Peaches

I agree that beds are important. The salon that I currently go to has great beds. They are a lot more expensive than most places around, but it is always packed due to the service and beds!
SHANTILLY: 10% of your total loan? That's not as bad as I thought. Did you get a loan? Was it hard?
Thank you so much everyone, you have REALLY helped me a lot!

BillCard

If you haven't already be sure to check your credit reports to make sure your in good shape before trying to do any loans.

Peaches

I have perfect credit, that's the least of my worries. I just need to know how much of my own money I will need before a bank will even consider giving me a loan.

redhot

You might have to try several banks. Some don't like tanning salons - they think they're high risk. So, they might say no, just by you saying "tanning salon". But, you'll find one. One that does SBA loans might be better, I don't know for sure. The SBA does not automatically loan money. It's just like getting a bank loan. But some banks won't/don't work with the SBA.
Definitely allow for some money saved to get you through the first 6mos-1year. These bed manufacturers talk a good game, "Oh, you'll be making so much money, you'll be able to buy more beds in 30 days!" But don't count on it. Also, advertising your first 6 months is a big expense. We spent alot of time and money finding the right medium. What works for other salons may not be what works for you.

Rich

My bank works off of a 50-50 ratio on loans. You put up half and they put up half. I have heard of better and I have heard of worse.

Tamar

Chase Bank does SBA, but it could take 3+ months for approval. I think I've only read of one person that actually got an SBA here on this board. Will have to go look for the thread.

TikiTan

Peaches, Find a small town bank..that will get to know you and your needs... I did and my loan was over my purchase price.. No cash of my own.. of course my credit is on the line... Make sure your business plan is 99% bullet proof and a small bank will want your business... (at a great rate to!)

I initially tried to go the SBA route, there are many, many reasons why I did not... (Time being the #1 factor).

Shantilly

If you have a line of credit, that helps, for the first couple years, and if you Incorporate, they cant touch you personally. Nothing better then a shareholders loan. Then you can pay yourself when you have some money and the gov't cant touch it!

Shantilly

p.s. Interest seems to kill you in the first couple of years, but, as I am told, once everything is paid off, it gets easier. bank payment per month...over $12,000!
That hurts!

soapking

visit www.tantomorrow.com..all the forms info you need you can download