Top Banks for Beauty Salon SBA Loans

Last annual update: May 13, 2019

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 SBA small business loans:

1) Wells Fargo Bank, National Association — Sioux Falls, SD
2018: 128 loans, $153,584 average loan, average interest rate of 8.3%

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) Stearns Bank National Association — Saint Cloud, MN
2018: 122 loans, $179,639 average loan, average interest rate of 7.2%

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.

 3) TD Bank, National Association — Wilmington, DE
2018: 122 loans, $42,251 average loan, average interest rate of 9.7%

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.

 

 4) Spirit of Texas Bank — College Station, TX
2018: 101 loans, $273,320 average loan, average interest rate of 6.7%

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.

 

5) JPMorgan Chase Bank — Columbus, OH
2018: 87 loans, $100,480 average loan, average interest rate of 8.1%

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:

 

RankBankCityState# LoansAvg LoanAvg Int
1Wells FargoSioux FallsSD128$153,5848.3%
2Stearns BankSaint CloudMN122$179,6397.2%
3TD BankWilmingtonDE122$42,2519.7%
4Spirit of Texas BankCollege StationTX101$273,3206.7%
5JPMorgan Chase BankColumbusOH87$100,4808.1%
6Huntington NationalColumbusOH85$84,9786.5%
7M&TBuffaloNY46$73,3938.4%
8U.S. BankCincinnatiOH41$191,6077.8%
9Eastern BankBostonMA39$50,65410.0%
10Celtic BankSalt Lake CityUT34$105,8267.5%
11Independence BankEast GreenwichRI26$70,0008.1%
12Compass BankBirminghamAL24$176,0427.3%
13First Home BankSeminoleFL22$175,6827.3%
14The Bancorp BankWilmingtonDE17$214,5066.7%
15KeyBankClevelandOH16$257,7817.4%
16Zions BankSalt Lake CityUT16$146,6447.3%
17Citizens BankProvidenceRI15$75,7337.3%
18Radius BankBostonMA14$241,9297.1%
19Newtek Small BusinessLake SuccessNY12$187,8337.2%
20Bank of the WestSan FranciscoCA11$367,7556.6%
21Fifth Third BankCincinnatiOH11$148,8006.1%
22Bank of AmericaCharlotteNC10$507,9907.1%
23Bank of HopeLos AngelesCA10$89,6507.3%
24ESL FCURochesterNY10$33,4205.3%
25Frost BankSan AntonioTX10$227,1307.0%
26PNC BankWilmingtonDE10$72,0109.1%
27SunTrust BankAtlantaGA10$449,7806.8%
28Berkshire BankPittsfieldMA9$356,7786.9%
29Icon Bank of TexasHoustonTX9$261,6116.9%
301st Source BankSouth BendIN8$65,3636.6%

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