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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 banks for beauty salon loans:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Interest |
|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Columbus | OH | 101 | $95,698 | 5.7% |
| 2 | U.S. Bank | Cincinnati | OH | 64 | $169,472 | 5.8% |
| 3 | Wells Fargo | Sioux Falls | SD | 47 | $117,904 | 8.0% |
| 4 | TD Bank | Wilmington | DE | 38 | $54,576 | 8.7% |
| 5 | Newtek Small Business Finance | Lake Success | NY | 33 | $291,555 | 6.4% |
| 6 | M&T | Buffalo | NY | 32 | $82,147 | 6.9% |
| 7 | Live Oak | Wilmington | NC | 20 | $791,850 | 6.4% |
| 8 | BancorpSouth Bank | Tupelo | MS | 19 | $238,826 | 5.9% |
| 9 | Customers Bank | Phoenixville | PA | 17 | $296,206 | 5.4% |
| 10 | Eastern Bank | Boston | MA | 17 | $55,129 | 4.9% |