre-approval form, or you can talk to us. You can have a conversation with us about your business and identify the needs.
Step-2: Fill Out One Page Application
You will not need more than a few minutes to fill out the short one-page form and provide the minimal financial paperwork.
Step-3: Get Approval in Hours
You can get an answer within 4-6 business hours on whether your loan has been approved or not. Even if your loan has not been approved, you will get the response.
Step-4: Get Funds
You’ll get the funds directly into the bank account of your company on the day you get the approval.
2-Business Line of Credit May Also be Useful
You can get a flexible business line of credit of up to USD 100,000 from AdvancePoint Capital. It merely needs a one-page application. For paperwork, you need to provide the business bank statements for review. Unlike banks that will focus on profit and loss, the alternative lender needs only gross sales figures. All types of credit scores whether it is excellent or poor are accepted. The repayment term is usually over 12 months. The main advantage of an LoC is that you can get flexible cash whenever you need it.
Your dream of starting a beauty salon business is within your reach. Just fill the pre-approval application form, and you will get the desired finance!
Call for a free Quote @ 1-800-381-8920