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Types of Beauty and Wellness Business Loans
Why National Funding?
Getting the funding you need to run your beauty salon or wellness spa successfully can be confusing and difficult. Many traditional lenders only offer beauty business loans after a lengthy application process and several weeks of waiting for approval. If you’ve got invoices or employees to pay now, it’s just not possible to wait. That’s why choosing an alternative lender with experience financing health and wellness companies might be your best option. At National Funding, we offer business loans for spa and salon owners with a quick and easy application and approval process. Let one of our loan specialists get to know you and your business needs to customize a business loan for hair salon companies to your unique goals.
Beauty & Wellness Business Resources
Salon and spa owners know that working capital is just one part of running a successful beauty industry business. You also need to have the ability to keep up with the constantly-changing beauty and wellness industry. That means your salon must be at the forefront of beauty trends to be successful. From new technology in skin care to popular hairstyles, your salon or spa must be ready to offer clients the latest treatments. With spa business loans, you can get working capital to finance your business needs as they come up. Similar to learning about beauty industry trends, spa owners should stay up to date on the ins and outs of running a successful business. Check out our blog resources below to learn more about funding the needs of your small business in the beauty industry.
Your employees work hard to make sure your salon or spa runs smoothly. In fact, a great beautician or customer service rep can make or break a client’s experience at your salon. Say thanks to your employees with these ideas for customer appreciation day. Happy employees who love their jobs will help boost your bottom line by providing quality service to customers.
CRM systems, or customer relationship management systems, allow your salon or spa to keep track of past customers and their preferences. For example, you may have a customer who used to get massages at your spa but hasn’t in several months. You can use a CRM to track the date of their late massage and send them a friendly reminder or coupon to encourage them to come in to the spa. Read this blog for more reasons why a CRM is a great idea for almost any business.
Your salon or spa needs working capital and cash flow to run successfully. Unfortunately, no one can predict the future. Sometimes things don’t go as planned. As a salon owner, you can use hair salon financing to keep your business running when the unexpected happens. Learn more about cash flow and why it’s important to your beauty industry business in our blog post.
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True to our mission, we encourage you to read the following policies and learn how they affect you as a client.
(1) 24 hours:
Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Early payoff discounts:
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
(3) Automatic payments:
Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.
(4) Wide variety of payment options:
- Equipment Financing: payments are remitted monthly with terms of 2-5 years
- Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months
(5) Potential Tax Savings:
The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.
(6) Guaranteed lowest payment:
Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.
In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.
The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.
The Guaranteed Lowest Payment may be discontinued at any time without notice.
To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.
(7) Terms and Conditions apply:
This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.