Get the Best Beauty Salon Loans
If you're starting or expanding a beauty salon, you'll need business loans to get the job done. But new salons pop up all the time, and they're difficult businesses to pull off without working capital. Lenders know this, and credit unions and bank loans are often reluctant to finance beauty salons unless the borrower has strong personal credit and significant experience in the beauty industry.
That's why we've built a network of the best loans for beauty salon businesses, along with advice on how to get hair salon financing for your business. At Advancepoint Capital, we understand that your business is unique, and we'll work with you to find the best funding options available.
Whether you need a beauty salon loan, line of credit, business credit cards, or equipment financing, we can help you get the hair salon financing you need to grow your business. Our network of multiple lenders offers many loan types with a choice of interest rate, loan amounts, and origination fees. We've helped thousands of small businesses get the financing they need to succeed, and we can do the same for you.
Contact us today to learn more about our beauty salon loans and how we can help you get the funding you need to grow your business!
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.
6 Best Beauty Salon Business Loans (September 2023)
Long-Term Beauty Salon Business Loans
Long-term business loans are small business loans primarily used for expansion and growth. Long-term loans have higher credit standards and more document requirements because of the longer-term nature of the loans. The rates and terms are attractive.
Short-Term Beauty Salon Business Loan
A short-term loan is a great alternative to traditional financing when your credit and documentation are not up to par but you need working capital. Short-term small business loans have fixed rates, fixed terms, and fixed payments.
Business Line of Credit for Beauty Salon
A line of credit provides money to business owners on the fly for working capital, as you can draw money off the line on demand without applying for funding. You only pay interest on the outstanding balance and can payoff early at an interesting benefit.
Small Business Administration (SBA) Loans for Beauty Salons
SBA loans are popular with salon and spa owners because of their attractive rates and terms. The application process is lengthy and good credit is required. SBA loans can also finance commercial real estate. It's worth the wait if you're qualified for an SBA loan.
Merchant Cash Advance for Beauty Salons
Merchant cash advances are actually not loans but the purchase of futures sales agreements. A lump sum of money is advanced to the business and repaid by a set percentage of future sales deposits until it's paid back in full. Hair salons like this product because repayment is flexible based on future sales that fluctuate month to month. This product is a great working capital solution.
Business Credit Card for Beauty Salons
Many small business owners use credit cards as an option to make purchases and pay bills. Credit cards come with the flexibility of low monthly payments and the ability to only pay interest on the outstanding balance. Credit cards are used in combination with other small business loan options.
Beauty Salon Financing
Improve Your Cash Flow
Businesses cannot run on cash alone. In fact, most successful business owners know that they need to keep a close eye on their cash flow in order to make sure that their businesses are running smoothly. A credit line for working capital for your beauty salon can help you improve your cash flow and keep your business running at its best.
If you are looking to expand your beauty salon, a business loan can help beauty salons expand, giving salon owners the funds that are needed to do so. This can include anything from adding new services to renovating your space to accommodate more clients or needing equipment financing.
Advertising & Marketing
A beauty salon line of credit can also be used for advertising and marketing purposes. This can help you attract new clients and keep your existing clients coming back. Many business loans can be used for a variety of marketing expenses, including online advertising, print ads, and even television commercials.
New Technology for Your Salon
Keeping up with the latest trends in the beauty industry can be costly. If you want to stay ahead of the curve, salon owners need to have the latest equipment and technology for their salons. A business loan can help salon owners finance these purchases so that they can offer their clients the best possible experience.
Running a beauty salon requires a lot of supplies and inventory. From shampoo and conditioner to hair color and styling products, you need to make sure that you have enough on hand to meet the demand of your clients. A business loan can help you finance these purchases so that you can keep your salon stocked and ready for business.
If you are looking to finance new equipment for your salon, salon equipment-secured loans can be a great option. This can help the business owner get the latest and greatest equipment so that you can offer your clients the best possible experience.
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How to Acquire Beauty Salon Financing?
To secure a small business loan for your existing beauty salon, start by reviewing your financial statements and gathering all necessary documentation, including tax returns, bank statements, and profit and loss statements. Next, research different lenders and small business loan options by calling and discussing with a business finance specialist your needs and what you potentially qualify for.
Apply and Compare options and offers to see which is the best fit for your business.
When applying for a beauty salon loan, it's important to be well-prepared and organized to increase your chances of success. Here's a checklist of what documents and information MAY be needed to secure funding:
- Loan purpose: Clearly define the purpose of the loan and how it will be used to benefit your business.
- Loan amount: Determine the specific amount you need to borrow based on your business needs and financial projections.
- Credit history: Review your personal and business credit reports to ensure accuracy and address any issues that may affect your loan application.
- Financial statements: Gather your business's financial statements, including bank statements, tax returns, and other financials to document your ability to repay.
- Industry: Provide an overview of your industry and business activities
It's important for beauty salon owners to review the specific requirements of the lending institution you're applying to, as they may have additional documentation or criteria. It's also a good idea to consult with a financial advisor or accountant to ensure you've prepared a strong loan application.
Why Choose Advancepoint Capital?
- Experience in the Beauty Salon Industry – We have been funding nail salon businesses for over 10 years.
- Trust – 5.8 stars/out of 5 with Google reviews and A+ rating with Better Business Bureau as well as positive feedback from nail salons.
- Loan Specialist – Advancepoint's business financing specialists who know the beauty salon industry’s ins and outs.
- Zero Risk – Our offers and options are free with no commitment required.
- Products – A variety of business financing options. Through our lender network, we gain access to everything available in the marketplace currently.
- Services – Fast, prompt, and responsive
- Happy Customers – We offer financing support for both minority-owned and women-owned nail salons.