Financing for Drycleaning and Laundry Services

With these loans for drycleaning and laundry services, the SBA guarantees the lender that the loan will be repaid. This drycleaning and laundry services loan for $10,000 was given to a New York entrepreneur in 2006.

This small firm knew how to go about getting a business bank loan. Based in Brooklyn, New York, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Bank Of America, based in Charlotte, North Carolina.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
BROOKLYN, NY 11230

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

12/18/2006

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $5,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $10,000 loan. Remember, if it to be, it is up to me!

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:

Obtaining Funding - How to Borrow Money

SBA 7A Banks for Charlotte, North Carolina Loans

North Carolina SBA 7A Lenders