spa business loans

Best Spa Business Loans

Quality treatments and spa equipment can be pricey, particularly when you are just starting out. Furthermore, the ongoing expenses can be too much for some companies. On this page, our experts have compiled a list of the best small business funding options for spa business owners, to get you started or to keep you afloat.

Written by Page Grossman, updated on 12/23/2021
Financially Reviewed by
 Thomas J. Brock

Why Spa Owners Need Business Loans

If your dream is to open a spa business or to grow your existing spa business, then you know one of the most important things you need: financing. A spa business loan can be the difference between success and failure when it comes to financing your business. A spa business loan can help you to purchase inventory, pay bills, upgrade your equipment, tackle an unexpected emergency, and pay employees. 

While there are a number of ways to finance your business, a small business loan can give you the flexibility to spend the money how you need to and provide you with good repayment terms. Before you dive into the spa business loan application process, it’s important to know what to expect from individual lenders and what type of loan best fits your business needs. Below, you’ll find our best recommendations for spa business loans and the best loan products for your individual needs.  

Best Spa Business Loans Explained

Each small business lender offers a variety of different pros and cons and the right one will depend on your funding needs and where you are in your journey to starting and operating your spa business. 

1. Biz2Credit — Best For Buying Property

Biz2Credit is an online alternative lender that helps you find the best lender and loan product for your unique business. Biz2Credit offers working capital loans and term loans, but what they’re best at is commercial real estate loans.

  • Can help you get a loan to buy retail space for your spa business
  • Have an online knowledge center where you can learn about your loan, business operation tips, and repayment of your loan
  • You must have annual revenue of at least $250,000 and a high credit score to be approved for a commercial real estate loan
  • It can take 30 days to receive approval for a commercial real estate loan

When it comes to buying a commercial space for your spa business, there are very few lenders specializing in commercial real estate loans. Biz2Credit lets you submit one application and then review offers from numerous partner lenders. This lets you find the best loan product for your spa business.

Read the full Biz2Credit review for more details.  

2. Fora Financial — Best For Merchant Cash Advance

Fora Financial offers a few different loan products and provides loans to different business industries, such as businesses in construction, restaurants, retail, medical, and service industry businesses. Fora Financial specializes in merchant cash advance loans which are designed to work with the pace of your business, with repayment based on your credit card receipts. A merchant cash advance is a great option for your spa business because the loan funds can be used for anything you need, there are no restrictions on how you use the funds.

  • Flexible rates and terms
  • Lends to those with poor credit
  • Online tools to track your loan funding
  • Your business must be in operation at least 6 months prior to application
  • Remittance is based on your sales

From Fora Financial, you can receive funds from $5,000 to $500,000, get approval within 24 hours, and get funded within 72 hours of approval. With a secure online application process and loan tracking, Fora Financial makes getting the funds you need easy. They also offer discounts for pre-paying your loan.

Learn more about Fora Financial in our comprehensive review

3. Fundera — Best For Startup Loans and SBA Microloans

Fundera operates a loan marketplace and education center for small business owners. On their website, you can apply for a loan and learn tips for operating your spa business in the best way possible. If you’re looking for a startup loan to turn your spa business dream into a reality, Fundera is a great place to find a great loan product.

  • Allows you to compare loan products from multiple lenders
  • No restrictions on how you can use the loan funds
  • Can only receive funding up to $50,000
  • Difficult to qualify for SBA loans

One of the specialties of Fundera is helping small business owners work with accredited SBA lending partners. SBA loans are known to be some of the best loans on the market, with low-interest rates and generous terms. SBA microloans are available to startup businesses for up to $50,000, with a six-year repayment term, and between 8% and 13% interest rate. SBA microloans are some of the most affordable term loans available.

Read the full Fundera review for more details

4. Fundbox — Best For Business Line of Credit

Fundbox is an AI-powered financial platform that offers term loans, business line of credit loans, and an education center for small business owners. Their goal is to help small business owners invest in their business at the right time.

