Drycleaning and Laundry Services Bank Loans

Looking for bank loans for drycleaning and laundry services? The SBA may be the answer. This $360,000 drycleaning and laundry services loan was issued by a New York bank.

Getting a small business loan in Brooklyn, New York was important for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Newbank, operating out of New York City, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
BROOKLYN, NY 11215

SBA Loan Lender

NEWBANK
146-01 NORTHERN BLVD
NEW YORK CITY, NY 11354

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

9/7/2007

Loan Approval Gross Amount

$360,000

Loan Approval from the SBA

Of the total $360,000 loan amount, the SBA guaranteed $270,000.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

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

If you are working on finding money to start a business in Brooklyn NY, you ought to talk with a local Brooklyn SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Brooklyn businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Newbank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Newbank 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.

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