Small Business Loans for Drycleaning and Laundry Services

Looking for small business loans for drycleaning and laundry services? Talk to a banker who works with the SBA. This $33,200 drycleaning and laundry services loan was issued by a Maine bank.

This company knew how to go about getting a business bank loan. Based in Camden, Maine, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Camden National Bank, based in Camden, Maine.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
CAMDEN, ME 04843

SBA Loan Lender

CAMDEN NATIONAL BANK
2 ELM ST
CAMDEN, ME 04843

The lender provided this business loan 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

9/2/2005

Loan Approval Gross Amount

$33,200

Loan Approval from the SBA

Of the total $33,200 loan amount, the SBA guaranteed $16,600.

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 5 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 5 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Banking Deregulation's Effects on Entrepreneurship

Best Banks in Camden, Maine

Where to Get an SBA Loan Maine