Salon equipment financing options - Beauty salon equipment and Barber furniture

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Salon equipment financing options - Beauty salon equipment and Barber furniture

Get the capital you need to grow your business.
We have the resources and experience to help your business succeed.

Get Started

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After choosing your financing solution and getting approved, our team will distribute the chosen business financing solution capital.

Money Financial Group Office

About Us

A lender who understands your business

Money Financial Group offers financing options for consumer and commercial businesses. We believe in thinking outside the box. MFG has the underwriting creativity and expertise to approve more customers than any other finance company. We also understand that every customer has unique needs, and our mission is to help meet those needs. In many cases, you will find that we can approve applicants with a high debt-to-income ratio, limited income, or low credit profile.

How to Finance Your Salon Equipment: Everything You Need to Know

In the dynamic world of the beauty salon and spa industry, staying ahead requires more than just talent and creativity—it demands the right tools. Your salon equipment not only shapes the quality of your services but also influences the overall experience for your clientele. However, we understand the challenges that come with keeping your salon equipped with the latest and best technology. Whether you're launching a new salon or aiming to elevate your existing business, the need for financial support to acquire capital to purchase equipment is a common concern.

How Salon Equipment Financing Works

Salon equipment financing works much like any other form of equipment financing. It involves obtaining funding specifically for the purchase of equipment needed to run a salon or barber shop. Whether you're starting a new salon or upgrading your existing one, salon financing can help you acquire the necessary tools and machinery without paying the full cost upfront. Here's a general overview of how salon equipment financing typically works:

  1. Identify Your Equipment Needs:

    • Make a list of the salon equipment you need, such as styling or salon chairs, hairdryers, washing stations, beauty beds, barber chairs, barber equipment, and other specialized tools.
  2. Choose a Financing Option:

    • There are various financing options available, including traditional bank loans, equipment leasing, and financing through specialized lenders, funding partners, or equipment vendors. Each option has its own eligibility criteria, terms, interest rates, and pay back options.
  3. Application Process:

    • Once you've chosen the financing option that is the best fit for your business, you'll need to fill out an application. This application will require information about your business, personal credit history, and details about the equipment you intend to purchase.
  4. Approval and Terms:

    • The lender will review your application and make a credit decision. If you're approved, they will provide you with the terms of the financing agreement. This includes details such as the interest rate, repayment schedule, payment option, and any fees associated with the loan.
  5. Down Payment (if required):

    • Some financing options may require a down payment. This is a percentage of the total cost that you pay upfront. The down payment will often help to minimize your monthly payment. The amount of the down payment can vary based on the lender and your creditworthiness.
  6. Acquisition of Equipment:

    • Once approved, you can use the financing to help you get the equipment and make the purchases necessary to maximize your business. Depending on the financing agreement, the funds may either be directly disbursed to the equipment vendor or paid to you.
  7. Repayment:

    • You'll need to repay the amount you financed according to the agreed-upon schedule. This could be monthly, quarterly, or according to another arrangement specified in the loan agreement. Repayment terms vary between term loans, working capital, and equipment financing. The repayment term and interest rate will depend on the financing option you choose.
  8. Ownership at the End of Term:

    • Depending on the special financing option, you may own the equipment outright at the end of the term. In the case of leasing, you may have the option to purchase the equipment at a predetermined price.

It's essential to carefully review the terms and conditions of any financing agreement, including interest rates, fees, and repayment schedules, before officially committing. Additionally, consider your business's financial health and ability to make regular payments to avoid any financial strain.

Understanding the Financing Options for Beauty Salon and Barber Furniture

When it comes to financing salon and barber furniture, there are several options available to salon owners. The choice of financing option depends on factors such as your creditworthiness, the amount of funding needed, and your preferences for ownership and flexibility. Here are some common financing options for salon and barber furniture:

  1. Traditional Bank Loans:

    • How it works: You can apply for a business loan from a bank to finance the purchase of furniture.
    • Pros: Potentially lower interest rates, established banking relationships.
    • Cons: Strict eligibility criteria, not an instant decision usually has a longer approval process, and may require collateral.
  2. Equipment Financing:

    • How it works: This type of financing is specifically designed to assist with the purchase of equipment, including salon furniture.
    • Pros: Dedicated for equipment purchases, fixed interest rates, flexible terms.
    • Cons: May require a down payment, interest rates may be higher for businesses with less then perfect credit.
  3. Equipment Leasing:

