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| Tanning Biz Newbies Are you a future salon professional and new to the Industry? |
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06-15-2005, 07:48 PM
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#23 (permalink) |
 Join Date: Jan 27 2005
Posts: 243
Rep Power: 4
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Stephen,
I agree with you concerning SBA loans. Everybody here thinks that the SBA turns down salons because they are risky. Any startup is risky. Restaurants are no more risky than tanning salons. You need to find a preferred SBA lender. Call up the SBA and get a list. There are LTV issues that banks follow in order to meet SBA loan guarantee requirements. You also have to have good credit, business experience and a believeable business plan. Another good thing to know is that if you are a FRANCHISE your chances of being approved are dramatically improved. Many of the tanning salon franchises have SBA loan programs. The SBA prefers franchises because of their perception that a franchisor provides a lot of business advice and guidance. I hope this helps. Leo |
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