First Financial  
 
Business Loans for Beauty Salons

Business Loans for Beauty Salons

Best Business Loans for Beauty Salons

A+ Rated First Financial is Ideal for Salon Owners

A salon is a necessary luxury for today’s savvy customers whom want to look and feel their best in a competitive, youth-driven market. Whether it’s basic haircut maintenance, manicure/pedicure service, or more extreme hair weaving/coloring or skin treatments, all of which are a mainstay for keeping appearances current. Salon owners are considered trend-setters who are relied upon to remain up-to-date with the very latest technology/styles, etc.

First Financial is pleased to provide financial services to this exciting industry. Our business loans help salon owners manage their insurance costs, purchase the latest technological upgrades, and continue providing great service to their customers. Read further to learn more about First Financial perks, or apply here now!

Request More InformationIt all starts with your information request. Since every situation is unique, we make sure to directly focus on and understand our customer’s individual needs. After submitting your request, within 24 hours we will reach out to you to discuss your business loan options. Since 1996, our loans have helped more than 50,000 businesses stay current with what they want from a business lender.

First Financial business loans are available for businesses that have demonstrated consistent earnings and management success. Join 50,000+ of business owners who are enjoying great terms and low rates through a First Financial business loan.

Top-Rated First Financial’s Business Loan Advantages

First Financial provides top-notch security, which is more important than ever in our current hacker-filled environment. Our safety measures are just as secure as the ones in place for local and regional banks. As an online funding source, First Financial is proud of our FDIC-approved loan security practices.

These bonuses that come with a small business loan from First Financial:

  • Excellent terms with low interest rates that only the best borrowers deserve.
  • While can rates vary by applicant, term loan rates start at 5.99%
  • Lines of credit rates start as low as 13.99% annual percentage rate (APR)
  • Money arrives in your account within one day.
  • Convenient and intuitive mobile and web platforms make managing accounts is easy and secure.
  • With our rapid application process, it only takes the average client 7 minutes to complete the online application!
  • Low document requests – just basic business information and three months of bank statements.
  • Instant approvals for most applicants.
  • Our expert loan advisors can even take your application over the phone if you prefer.
  • All of your personal information secured by our proven safety privacy practices.
  • Loan specialists available via phone/email from 8:00 a.m. until 9:00 p.m.
  • Your business credit scores will improve with timely payments.

Will Your Salon Business Qualify for these Business Loan Perks?

First Financial can offer these low-rate, personalized loans to those salons that meet certain requirements, namely, a minimum FICO score of 500 and at least a year in business. Because many clients come to us after a previous bank has rejected their loan application, we are glad we can provide capital to thousands of businesses. Your salon can use this capital towards making the necessary improvements that keep you on the cutting edge.

Our approved applicants share these qualifications:

  • Doing business in an approved industry – while First Financial has approved businesses in hundreds of different categories, we have to say “no” to businesses in industries that are new (Cannabis, digital marketing), have high chargebacks or other unpredictable qualities. Review a complete list of the restricted industries LINK for which First Financial cannot provide business loans.
  • No bankruptcy in last 2 years
  • Minimum FICO score of 500 (average customer has a 680 score)
  • Based in US, Canada or Australia
  • 1+ years in business minimum (average borrower has been in business 6 years)
  • $100,000 in gross annual revenue (average borrower does $500k)
  • Consistent cash flow

Our “soft” inquiry won’t affect your credit score, unless we find your credit file is restricted. If we do, we will contact you to lift the restriction and perform a hard pull, which will impact your credit score. Of course, we will let you know immediately if we discover your credit file is restricted.

To see if you qualify for a First Financial small business loan, apply here. Your credit score won’t be affected by this “soft” inquiry, unless we discover that your credit file is restricted. In this case, we will contact you to lift the restriction and perform a hard pull. That will affect your credit score. We will let you know immediately if we find that your credit file is restricted.

Assessing the Future of the Salon Industry

Will You Make It Long Term?

The forecast for the salon industry is positive, and fascinating trends are underway to ensure that these businesses continue to thrive. According to the latest research on the future of salons, “in the coming years, the industry is forecast to exhibit more steady growth.” This is due to “more disposable income” and a rising “consumer confidence.”[i]

As for future trends, Millennium Systems International offered a few suggestions to ensure a thriving/competitive future. These are: apps that utilize social media marketing and positive reviews, providing web/mobile friendly perks such as online bookings and texted appointment reminders, and touch-screen front-desk technology to ease the manpower and reduce the wait time for customers.[ii]

Some more tips for increasing sales in the salon industry, provided by franchisehelp.com, are worth considering. These include: tapping into the men’s “metrosexual” market for hair/skin and nail care, focusing on the organic/environmentally-conscious with all-natural products/services, catering to the younger children segment with special “mommy and me” salon services, and offering care that is specialized for the aging baby boomers.[iii]

Of course, product sales are also a huge income source for salons, and increasing sales training to your staff to encourage this is recommended. Whatever methods you utilize to improve your salon’s bottom line, First Financial is on board to get there with our terrific business loans.

A First Financial Business Loan Is an Investment in Your Future  

Our small business loans are not only competitive and advantageous for salon owners, they are also convenient and simple. Your time is precious, and you don’t need to waste it with face-to-face discussions with bankers. With our online banking services, all statements, applications and notices are done entirely online! For added convenience, everything is viewable on the web from any device. Apply today!

[i] https://www.ibisworld.com/industry-trends/specialized-market-research-reports/consumer-goods-services/personal/hair-salons.html

[ii] https://www.millenniumsi.com/blog/salon-trends-in-2017/

[iii]  https://www.franchisehelp.com/industry-reports/beauty-industry-report/

 


First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

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