NY Hair Co., a Las Vegas salon owned by Nicolette Tucker, is opening a new and expanded location in March, thanks to an SBA 504 loan from TMC Financing.
Tucker has owned her salon, which until now was located at Decatur Boulevard and Flamingo Road, for 16 years. She said she originally opened the salon after working long hours at a corporate job.
“If I was going to be working that many hours, I wanted to open my own business,” she said. “I wanted freedom in my life.”
The East Coast native opened the salon when she moved to Las Vegas 16 years ago, and has never looked back.
Tucker rented her salon space for the entire 16 years she was in business prior to buying her own building.
“My landlord had been regularly increasing my rent and there were issues in the center,” she said. “And I thought, why am I continuing to pay rent when I could own my own building? I could have a building that would start appreciating and making money, and I would have control of my own space.”
NY Hair’s new location is at 1550 E. Tropicana Ave., near the University of Nevada, Las Vegas and minutes from the Las Vegas Strip. It will officially open next month.
In addition to the prime location, NY Hair’s new space will be triple the size of its original location at approximately 4,500 square feet. Tucker said she will add hair stylists, and offer additional services including an esthetician, nails and make-up services. “We are growing the business to be more like a spa,” she said.
Tucker, who has a background in residential real estate, said a friend in commercial real estate introduced her to TMC Financing to find out her possibilities with an SBA 504 loan.
“I just didn’t stop,” she said. “Chris Hunter and TMC were an amazing help. They helped close this deal for me and they made my dreams come true by helping me make it happen.”
One of the primary benefits of the SBA 504 program was its requirement for just 10 percent down payment, Tucker said. “It was easier to come up with that cash being a small business owner and entrepreneur,” she said. “To come up with any more than that would have been a struggle.”
Tucker said she was glad she moved past her original misconceptions about applying for the SBA program.
“I’ll be honest, I thought it was going to be really tough to get approved,” she said. “But the process with the SBA 504 loan was fairly simple and not as hard as I anticipated. You can make it happen. Anybody can. If I did it, anybody can do it.”
For more information on NY Hair Co., visit nyhaircompany.com.
The U.S. Small Business Administration 504 loan program allows small-business owners to finance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. SBA 504 loans can be used to finance the total project cost, which can include the purchase price, construction/renovations, equipment, soft costs and closing costs. A typical 504 loan project requires a down payment of only 10 percent of the total project cost from the borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a certified development company. By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides long-term stability to both businesses and communities.
Founded in 1981, TMC Financing is the nation’s No. 1 provider of SBA 504 commercial real estate financing for fiscal year 2019. The company has secured financing for projects worth more than $12 billion across California and Nevada. More than 5,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs. For more information on SBA 504 loans and the local businesses they support, visit tmcfinancing.com.