Any salon owner will tell you that even with determination running a small service business like a hairdressers or salon is one of the hardest things you can do. Raising funding for the salon is another. Your businesses story comes with constant challenges on the way. The bigger your business gets the more product and assets you will need, plus more staff just to cope with the growth. Any salon in the UK that receives payment via a card terminal can get a business cash advance. The lender can quickly see what the salon makes over an average month. The cash advance amount can be agreed and a repayment plan put in place much faster than with other funding options.
Salon Merchant Cash Advance
A beauty salon business can only be successful if it keeps up to date with the latest fashion and contemporary trends. For this purpose, it is important for owners to strive for constant innovation while keeping up with the latest developments in the industry. Your first point of call for business finance might be the bank, but what if you are turned down or have been refused capital previously? Unfortunately this is often expensive and many small businesses struggle to source business funding.
Grow your salon with a business cash advance
If you have been turned down for a traditional bank loan in the past. Maybe you are not confident about replying again then a business cash advance is the perfect business financial solution for salons. You may need funds to simply see you through the seasonal trade, e.g Christmas, where you are closed for a period of time in which case, you’ll need it far quicker than a bank can supply a loan.
Business cash advances for Salons or Hairdressers are deemed by many as a quick and convenient alternative form of funding and have grown widely popular in the UK especially in the service sector.
How easy is it to get a merchant loan advance for my salon?
Like any loan or financial solutions product, there are steps to getting a business cash advance. Firstly, an business funding application needs to be made based on income, credit/debit card sales, business history and plans for the loan. This needs to be audited, approved and agreed by a cash advance lender. Following this, a fee for the loan will be agreed, agreements signed and funds released. Some businesses can turn this around with a number of days, dependant on any additional information a business will need to supply.
Merchant loan advance for salons, is an alternative funding solution to bank loans for small businesses. Your salon business could borrow between £5,000 and £200,000 and repayments are designed to mirror your cash flow, so when sales are better more is repaid.
Agree one, upfront all-inclusive cost that never changes.
- 90% approval rate.
- Approval within 24 hours.
- No APR or other hidden charges.
- No security or business plan required.
- Apply for a business cash advance online in minutes.
Flexible repayments based on your debit & credit card sales.
Cash Advance Loan for Salons
Your business must use a card terminal machine. This is also known as a PDQ, Chip and Pin machine or Card Payment Terminal to process customer sales. This system is needed to be eligible for a merchant cash advance.
If your business can demonstrate a consistent level of monthly cash inflow usually 6 months of card payment statements will be a great start for a cash advance.
There are various ways in which you could use your merchant cash advance. Improvements to your salon, obtaining new equipment, purchasing product for the salon or even managing debt payments. Whatever you need it for, merchant cash advances could be the financing solution for your salon business.
Find out more about Financial Solutions for Salons
Complete our online form and one of our financial solutions for salons experts can help you quickly determine your eligibility for a merchant cash advance and get your application quickly underway, ensuring you gain the business funding you need to grow your business.