Phorest Growth Fund to give financial support to salons struggling to secure funding or loans

Salon software supplier Phorest is supporting its salon, spa and clinic accounts who need financial help to facilitate the next phase of their business growth with a new funding scheme. 

The Phorest Growth Fund will launch in March and will be distributed on a case-by-case basis to beauty businesses who need financial help – for those struggling to secure funding, loans or finance to level up.

Phorest has deposited £100,000 into the fund and this will be available to its accounts across the globe – it serves more than 8,500 businesses in 10 regions. 

From its own research, Phorest states that for 42% of salons getting established, business planning and managing the financials of their businesses were the biggest challenges they face, while 24% struggle with getting appropriate loans or funding.

Details on how to submit an application to the Phorest review panel will be released soon (February 7) and applications will subsequently open. 

Phorest chief executive Ronan Perceval said: “Phorest was literally born on the salon floor – we know what it's like to be at the heart of a business that is striving for excellence, but we are also acutely aware of the challenges facing the industry when it comes to growing that business. 

“We established the Phorest Growth Fund to give back to the community that has given us so much. We have taken the next step in our growth journey with a new look and feel for 2022 and beyond; and we want to help salons reach their next steps through The Phorest Growth Fund.”

New identity for Phorest in 2022

The Phorest Growth Fund is part of a bigger project the company has undertaken, having recently revealed a cool new rebrand across its global business this month. 

The company’s sleek new look is “is reflective of a fast-growing technology company that lives and breathes the hair and beauty industry and speaks directly to the salons and spas it serves,” it said. 

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