Wellness Business and Beauty Salon Loans

Camino Financial01 Nov 2023
Beauty salon loans are exactly what you need, so you never miss an opportunity to expand your wellness business. After all, a steady flow of capital is what keeps you on the cutting edge in your industry. At Camino Financial, we provide funds to hair, nail, spa, and other business professionals in this industry. We can offer you from $5,100 to $35,000 with fixed interest rates and minimal requirements. Apply now!

What Are Wellness And Beauty Salon Loans?

Loans for beauty salons are financial products offered by different lenders. They give wellness businesses the cash they need to make commercial investments. Without sufficient capital, salon and beauty professionals can't stay competitive in their marketplace and may fall behind or even close their businesses. That's why external financing is crucial for this industry. Loans give salon and beauty professionals the capital they need to help make clients look and feel their best.

Who Can Benefit?

The beauty and wellness industry includes these types of professionals.

Beauty Shops And Hair Salons

You can use proceeds from a small business loan for a hair salon or a portable salon trolley.

You could even purchase new outdoor signs or a reception desk.

Nail Salons

With business loans for your nail salon, you can stock up on supplies or buy a pedicure spa chair.

Likewise, you can renovate your existing space or move your shop to a different location.

Barbershops

Having comfortable salon chairs and an attractive-looking area is crucial for your success.

With the help of loans for beauty salons, you can pay for all of these investments.

Spas

With spa business loans, you can finance the equipment you've dreamed of having.

Examples are a new reclining facial chair, sauna, Swiss shower, steam cabinet, or anything else you can think of.

Tanning Salons

Tanning professionals constantly replace their inventory of sheets, towels, and protective goggles.

Loans for beauty salons provide a quick way to make these much-needed purchases.

Wellness Retreats

With more capital, you can continue to treat your customers to health classes, hands-on workshops, spa treatments, and luxury room amenities.
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Camino Financial's Lending Products

We don't leave any business behind. That's why we have different lending products to meet different needs. Our minimal r make us the top funding for beauty businesses. For example, along with SSNs, we accept ITINs so that applicants turned down by traditional banks have another opportunity to get financial assistance. Learn more about our loans:

Microloans
Amount $5,100 to $25,000
Type of payment Monthly
Repayment terms 24 months
Type of rate Fixed
Origination fee 6.99% of the amount
Requirements
  • monthly revenue of or $2,500 (or $30,000 per year)
  • have an active and registered business for at least 12 months

Learn more about our microloans

Apply today!   Use our business loan calculator to find the perfect loan for you:  

How Can Funding For A Beauty Business Help You?

Loans for beauty salons and wellness businesses help you expand your business in various ways.
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Give Your Space A Facelift

Beauty salon and spa small business loans can provide funding to renovate your space.

Alternatively, you could expand your store, purchase a salon, or open a second location.

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Buy Or Repair Equipment

To increase sales, you need to have working and up-to-date tools.

Equipment financing allows you to use the funds to buy the best machines and tools or repair the ones you already own.
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Purchase Inventory Or Supplies

You may need to replace scissors or restock supplies. Sometimes the best alternative is to buy supplies in bulk.

If you don't have the capital at hand, beauty salon funding can help you.

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Pay Monthly Bills

You might need a helping hand during low seasons to pay certain bills or strengthen your cash flow.

A small business loan for hair salons can be precisely that helping hand.
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Hire Or Train Employees

In the wellness industry, having trained employees is crucial.

You could use the funding for beauty businesses to hire new workers or pay for courses to improve their skills and knowledge.

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Invest In Marketing And Advertising

Optimize your wellness business by setting up a website and optimizing it for mobile users.

Hire a marketing consultant to explore ways to advertise on social media outlets.
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Upgrade Technology

Take your shop to the next level by installing an online booking system, hairstyle, cosmetic imaging technology, or digital payment technologies.

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Improve Your Service Offerings

Get a business loan to take a few classes and upgrade your knowledge and skills to add new and different services.

You could even consider offering consultations or classes.

How To Apply For Beauty Salon Loans?

