Spa Business Loans

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Spa Business FInancing

Health Spa & Wellness Business Financing

The word “spa” conjures images of neutral colors, soothing music, and gentle beauty and wellness treatments, but the reality of running one can paint a very different picture. Whether you’re looking to start a spa or expand one, you’ll likely need to use a spa business loan to achieve your goals.

Applying for spa business financing is fast and easy:

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Can I get a business loan for a spa?

Yes! There are several options available when it comes to financing a spa. Each will come with its own eligibility requirements and the affordability will depend largely on your creditworthiness. We will look at the best financing options and business loans for spas a little later.

Best Spa Business Loans

There are a large number of business loans out there to consider, but some of the best spa business loans include:

OnDeck - Best for Business Term Loans

OnDeck Business Loan Review


Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: up to 36 months
Funding turnaround: as soon as same business day

OnDeck offers fast business loan options such as term loans, business lines of credit, and SBA PPP loans and funding as fast as 24 hours. Minimum requirements include: at least 1 year in business, 600 credit score, $100,000 in gross annual revenue and a business checking account.

Funding Circle Best for Business Term Loans

Funding Circle

Funding Circle

Funding: Borrow $25,000 to $200,000
Minimum Credit Score: 700
Loan term: 6-12 months
Funding turnaround: 24-48 hours

Funding Circle offers affordable business loans with interest rates lower than alternative lenders with monthly repayment schedules for borrowers with good to excellent credit scores.

BlueVine Best for Business Line of Credit



Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: 6-12 months
Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

What can I use a spa business loan for?

A spa business loan can be used for virtually all aspects of running a spa, including:

  • Boosting your working capital
  • Buying new equipment
  • Expanding your spa to include a new facility
  • Training staff
  • Buying supplies
  • Pay unexpected expenses
  • Cover temporary staff payroll
  • Buy new software
  • Buy a new location

…and so on!

Can I get a business loan to start a spa business?

If you are looking to start up a new spa business, there will be fewer options available to you as many business loans require at least two years in business. For a startup business loan, you should look at obtaining an SBA loan, or a personal loan. You will likely be required to submit a strong business plan with your application to show how the loan will help you achieve your goals.

Where can I get financing for a spa business loan?

There are a number of ways to get financing for a spa business loan, including:

  • Bank Loan: A bank loan is one of the best and most affordable loan types for business owners. They offer high loan amounts, long terms, and low interest rates, however, the application process is often long and it can be difficult to gain approval. That said, if you have the time and strong credentials, it is well worth it.
  • SBA Loans: SBA loans are those guaranteed by the Small Business Administration, meaning they will pay the lender should you default on repayments. This lowers the risk to lenders and so they are more likely to approve you for a loan, but it also means there is a lot more competition between small business owners. Like bank loans, the eligibility requirements for an SBA loan are particularly stringent. The 7(a) loan is the most popular choice, as you can use the loan for any purpose, but they also offer microloans and the 504 loan. The 504 loan is a great choice for purchasing or renovating real estate, and the microloans are a good option for small businesses looking to borrow around $6,000 to $15,000.
  • Business Term Loans: If you are unable to qualify for a bank loan or SBA loan, business term loans offered by online lenders are a good alternative. Loan amounts, interest rates, and terms will vary depending on the loan program and individual lender, so be sure to compare each lender carefully to ensure you are getting the best possible deal. Term loans offered by alternative lenders typically fund quickly - and can be in as little as a day or two.
  • Business Line of Credit: If you are unsure of exactly how much financing you will need or when you will need it, a business line of credit is a good option. This will provide you with credit that you can draw from whenever you need to, only paying interest on what you use.
  • Business Credit Card: If you are looking for fast funding, you may consider a business credit card. This gives you funds as and when you need them, but it is unwise to use a business credit card for large expenses. Using this type of financing for smaller day-to-day expenses can help you to build your business credit score without getting into debt, especially if you are able to qualify for a 0% APR introductory period.
  • Equipment Financing: If you are simply looking to purchase equipment for your spa, you should consider an equipment loan. The equipment financing company will cover the cost of the equipment which you then have to pay back over time with added interest. One big advantage is that the equipment itself acts as collateral, so should you be unable to make repayments, the equipment will be seized and liquidated to receive their remaining outstanding funds.
  • Merchant Cash Advance: A merchant cash advance should only be used as a last resort as it can be very costly. This type of financing will supply you with an advance from your future credit card income which you then repay as a daily percentage.
  • Personal Loans and Personal Funding: If you’ve yet to start your business, consider using a personal loan attained while you still have your full-time job. Personal loans are generally easier to get (provided your credit is good and you have a job when you get the loan) and can offer you the funding you need to get your business off the ground. Similarly, your savings can also give your business the boost it needs.

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What credit score do I need to get a spa business loan?

To qualify for a traditional bank loan, you will need a credit score of at least 680, however, for the best alternative spa business loans, you can expect to need a credit score of 640 or more.

If you have a bad credit score, your options may be limited to a personal loan or equipment financing, where you may only need a credit score of 500 to qualify. It is important to be aware that, the lower your credit score, the higher your interest rate will be, and therefore the more expensive your loan will be.

What documents do I need to apply for a spa business loan?

The exact documents you will need to apply for a spa business loan will depend on both the loan type you choose as well as the lender. That said, you can expect to need to provide:

  • a profit and loss statement
  • a cash flow statement
  • a balance sheet
  • a solid business plan
  • personal and business taxes for the two previous years

Spa Business Loan Calculator

To get a better idea of how much your loan repayments are likely to cost you, use our spa business loan calculator:

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A spa business loan can help you to take that next step toward creating a successful spa business. Whichever type of business loan you decide is right for you, it is important to take your time to compare each lender carefully to ensure that you are getting the best, most affordable deal. We have made it easy for you to compare rates and terms all in one place. Simply click apply when you have found the right option for your spa business, and you will soon have the funding you need to grow your small business.

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