How to Get a Loan for Coin-Operated Laundries and Drycleaners

Looking for business loans for coin-operated laundries and drycleaners? Try the SBA. This $106,700 coin-operated laundries and drycleaners loan was issued by an Ohio bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Firstmerit Bank, out of Akron, Ohio. The loan was granted and they received $106,700 to help grow their Akron, Ohio business.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
AKRON, OH 44310

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

4/17/2003

Loan Approval Gross Amount

$106,700

Loan Approval from the SBA

Of the total $106,700 loan amount, the SBA guaranteed $90,695.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Firstmerit Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstmerit Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Small Business Loan

Where to Get an SBA Loan in Akron, Ohio

SBA Ohio Lenders