SBA 504 Loans for Beauty Salons
SBA 504 Loans Can Help Beauty Salons Expand
Across the U.S., beauty salons continue to see increasing demand. With almost 2% growth in the last three years and an expected $44 billion in revenue in 2018 alone, these businesses can be quite profitable. However, beauty salon owners often face challenges when finding funding to expand their business.
If you’re looking for financing to grow your beauty salon, an SBA 504 loan could be a fantastic choice. These loans can allow you to purchase real estate, renovate buildings, or even construct a new building completely. Perhaps more importantly, SBA 504 loans can be used to purchase your equipment. The cost for hair dryers, chairs, workstations, wash stations and other equipment can easily rise to hundreds of thousands of dollars. Fortunately, SBA 504 loans offer up to $5 million in financing to offset those costs.
SBA 504 Loan Alternatives for Beauty Salons
While SBA 504 loans have some incredible benefits, you can only use the funds for certain, approved purposes. For instance, you cannot lease equipment with 504 loan funds, nor can you use this money for working capital. There are plenty of other SBA loans that can serve those needs, though. For example, the SBA 7(a) loan program offers up to $5 million of financing which can be used for working capital. And, the SBA express loan, a variant of the 7(a) loan that can be approved faster and with less paperwork, can offer up to $350,000 in financing for eligible borrowers.
We’re here to help you get the commercial financing you need. Simply fill out the form below for a risk-free consultation and a free SBA loan quote!