The Best Loans for Beauty Salons of 2022
YourSBA.com
With SBA business acquisition loans from $150,000 to $5 million and online pre-qualification with no credit check, YourSBA.com is the best place to buy a salon.
No brokerage or setup fees
SBA acquisition loans from $150,000 to $5 million
Business owners can be pre-qualified without a credit check, so your credit score isn’t affected by applying.
Business owners must have a minimum of $70,000 cash for a down payment
Online lender, no physical location to visit
Buying an existing lounge can come with a high price tag, which will usually impact the creation and brokerage fees will be charged to you. YourSBA.com solves this problem by not charging set-up or brokerage fees, making it our best option for buying a salon.
Pre-qualifying online places your loan application with lenders ready to serve you and increases your chances of approval, making it a good choice for someone applying for a business loan for the first time.
Like other SBA loans, YourSBA.com offers longer terms and lower rates than non-SBA loan products, and they are approved for business acquisitions. Loans can also be used for business expansion, new construction, the purchase of land or buildings, as well as the purchase of inventory, equipment, machinery, furniture, fixtures, supplies and materials. This makes YourSBA.com the right choice for anyone looking to buy and build an existing salon.
It can also be used for working capital, partner buyout, debt financing, and franchise financing. The term length for equipment, refinance, or business acquisition is 10 years, and for the purchase of real estate, you may qualify for up to 25 years.
No down payment is required for a business expansion or working capital loan; however, you will need to deposit $70,000 in cash to buy a business. YourSBA.com can offer large loans to those in need for acquisition with amounts ranging from $150,000 to $5 million.
YourSBA.com can pre-qualify you quickly, and the SBA 7(a) loan application process takes 45-90 days. There is no minimum credit score for the SBA program because your credit character, in other words, your complete credit profile, is more important.
Other business requirements include:
- Must be a legal US business
- Must have a positive cash flow in the past two years
- If no cash flow or no positive cash flow, the loan will be considered a “projection” loan or a “start-up” loan and will require a 30% down payment
The maximum allowed interest rate is the Wall Street Journal prime rate plus 2.75%.