Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Small Business Loans

Looking for small business loans for commercial laundry, drycleaning, and pressing machine manufacturing? Try the SBA. This $132,000 commercial laundry, drycleaning, and pressing machine manufacturing loan was issued by a Minnesota bank.

Getting a small business loan in Bloomington, Minnesota was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Maple Bank, operating out of Champlin, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL LAUNDRY, DRYCLEANING, AND PRESSING MACHINE MANUFACTURING
BLOOMINGTON, MN 55431

SBA Loan Lender

MAPLE BANK
11660 THEATRE DR NORTH
CHAMPLIN, MN 55316

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.

NAICS Code

333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing

Loan Approval Date

1/19/2005

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $112,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

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