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If your dream is to open a hair salon, now might be one of the best times to do it. According to a report from the Professional Beauty Association, the salon industry is growing. Since the recession, the industry has rebounded and analysts expect continued growth for at least the next five years. So, to help you start your new venture, here is our top 12 banks for beauty salon SBA loan:
1) Wells Fargo Bank, National Association — Sioux Falls, SD
Year to date: 105 loans, $291,534 average loan, average interest rate of 7.1%
As the nation’s largest SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. So, they promise that business owners will understand how to take advantage of the program they offer. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable. No wonder they’re #1 for Plumbing and HVAC loans.
2) Spirit of Texas Bank — College Station, TX
Year to date: 36 loans, $345, 578 average loan, average interest rate of 6.38%
Spirit of Texas Bank set out to make SBA lending as streamlined and easy for your business as possible. Along the way, our lenders have become so increasingly proficient and knowledgeable that today, Spirit of Texas Bank is the top SBA lender in the state of Texas.
3) Stearns Bank National Association — SAINT CLOUD, MN Year to date: 45 loans, $265,533 average loan, average interest rate of 6.2%
Stearns Bank promises to work quickly to get you the funds you need and spends time to answer every question you have along the way. For loan requests of less than $350,000, Stearns can approve your funds in two hours, and larger loans in days. If you want to be on the fast track for your fitness center loan, look no further than Stearns Bank.
4) TD Bank, National Association — Wilmington, DE
Year to date: 24 loans, $242,000 average loan, average interest rate of 6.1%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
5) JPMorgan Chase Bank, National Association — Columbus, OH
Year to date: 42 loans, $178,043 average loan, average interest rate of 6.1%
JPMorgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. Just like Wells Fargo, JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.
Still undecided? Here’s our complete list to help you further:
|Industry Rank||SBA Rank||Bank||City||State||Avg Loan $||# of Loans||Avg Interest|
|12||39||Independence Bank||East Greenwich||RI||$82,000||10||7.70|
|1||1||Wells Fargo||Sioux Falls||SD||$106,435||55||8.30|
|2||45||Spirit of Texas Bank||College Station||TX||$273,259||54||6.41|
|3||23||Stearns Bank||Saint Cloud||MN||$142,274||46||6.66|
|5||4||JPMorgan Chase Bank||Columbus||OH||$128,026||34||7.28|
|6||3||The Huntington National Bank||Columbus||OH||$62,803||34||6.11|
|10||81||The Bancorp Bank||Wilmington||DE||$205,543||14||6.61|