Boulevard, provider of the client experience platform purpose-built for appointment-based, self-care businesses, has announced the launch of Boulevard Capital. This new financial offering gives Boulevard-powered salons, barbershops, spas, and medical spas access to essential growth funding without the challenges of traditional lending. Based on demonstrated business performance rather than credit history, Boulevard Capital offers self-care business owners the fast, flexible funding they need to reinvest in their businesses and drive continued growth. “For years, the self-care industry has been underserved by lenders who understand little to nothing about how these unique businesses work,” saya Matt Danna, co-founder and CEO of Boulevard. “Traditional small business loans have only been accessible to business owners who don't actually need them. It’s also no secret that the women- and minority-owned businesses that make up a significant portion of the self-care industry have long struggled to access the loans and lines of credit on which small businesses depend. With Boulevard Capital, we developed a unique offering based on our deep understanding of the industry, making funding more equitable and accessible to self-care business owners from diverse backgrounds so they can invest in their continued growth.”
The brick-and-mortar small businesses that permeate the self-care industry often operate with low margins that severely limit their investment in growth, particularly through avenues like additional marketing, increased headcount, better equipment, and location expansion. Boulevard Capital addresses this challenge by providing eligible customers with fast, flexible funding to make critical investments in their businesses.
Boulevard Capital enables customers to bypass the months of waiting, credit checks, and tedious paperwork that accompany traditional loan applications — a process that often ends in rejection anyway, especially for minority-owned businesses. According to a Small Business Credit Survey conducted by the 12 Federal Reserve Banks, Black and Latino-owned firms are less than half as likely as white-owned firms to be approved for financing. This is especially impactful for the self-care industry.
With Boulevard Capital, customers are pre-qualified based on the financial performance of their business. The rich sales and cashflow data captured by its platform gives Boulevard a real-time, holistic, and unbiased understanding of a business’s health, enabling it to create individually tailored offers that align with the specific needs of that business. Once approved, businesses can accept as much or as little of the offer amount as they need, with funds landing directly in their bank accounts in as little as 24 hours.
Funding secured through Boulevard Capital carries no compounding interest or late fees, and requires no personal guarantees. Businesses only pay a transparent, one-time capital fee based on the total offer amount. The balance is paid automatically through a fixed percentage of daily sales so that customers can reliably predict their cash flow throughout the process.