Looking for a loan to start or aid a beauty salon is not unlike doing the same for any other business; however, there are a few differences that matter. Generally, you want to search for funding from a source that has very good customer service, a fast turnaround time on the application approval, a manageable APR and loan terms tailored to your sector. In this short article, we provide a few of the best sources of beauty salon funding.
UpWise Capital Funding
This is one of the best sources of funding; primarily because UpWise Capital is an approved Small Business Administration lender. If your credit is good enough to secure the SBA as a guarantor, then UpWise Capital can have your money in your account in just a couple of weeks – vastly better than most other federal lenders. You do need to already be in business, however, and have two years worth of operation.
Rok Financial requires a minimum credit score of 620, which means a lot of beauty salon businesses may fall out of the running. However, if you qualify, their loans may be employed for a wide range of business activities – such as purchasing inventory and having working capital on hand. You can secure as much as $5 million from this alternative lending source, which was established during the Covid-19 pandemic.
PNC Bank Real Estate Loans
Originally, PNC Bank was an exclusively East Coast lender; but they have since expanded to 23 states. They specialize in beauty salon funding (and others) for owner-occupied real estate, so make sure that the building is your own (or the one you intend to operate out of). PNC Bank can lend you anywhere from $100,000 up to $3 million for commercial property.
For more information on loan terms, beauty salon funding and funding in general, the lending experts at Capital Finance Partners have got you covered. Contact us today.