  • Doesn’t require a high credit score to be approved, just 600 or above
  • Once approved, you can get funds in your bank account by the next business day
  • Repayment rates can be high
  • Repayment terms can be short

One of the most flexible and convenient loan products for a spa business is a business line of credit. A business line of credit gives you a loan for up to a specific, set amount of money. But, you only repay what you use. 

A business line of credit from Fundbox is a great loan product for small business owners because they don’t require a high credit score to be approved and you can use the funds for any purpose.

Read the full Fundbox review for more details.  

5. BlueVine — Best For Getting Through a Reoccuring Slow Season

BlueVine is an online lender that offers line of credit business loans and other business banking services, such as bill pay and business checking accounts.

  • Once approved and funded, your loan funds are available on-demand for when you need them
  • There are no fees charged to maintain your line of credit
  • You must have a 600 or higher credit score, have been in business for six months, and have $10,000 in monthly revenue

If your spa business suffers through a slow season each year and struggles with cash flow during the slow season, a revolving line of credit from BlueVine is a great product for your business. A revolving line of credit allows you to borrow funds, repay them, and then draw from those funds again. A revolving line of credit loan from BlueVine is a great option for your small business if you struggle with a slow season or cash flow problems and need a small amount of money to get you through.

Read the full BlueVine review for more details.

6. Credibly — Best For: Spa Business Marketing and Advertising

Credibly is a loan marketplace where you can submit one application and compare pricing for a number of different lenders and loan options. They focus on your business’s overall health and potential instead of traditional financial metrics when evaluating your business for a loan.

  • Low credit score requirements
  • Offers a variety of loan product options
  • Charges additional fees on top of interest
  • Interest rates can be high

Credibly offers a couple of different loan products for small businesses that can help with marketing and advertising needs. The best loan product for marketing a spa business is a working capital loan. A working capital loan is a great option for a small growth investment or meeting immediate needs as it has a short repayment window, which is between 6 and 18 months. The value of the working capital loan you’re approved for is calculated by subtracting your business’s liabilities from your assets.

A working capital loan is a great option if you’re looking to make a small investment in growing your spa business by doing additional marketing and advertising.

Read the full Credibly review for more details.

7. Torro — Best For Business Development

Torro is an online lender that offers term loans and startup capital loans to small businesses. They make the application process simple with an online application that’s mobile-friendly. Funding approval can take as little as an hour with funds available in as little as 48 hours.

  • The application process takes only minutes
  • Torro works with a number of different funding partners so you have options to choose from
  • Lack of information on their website
  • Fluctuating loan terms

If you’re looking to start your spa business, Torro has some great financing options that you can use for business development purposes. Torro works with startup businesses and can provide business development funding which can be used for turning your idea into a reality by getting your business license, patents, or trademarks. If you’re in the early stages of starting your spa business, a startup loan from Torro is a great option. 

Read the full Torro review for more details.

Features Overview of the Best Spa Business Loans 

The table below provides a summary overview of the best spa business loans on the market in 2022.

Recommended Lender

Financing Needs

Loan Type

Loan Features

Fora Financial

Upgrade equipment

Merchant cash advance

Amount: From $5,000 and up to $500,000
Term: Flexible, up to 15 months
Interest: One-time factor rate
Time to get the loan: 72 hours after approval


Buy property

Commercial real estate loan

Loan amount: Up to $6 million

Terms: Depends on the lender

Interest rates: 8.99% - 10% APR

Time to get the loan: Up to 30 days


Purchase inventory

Startup loan — SBA microloan

Amount: Up to $50,000
Term: Up to 6 years
Interest: General range is 8.00% to 13.00%
Time to get the loan: Varies


Limit cash flow problems

Business Line of Credit

Amount: Up to $150,000
Term: 12 or 24 weeks
Interest: Varies
Time to get the loan: Approval within minutes, funding next business day


Get through a reoccurring slow season

Revolving business line of credit

Loan amount: Up to $250,000

Terms: Only repay what you use

Interest rates: As low as 8.2%

Time to get the loan: as fast as 5 minutes


Marketing and advertising

Working capital loan

Amount: Up to $400,000
Term: 6 to 18 months
Factor rate: As low as 1.15
Time to get the loan: Same day funding after approval 


Funding for business development

Startup loan

Amount: $25,000 to $125,000
Term: Not listed
Interest: Not listed
Time to get the loan: Same day funding after approval

How Much Does it Cost to Open a Spa Business?

