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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 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:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Int |
|---|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington | DE | 58 | $40,371 | 10.1% |
| 2 | Wells Fargo | Sioux Falls | SD | 52 | $111,942 | 9.6% |
| 3 | U.S. Bank | Cincinnati | OH | 48 | $171,392 | 7.9% |
| 4 | Stearns Bank | Saint Cloud | MN | 40 | $239,710 | 8.1% |
| 5 | The Huntington National Bank | Columbus | OH | 39 | $239,013 | 7.5% |
| 6 | M&T | Buffalo | NY | 32 | $93,825 | 8.8% |
| 7 | JPMorgan Chase Bank | Columbus | OH | 26 | $117,627 | 9.6% |
| 8 | First Home Bank | Saint Petersburg | FL | 25 | $138,920 | 8.2% |
| 9 | Eastern Bank | Boston | MA | 21 | $106,652 | 9.3% |
| 10 | Live Oak | Wilmington | NC | 16 | $1,475,000 | 7.1% |
Top PPP lenders for beauty salons
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Celtic Bank Corporation | 13,121 |
| 2 | Kabbage | 7,765 |
| 3 | Bank of America | 4,366 |
| 4 | Wells Fargo Bank | 3,957 |
| 5 | JPMorgan Chase Bank | 3,005 |
| 6 | Cross River Bank | 2,252 |
| 7 | U.S. Bank | 1,674 |
| 8 | Customers Bank | 1,620 |
| 9 | MBE Capital Partners | 1,105 |
| 10 | WebBank | 1,009 |
| 11 | Citizens Bank | 993 |
| 12 | TD Bank | 982 |
| 13 | Truist Bank | 904 |
| 14 | PNC Bank | 799 |
| 15 | Regions Bank | 780 |