Industries
Service Business Loans & Financing
Whether it’s salons, hotels, or marketing agencies, we offer service loans to support all kinds of small businesses.
We're a Funding Partner with a Proven Track Record
Since 2013, we’ve grown with companies we support.
What is a Service Business Loan?
There are various types of service businesses, ranging from hospitality and hotels to essential services like laundromats and dry cleaners. A service business loan is a financing option designed to assist service-based businesses in starting their operations, managing daily activities, acquiring supplies and equipment, and even paying employees. These loans can resemble term loans or function like a line of credit, similar to a credit card. Additionally, a service business loan can support seasonal businesses.
How a Service Business Loan Works
Since there are various types of service-based businesses, there are also multiple loan options available. While many people think of SBA loans, there are additional alternatives designed to support service businesses.
How To Use a Service Business Loan
Given the variety of service-based businesses, there are also different types of loans available. While SBA loans are commonly known, there are other options to assist service businesses as well.
Equipment
Purchasing equipment such as computers, salon chairs, or furniture becomes more manageable with a service business loan.
Expansion
Even service-based businesses require room to grow. Securing the right professional services loan can provide the funds needed for new hires, additional space, and operational costs.
Renovations
Creating the perfect space for your service business can help your brand thrive. Utilize professional services business loans to tailor your space to your needs.
Why Apply for a Service Business Loan?
Invest in Advertising
Running advertising campaigns to promote your service business can strain your operational budget. Using funds from a professional services loan can help you spread the word while keeping your bills covered.
Cover Payroll
Training and onboarding new staff members requires funding. Professional services company loans can provide the resources to pay your staff on time and cover the costs of hiring and training new employees.
Additional Cash Flow
any businesses require improved cash flow. Utilizing business loan services can free up more of your business’s cash, allowing you to handle daily expenses with ease.
Minimum Eligibility Requirements
Time in Business
Minimum 1 Year
Business Annual Growth Revenue
No minimum
Business Checking Account
Yes
US Citizen/Based Company
Yes
FICO Score
500+
Other Financing
Subject to underwriting
Bankruptcies
None preferred
Service Business Loan FAQ
It’s simple to apply for a service business loan. Collect financial details about your business and complete a quick application with a business loan lender like SVP Funding Group. You should receive a response within 2-3 weeks to find out if you’re approved and for what amount.
Many lenders need businesses to be operational for at least a year before approving a loan. That said, certain loan products are tailored for new startups. For the best chance of approval, apply when you have good business credit, a clear business plan, and your financial documents ready. Submit your application today to see if you qualify with SVP Funding Group.