    • How it works: Instead of purchasing, you lease the furniture for a set period, making regular payments.
    • Pros: Lower upfront costs, flexibility to upgrade equipment, potential tax benefits.
    • Cons: You don't own the equipment at the end of the lease unless you choose to buy it at a predetermined price.
  4. Vendor Financing:

    • How it works: Some furniture vendors offer financing options directly to customers, either through in-house financing or partnerships with financing companies.
    • Pros: Streamlined process, may include special promotions or discounts.
    • Cons: Terms may not be as flexible as other financing options, limited to specific vendors.
  5. Business Line of Credit:

    • How it works: A revolving credit line that you can draw from as needed to make purchases.
    • Pros: Flexibility in borrowing, interest only on the amount used.
    • Cons: Interest rates may be higher than traditional loans, and may require a good credit history.
  6. SBA Loans:

    • How it works: Small Business Administration (SBA) loans are guaranteed by the government and can be used for various business purposes, including equipment purchases.
    • Pros: Lower down payment requirements, longer repayment terms.
    • Cons: May have a lengthy application process, and strict eligibility criteria.
  7. Online Lenders:

    • How it works: Online lenders offer a variety of loan products, including short-term loans and lines of credit.
    • Pros: Quick application process, flexibility in loan terms.
    • Cons: Interest rates may be higher, less personalized customer experience compared to traditional banks.

Qualifying for Beauty Salon Equipment Financing: What You Need to Know

Qualifying for salon equipment financing involves a similar process to other types of business financing. Lenders will assess various factors to determine your eligibility and the terms of the financing. Here are some key considerations:

  1. Credit Score:

    • Your personal and/or business credit score is a crucial factor. A higher credit score generally increases your chances of approval and may lead to better interest rates.
    • Lenders may check both personal and business credit scores, so it's important to maintain a good credit history.
  2. Business Financials:

    • Lenders will typically require financial documents such as income statements, balance sheets, and cash flow statements to assess your business's financial health.
    • Providing clear and accurate financial information helps demonstrate your ability to repay the financing.
  3. Business Plan:

    • A solid business plan can strengthen your application. It should include details about your salon, the purpose of the financing, and how the new equipment will contribute to your business's success.
    • Highlighting your experience in the industry and plans for growth can also be beneficial.
  4. Collateral:

    • Some financing options may require collateral, such as the equipment itself or other assets. Be prepared to provide details about any collateral you can offer.
  5. Down Payment:

    • Offering a down payment can improve your chances of approval and may lead to more favorable terms. It shows your commitment to the investment and reduces the lender's risk.
  6. Time in Business:

    • Some lenders may have a minimum requirement for the number of years your salon or barber shop has been in business. Startups might face more stringent criteria, so it's essential to explore financing options that cater to newer businesses.
  7. Debt-to-Income Ratio:

    • Lenders often evaluate your debt-to-income ratio to assess your ability to manage additional debt. Keeping this ratio within acceptable limits is crucial for approval.
  8. Industry Experience:

    • Your experience in the salon industry can influence the lender's decision. Demonstrating a successful track record and expertise in running a salon can enhance your credibility.
  9. Legal and Regulatory Compliance:

    • Ensure that your salon is in compliance with all relevant laws and regulations. Lenders may check for any legal issues that could impact your ability to repay the financing.
  10. Choosing the Right Financing Option:

    • Explore different financing options, including traditional bank loans, equipment financing, or alternative lenders. Each has its own eligibility criteria and terms.

The Application Process To Finance Salon Equipment

Financing salon equipment can be a smart way to manage cash flow and acquire the necessary tools to run a successful salon. The application process for salon equipment financing typically involves several steps. Here's a general guide to help you understand what to expect:

  1. Assess Your Needs: Before applying for financing, make a comprehensive list of the equipment you need for your salon. This could include chairs, hair dryers, styling stations, washing sinks, beauty products, and more. Determine the total cost of the equipment you plan to purchase.

  2. Research Lenders: Look for lenders that specialize in salon equipment financing. Some lenders may focus specifically on equipment loans for businesses in the beauty and wellness industry. Compare interest rates, terms, and other conditions to find the best fit for your needs.

