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Funding for a salon?

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  • Funding for a salon?

    A friend of mine is opening a high-class salon and looking into funding from a well-known company - talking in excess of $100K. Without giving any exact amount or names of banks or lending curious how many salon owners on here actually took out loans in excess of $30K or so to start their salons? I see seminars and ads for loan companies but most are not for start-up or mobile.

    Just curious, as I dipped into my savings, some others took early retirement and used that...various sources. Is anyone else looking into funding a very large amount for a new salon and putting home equity or 401K's as collateral?


  • #2
    My first shop I took a 10k loan. Built the second shop which we used cash and my third shop that we built cost 90k, part cash part equity loan on my house.


    • #3
      Wow! My little shop was built on a $1000 loan from a family member (who then turned around and gave it to me!), $1000 from my savings, and $2000 on my hubby's Visa (which I am now able to start paying off cause we are now makind a profit).
      It is small, simple but clean and bright (if that makes sense). I bought everything second hand and I am now replacing it with the best, other stuff we built ourselves.
      But then again I am not in an area that a huge investment would be wise. My surrounding population is only 6000 in the town and 25,000 in the county.