It takes less than 10 minutes to complete a Camino Financial application from start to finish.
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1. Complete The Online Application

Answer a few short questions, click on the submit button, and wait for a prequalification decision.

2. Submit Extra Documentation

We link to your bank account to review business income and expenses through an online system. Sometimes we may need you to provide additional documents.

3. Accept The Loan Terms

Once approved, we will send a loan agreement to you for your review. Upon your acceptance, you return the document electronically.

4. Receive The Loan Proceeds

Then we deposit the loan proceeds directly into your bank account.

*The process may differ slightly depending on which loan the customer qualifies for.

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Why Camino Financial For Wellness And Beauty Salon Financing?

Camino Financial is an attractive financing option for beauty salon business owners because our benefits exceed what other lenders offer.
  • You won't require collateral to secure funding.
  • No need to have a previous personal credit history
  • No prepayment penalties
  • Competitive interest rates
  • Easy online application
  • Soft credit inquiry which won't hurt your credit score
  • Reasonable requirements for annual revenue and years
  • Bilingual (English and Spanish) customer service representatives
  • Loan proceeds deposited within 2 days into your bank account

Other Resources

How to Get Financing for a Business: Best Ways in 2022

Small Business Loans For Women

Business Loans For Minority Women

 

FAQs

How do beauty businesses get funding?

To gain access to a beauty salon loan, you must meet a lender's minimum requirements. Make sure your credit score, annual revenue, and a specific number of years in business meet your preferred lender's preconditions. Get documents together a lender may need, such as copies of tax returns, financial statements, and licenses.

How do you fund a hair salon?

As salon owners, you can obtain cash using working capital loans, business credit cards, equipment loans, business line of credit, an unsecured credit line, or merchant cash advance. Short and long-term funding is available through SBA loans from the Small Business Administration, online lenders, credit unions, and traditional banks. An SBA loan offers small businesses a loan for a variety of purposes, including starting a new business, expanding an existing business, or purchasing equipment or inventory.

How to get a business loan for a nail salon?

You can obtain a small business loan for a nail salon by filling out a business loan application with a lending institution. The application will require detailed information about the business, including its income, expenses, and credit history. In order to qualify for a business loan, the nail salon must demonstrate that it is able to repay the loan amount plus interest and fees. Lenders typically look for businesses that have strong cash flow and healthy credit scores. They may also require collateral in case of default. If you want to obtain a business loan for your nail salon, carefully research your options and compare interest rates and terms from various lenders. By doing so, you can ensure that you get the best deal possible on the financing.

How much can you get approved for a business loan?

Lenders make loan approvals in amounts that represent the lowest financial risk to you and them. They make that decision based on your ability to repay the loan in a timely manner by verifying your cash flow and if you stay current with other creditors.

What credit score do I need for a salon business loan?

Traditional banks prefer a score of at least 650, while online alternative lenders usually accept a lower credit score. Some lenders like Camino Financial don't require a credit score.

How much does financing a beauty salon cost?

In addition to repaying the principal amount borrowed, the lender charges interest and may add charges such as a prepayment penalty for an early payoff, origination, application, processing, and credit report fees.

How long does it take to get a beauty and wellness business loan?

Small business loans for salons from a traditional bank could take 2 or more weeks; whereas online lenders can process loans within 5 to 10 days. At Camino Financial, we only take 2 days.

What are the rates for a beauty and wellness business loan?

Fixed and variable rates vary widely per lender based on the applicant's creditworthiness, but the APR average is 8% to 40%.

How to use cosmetology loans?

There are a few ways to use it for beauty salon owners. One way is to use the money for business expansion for an existing salon; to help pay for other related expenses, such as supplies, equipment, or rent. You can also use the funds to help finance your post-graduation career goals, such as starting your own business or attending an advanced cosmetology program.

What information do I need to apply for a beauty and wellness business loan?

As small business owners, you need to have information like this on hand:
  • how long you've been in business
  • documents to verify annual revenue
  • your personal and business credit scores
  • monthly/annual expenses
  • personal or business tax identification number
  • copy of your business licenses
  • proof of identity

*Terms and requirements subject to change without notice.

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