  3. Check Eligibility: Review the eligibility criteria of potential lenders. Requirements may include a minimum credit score, time in business, and annual revenue. Make sure you meet these criteria before applying.

  4. Gather Financial Documents: Lenders will likely require financial documents to assess your creditworthiness. Common documents include:

    • Business financial statements (profit and loss statement, balance sheet)
    • Tax returns (personal and business)
    • Bank statements
    • Business plan
  5. Complete the Application: Fill out the application form provided by the lender. This may be done online or in person, depending on the lender's procedures. Be thorough and accurate in providing the requested information.

  6. Provide Equipment Information: Some lenders may ask for details about the specific equipment you plan to purchase, including quotes or invoices from suppliers. This helps them assess the value of the equipment and the loan amount.

  7. Wait for Approval: Once you submit the application, the lender will review your information and make a decision. This process can take anywhere from a few days to a few weeks.

  8. Review Loan Terms: If approved, carefully review the loan terms and conditions. Pay attention to interest rates, repayment terms, and any fees associated with the loan.

  9. Accept the Loan Offer: If you are satisfied with the terms, accept the loan offer. This may involve signing a formal agreement or contract.

  10. Purchase Equipment: After accepting the loan, use the funds to purchase the salon equipment you need. Ensure that you adhere to any guidelines set by the lender regarding the use of funds.

  11. Repay the Loan: Make timely payments according to the agreed-upon schedule. This will help build a positive credit history and maintain a good relationship with the lender.

Leasing vs. Buying: Best Option for Small Business Funding?

Deciding whether to lease or buy salon equipment depends on various factors, and there is no one-size-fits-all answer. Here are some considerations to help you determine which option might be right for you:


  1. Upfront Costs: Leasing typically requires less money upfront compared to buying. This can be advantageous if you're just starting your salon business and need to conserve cash.

  2. Cash Flow: Leasing allows you to spread the cost of the equipment over time, which can help with cash flow management. This can be particularly beneficial for small businesses.

  3. Flexibility: Leasing provides flexibility to upgrade your equipment at the end of the lease term. This is useful in industries like beauty and salon where technology and trends may change.

  4. Maintenance: Some leasing agreements include maintenance and service packages, saving you from unexpected repair costs.

  5. Tax Benefits: Lease payments may be tax-deductible as a business expense, potentially providing tax benefits. Owners should check on their ability to deduct payments as an expense with their CPA or Accountant. 


  1. Ownership: When you buy equipment, you own it outright. This can be advantageous in the long term as the equipment becomes an asset on your balance sheet.

  2. Long-Term Cost: While the initial investment is higher when buying, the long-term cost may be lower than leasing because you don't have ongoing lease payments.

  3. Customization: You have the freedom to customize or modify the equipment as per your specific needs when you own it.

  4. No Monthly Payments: Once you've paid for the equipment, you won't have monthly lease payments, which can positively impact your cash flow in the long run.

  5. Depreciation Benefits: Depending on your jurisdiction, you may be able to claim depreciation on the equipment as a tax benefit.


  1. Business Stage: If you're just starting, leasing might be more suitable to conserve initial capital. For an established business with stable cash flow, buying might make more sense.

  2. Equipment Lifespan: Consider how long you plan to use the equipment. If it becomes obsolete quickly, leasing might be more sensible.

  3. Cash Flow: Evaluate your current and projected cash flow. If you can afford the upfront cost of buying without significantly impacting your operations, it might be a good option.

  4. Tax Implications: Consult with a tax advisor to understand the tax implications of both options based on your specific circumstances.

  5. Equipment Needs: Assess the specific needs of your salon. If technology or trends change rapidly in your industry, leasing might offer the flexibility to upgrade equipment more frequently.