Luxury amenities, expensive treatments, pricey equipment, qualified specialists, and good branding are all important because spa salons don't sell the treatment, they sell "the experience." Setting up and operating a business like this isn't cheap.

Here's a breakdown of the costs:

  • Space: The costs will vary depending on whether you choose to own, lease, or rent your physical spa space. In all cases, we're talking hundreds of thousands of dollars. Whether you're going for a luxury or authentic feel, you'll have to invest some real money in construction and renovation.
  • Furniture and equipment: You will need to create the right atmosphere and functionality for your customers and staff. Your spa professionals need specialized equipment to do their job perfectly. In short, furniture and equipment is going to be your second biggest expense.
  • Treatment products: You will also need to spend money on skincare products, paper towels, Q-tips, and the like. Keeping your spa area clean and washing towels and gowns after each use is a top priority, however, such things will increase your utility bill. 
  • Professional fees: A lawyer, an accountant, an interior designer, or an architect can help your business stand out from the competition, but their salaries aren't exactly cheap.
  • Permits and licenses: The authorities will require specific operational licenses or fees for various permits, depending on your location.
  • Online presence and appointment software: Digital presence is one of the essential components of any brand. You need a website that bears the same feeling as your amenities. Your website also needs to be functional so that your potential client can get an appointment easily. You will also need to take advantage of social media.
  • Operating expenses: Your ongoing operating expenses will vary according to the size of your salon. You will likely need separate capital for ongoing expenses before you start earning money.

All in all, a mid-range spa of 2,500 square feet will cost you about $500,000, but if you plan to own a high-end facility, the costs could go as high as $1 million, plus operating expenses.

spa business

How to Choose the Best Loan for Your Spa

If you’re looking for a loan for your spa business, there are a number of factors that it’s important to consider to choose the right lender and loan product for your business’s unique needs. Make sure to consider these factors before committing to a lender:

  • Application process: When looking at different lenders for your spa business loan, you’ll want to find one that offers a simple, online application. This will make applying for the loan a simple process for you.
  • Variety of loan options: Depending on your financing needs, there may be a variety of different loan products that you can use. Choosing a lender that offers more than one loan product will allow you to pick the right loan and terms for your business.
  • Interest rates and fees: A loan can be expensive to repay. The best loan product for your business will have the longest repayment window and the lowest interest rate and fees you can qualify for. 
  • Qualification process: Each lender has specific requirements for who can be approved for a loan. These requirements vary from lender to lender, so it’s important to know your credit score, how long you’ve been in business, and average monthly revenue prior to applying for a loan. 
  • Customer support: When reviewing different lenders, be sure to see what type of customer support they offer to ensure you have someone to reach out to in case there is a problem with your loan. 
  • Online user reviews: A great way to scope out if a lender is right for your spa business is by reading customer reviews to see what worked for them and what didn’t.
Recommended Reading: Best Hotel Financing Loans for 2022

See Our Additional Guides on Industry-Specific Loans

The Bottom Line

Opening and maintaining a spa business is no easy task. Starting a spa business will be costly during both the startup period and throughout the lifetime of the business. It may get even harder to manage and more costly as your clientele gows. Having a reliable loan lender can help you to manage the financial load. All our recommended lenders offer you fast and easy application processes, and most of these processes can be completed online. Now it’s up to you to select a suitable lender and get started.