Beauty Salon Feasibility Study in the Akron, OH Metro Area

Akron salons: very small tickets

Akron's beauty salons borrow in small amounts: 42 loans, $6.6 million in all, FY2017 to FY2026. The $50,000 median is half the class median nationally, 0.50x. Expect requests near $50,000: that is the median, 0.50x of the national one, and the centre of the book runs from $25,000 through $115,375. The class holds fourth place in the local mix, 4 of 39, with a location quotient of 1.16x, and the metro stands 45 of 546 nationally.

Tickets this small usually fund equipment, working capital or a suite deposit more than a building, and a study should confirm which for its own project. Program counts are not printed for Akron salons: the 7(a) and 504 numbers fall under the small-count rule and are withheld. The franchise share is also withheld, so this page says nothing about it.

One bank dominates

The Huntington National Bank is the sole holder listed, with 31 loans and $4.4 million, which accounts for most of the record. The names above are drawn from SBA's holder field verbatim, and no conclusion about any lender's behaviour follows. Summit County, OH has 29 loans and Portage County, OH 13.

Both rates that would show loss, cancelled after approval and charged off, are withheld for Akron salons; a withheld rate is not zero. The series that prints starts with 6 loans and $199,800 in FY2018, then 6 and $1.7 million in FY2021, 11 and $679,600 in FY2022, and 7 and $606,500 in FY2023. The file shows no approvals in FY2019. FY2017, FY2020 and FY2024 through FY2026 are withheld. The area is a statistical construct, a delineation from July 2023 applied to project counties, and loans with an unmatched county fall outside it.

What an Akron salon study has to test

A salon study should map households and incomes within a short drive, count competing suites and shops, and compare booth-rental and employee models. Build-out and chairs are costed against the $50,000 median, and revenue per chair must cover the debt with room to spare at so small a size. The appraisal values the business and its lease, and the lender keeps the final say on the loan.