Coin-Operated Laundries and Drycleaners Bank Loans

Looking for bank loans for coin-operated laundries and drycleaners? The SBA may be the answer. This $52,200 coin-operated laundries and drycleaners loan was issued by a Minnesota bank.

This company knew how to go about getting a business bank loan. Based in East Grand Forks, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Community Bank - Red River Valle, based in East Grand Forks, Minnesota.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
EAST GRAND FORKS, MN 56721

SBA Loan Lender

COMMUNITY BANK - RED RIVER VALLE
1413 CENTRAL AVE NW
EAST GRAND FORKS, MN 56721

This lender issued this SBA business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

5/15/2006

Loan Approval Gross Amount

$52,200

Loan Approval from the SBA

Of the total $52,200 loan amount, the SBA guaranteed $41,760.

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 application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

We can help you find the best banks for small businesses in East Grand Forks or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

The Art of Bootstrapping

SBA Banks in East Grand Forks, Minnesota

Minnesota SBA 7A Lenders