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Business owners love that Lendio helps them get funding without the headaches.
Get the answers and the funding you need with support all along the way.
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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
Whether you’re looking to purchase new salon equipment or expand to a second location, Lendio finds you a picture-perfect match for your lender.
These are the most popular types of funding that other beauty salon-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Borrow a lump-sum with a set repayment schedule, and get funding quickly with online options.
Revenue-based financing (also known as a business cash advance) lets you borrow cash based on future revenue, which you then repay directly as a percentage of your sales.
Your classic debt financing, typically repaid in fixed installments over a set period of time, comes in the form of term loans and SBA loans. An SBA loan is backed by the federal government.
A line of credit gives you a lump sum that you can draw from as needed. It helps you stay on top of beauty product supplies, payroll, rent, and other operating expenses when your revenue fluctuates.
Whether your equipment needs an upgrade or you’re expanding the number of booths in your beauty salon, an equipment loan offers competitive financing. If you go with equipment leasing, the assets you lease are used to secure the loan, so you don’t have to pledge other business assets as collateral.
Find answers to some commonly asked questions in the beauty salon industry.
A loan for a beauty salon provides an injection of working capital, so you can meet your business goals. Interest rates are typically fixed, so you know exactly how much needs to be repaid over what period of time.
Requirements will vary based on loan type and lender. Minimum requirements to apply for a beauty salon loan include:
Some lenders will accept credit scores as low as 600, but higher credit scores will qualify you for more loans with better rates and payback terms.
Costs depend on multiple factors, including the property, the location, equipment needed, and more. Make sure to account for all expenses including rent, legal and accounting fees, marketing, licensing, equipment, payroll, and utility costs.
Financing helps with these costs so you’re able to cover business expenses while still paying yourself. Keep in mind that financing will cost you additional money over time due to interest rates, which can be anywhere between 4% and 10% depending on the loan.
When your beauty salon needs cash in the bank fast, an online business loan is one of the quickest options out there. The application process is quick and straightforward, a funding manager is available to walk you through the process, and you have a large selection of lenders to work with.
An SBA loan can help beauty salon owners get funding that’s backed by the federal government. That means lenders are encouraged to approve these loans because the funds are guaranteed by the SBA. You still apply directly with a lender, which uses SBA guidelines as a starting point for approval. However, the process can be slower compared to other types of financing.
There are three different types of SBA loans depending on your beauty salon needs. For general working capital, try an SBA 7(a) loan. For purchasing major assets like a building or salon and nail tech equipment, take a look at the SBA 504 program. If you’re a new business that needs a minimal amount of financing to get started, the SBA microloan program can lend you up to $50,000.
See what you can qualify for on the Lendio Marketplace.