Salon Equipment Financing Options: Tips and Tricks

Getting approved for salon equipment financing involves a combination of preparation, understanding the financing process, and presenting a strong case to lenders. Here are some tips and tricks to increase your chances of approval:

  1. Prepare a Business Plan:

    • Create a detailed business plan that outlines your salon's vision, mission, target market, and financial projections. Lenders want to see that you have a clear strategy for success.
  2. Understand Your Credit Score:

    • Check your personal and business credit scores. Lenders often use credit scores to evaluate your creditworthiness. The higher your score, the better your chances of approval. If your credit score is low, work on improving it before applying for financing.
  3. Research Lenders:

    • Look for lenders that specialize in salon equipment financing. Different lenders may have different criteria and interest rates. Compare options and choose a lender that best fits your needs.
  4. Determine Your Budget:

    • Clearly define the amount of financing you need and how you plan to use it. Lenders want to know that you've thought through your equipment needs and have a realistic budget.
  5. Provide Collateral:

    • Offering collateral, such as business assets or personal assets, can improve your chances of approval. Collateral provides security for the lender in case you default on the loan.
  6. Demonstrate Cash Flow:

    • Show that your salon has a steady cash flow. Lenders want to see that you have the ability to repay the loan. Provide financial statements, including income statements and cash flow projections.
  7. Build a Relationship with the Lender:

    • Establish a relationship with the lender before applying for financing. Attend networking events, communicate with loan officers, and ask questions. Building a trusted relationship can make the approval process smoother.
  8. Consider a Co-Signer:

    • If your credit is less than stellar, consider having a co-signer with a strong credit history. This can increase the likelihood of approval and potentially result in better loan terms.
  9. Look for Specialized Financing Programs:

    • Some financing programs are specifically designed for certain industries, including salons. Research and inquire about specialized programs that may offer more favorable terms for salon equipment financing.
  10. Prepare a Loan Proposal:

    • Craft a compelling loan proposal that highlights your salon's strengths, explains your financing needs, and outlines how you plan to repay the loan. A well-prepared proposal can make a positive impression on lenders.
  11. Review and Improve Financial Documents:

    • Ensure that your financial documents, such as tax returns and financial statements, are accurate and up-to-date. Clear and well-organized financial records can instill confidence in lenders and make your approval process more convenient.

Understanding Your Credit Score and Its Impact on Salon Equipment Financing

Understanding your credit score and its impact on salon equipment financing is crucial when seeking funding for your salon business. Your credit score is a numerical representation of your creditworthiness, and lenders use it to assess the risk of lending money to you. Here's how your credit score can affect salon equipment financing:

  1. Credit Score Basics:

    • Credit scores typically range from 300 to 850, with higher scores indicating better creditworthiness.
    • The scores are calculated based on various factors, including payment history, credit utilization, length of credit history, types of credit in use, and recent credit inquiries.
  2. Impact on Loan Approval:

    • Lenders, including those offering salon equipment financing, use your credit score to determine whether to approve your loan application.
    • A higher credit score usually increases your chances of loan approval, as it suggests responsible financial behavior.
  3. Interest Rates:

    • Your credit score also influences the interest rate you'll be offered. Higher credit scores often result in lower interest rates, while lower scores may lead to higher rates.
    • Lower interest rates can significantly reduce the total cost of financing over the life of the loan.
  4. Loan Terms:

    • Your credit score may impact the terms of the loan, including the repayment period. Higher credit scores may qualify for longer repayment terms, which can make monthly payments more manageable.
  5. Loan Amount:

    • The loan amount you're eligible for may be influenced by your credit score. A higher credit score might allow you to borrow a larger amount, giving you more flexibility in purchasing salon equipment.
  6. Down Payment Requirements:

    • Lenders may consider your credit score when determining down payment requirements. A higher credit score could lead to lower or no down payment requirements.
  7. Credit History:

    • Lenders also assess your credit history, looking for any red flags such as late payments, defaults, or bankruptcies. Negative items on your credit report can lead to higher interest rates or loan denials.
  8. Building Credit for Better Financing Opportunities:

    • If your credit score is currently lower than desired, taking steps to improve it over time can open up better financing opportunities in the future. This may include making timely payments, reducing credit card balances, and addressing any errors on your credit report.
  9. Alternative Financing Options:

    • If your credit score is not ideal, you may still have options for salon equipment financing. Some lenders specialize in working with businesses with lower credit scores, though these options may come with higher interest rates.

Some funding options are based on the purchase of a portion of future business revenue generated from sales of the applicant’s business. Funding options are not available in all states and are subject to certain eligibility requirements and approval. Pre-Qualification is not a guarantee of approval, but rather the minimum qualification criteria. The cost varies depending on certain factors such as, but not limited to: industry and time in business. Payment frequency and terms vary by transaction and product type. Approval and Funding time-frames vary by transaction, product type, and submission day and time

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