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The country of Canada is home to an impressive community of salons and spas that have been servicing Canadians for decades. With its diversity and humble communities, it is often a favoured location for salons and spas to set up operations. When looking for growth, many salon and spa owners often apply towards salon and spa loans. Smarter Loans can help you in this scenario as we work with a vast roster of salon and spa loan providers in Canada. They have worked with tons of salon and spas in Canada of all sizes, so our providers will definitely be able to sort out terms that work for both parties. These funds are useful in scenarios where salon and spa owner wish to upgrade their equipment, hire more employees, or simply pay off expenses on time.
We are proud to share that we have one of the fastest application processes in the industry. We exclusively host our application services online so that our applicants can choose when and where you can apply from. Now in minutes, you can enter an application form to one of our providers and in a matter of days, hear back on the results on that very application. We recommend in applying when your salon and spa has been in the industry for at least 6 months and is consistently making over $5000 a month in revenue. To see which providers we work with, check out the list below.
Hit the “Apply Now” to begin applying to one of our providers. If you can’t pick a provider, pre-apply at Smarter Loans instead. We will assign a team member of ours to help you find a salon and spa loan provider in Canada that can push your business to the next level.
We can help connect you with the top salon and spa business financing providers in Canada.
Beauty salons, hair salons and spas are amongst the most ubiquitous types of small businesses prevalent today. However, these types of shops can also be quite capital intensive as owners first have to invest into procuring supplies and equipment before actually initiating their operations. Thereafter, there are further operating and overhead costs which require healthy levels of cash flow to be able to service them. While this may sound overwhelming, there are multiple business financing options available to hairdressing businesses and spa businesses that can be availed to launch a successful beauty salon venture.
Before obtaining a hair salon business loan, there are some questions that have to be asked by each business owner to themselves. These are:
Once these questions have been adequately answered, it is time to look at the options on the market. While there are many types of commercial debt options available to hair and beauty salon businesses, the main ones are:
Before deciding upon a loan type, the main questions the borrower needs to ask are how quickly they need to gain capital, what is the purpose of the loan, what loan structure they can reasonably afford and repay, how much time they need the loan for, and how much capital they need.
While a lot of lenders do require a certain level of operating history, it is still possible to get loans even as a new business. That said though, these loans are likely to be expensive. It might be a better alternative to borrow from friends and family, dig into your personal savings or use other such means to get the business up and running before tapping commercial debt finance.
The wait times for your spa or salon business loan will depend on the lender. Banks should take anywhere from one week to two months. Online lenders will take one day to a few weeks.
MCAs are usually provided the fastest, while term loans and lines of credit take longer to process.
Yes, you can. There are business lenders who specifically service business borrowers with low credit scores. Some lenders provide loans to business owners with both high and low credit scores.
Keep in mind that bad credit will cause your application to be rejected by many lenders, especially banks. You can also expect worse terms and interest rates on any loans you take out. However, you will almost always have access to at least a few business loans.