Specializing In Small Business Loans For Beauty Salons & Spas
How Do Beauty Salon Business Loans Work?
Each of the products listed above can suit a different type of expense or cash flow issue. For example, beauty salons are especially prone to temporary, occasional dips in revenue. Demand can rise and fall at any moment. This situation is best suited for a Working Capital Loan or Business Line of Credit. Borrowing amounts for Working Capital Loans are directly based on your operational expenses. Thus, if you’re looking to get through a rough patch lasting a few months or so, a Working Capital Loan can allow you to continue serving your customers as usual.
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On the other hand, a Business Line of Credit is more cost-effective if you’re looking to cover operational expenses for a much shorter period or secure a moderately-priced one-time expense. Popular examples of such costs include extra supplies, inventory, or new equipment. You’ll pay less interest on a line of credit if you pay off the full balance as quickly as possible.
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For more substantial investments like new equipment, you might instead consider a Business Term Loan or Equipment Financing. These products carry higher borrowing amounts and longer terms, which are ideal for launching new services or purchasing new lines of products to sell.
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If you’re looking to start small with either strategy, we can customize your borrowing amount and terms to ensure you don’t take on more debt than you can afford to pay back.
Who Qualifies For Beauty Salons & Spas?
Approved businesses generally met the following criteria: