The best loans for beauty salons of 2021
With SBA business acquisition loans of $ 350,000 to $ 5 million and online prequalification without a credit check, YourSBA.com is the best choice for buying a salon.
No brokerage or origination fees
SBA acquisition loans of $ 350,000 to $ 5 million
Business owners can be pre-qualified without a serious credit check, so your credit score is not affected by the application
Business owners must have a minimum of $ 70,000 in cash for a down payment
Online lender, no physical location to visit
Buying an existing salon can come at a steep price, which will usually have an impact on the creation and brokerage fees will be billed to you. YourSBA.com solves this problem by not charging any origin or brokerage fees, making it our best option for buying a salon.
Online prequalification puts 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, purchase of land or buildings, as well as for 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 for equipment, refinancing 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 a working capital loan, however, to buy a business you will need to contribute $ 70,000 in cash. YourSBA.com can offer large loans for those who need them for acquisition with amounts ranging from $ 350,000 to $ 5 million.
YourSBA.com can pre-qualify you in less than 48 hours, and the SBA 7 (a) loan application process takes 45 to 90 days. There is no minimum credit score set 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 business in the United States
- Must have positive cash flow in the past two years
- If there is 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%.