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Old 05-26-2002, 02:49 PM   #1 (permalink)
 
Join Date: May 26 2002
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Hello everybody,

I was just wondering.... last year I tried for a SBA loan with Wells Fargo. I have a very strong and detailed B-Plan, and good credit. They came back and told me everything was great but I did not have enough colateral. So 3 months ago I bought my 1st home. I would like to try again. So my question is, is it difficult to get a SBA loan for a new start up salon? Do you know of a financial institution that you or anybody else has had luck with? I am a 25 year female who lives in Nevada if that is any help. I appreciate any feedback. Thanks so much and keep up with the growth of the salons.

Thanks,
Georgia grkchicks@msn.com
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Old 05-28-2002, 11:56 AM   #2 (permalink)
 
Join Date: Feb 20 2002
Location: Cincinnati, Ohio
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eurotangrl,
We just successfully obtained an SBA loan from a large regional bank for our new salon.

We also went in with a strong business plan, complete with demographics and sales projections (without lotion or retail sales) and a profit/loss proforma at 60%.

We were told that we had to be able to invest at least 25% of the loan amount we were asking for, and since I will remain employed, our credit had to show a monthly debt-to-income ratio of 40% in order to qualify for the loan.

Any size bank can process a loan for you, but I must admit the biggest challange was convincing the business loan officer that a Tanning Salon can be a viable legitimate business. Luckily, we had a little help from the local Chamber of Commerce people who were nice enough to listen to our "sales pitch", and then placed a call to the bank.
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