Getting an SBA Loan for Coin-Operated Laundries and Drycleaners

Looking for SBA loans for coin-operated laundries and drycleaners? Talk to a banker who works with the SBA. This $136,000 coin-operated laundries and drycleaners loan was issued by a Wisconsin bank.

This business knew how to go about getting a business bank loan. Based in Greenfield, Wisconsin, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Bank Mutual, based in Milwaukee, Wisconsin.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
GREENFIELD, WI 53220

SBA Loan Lender

BANK MUTUAL
4949 W BROWN DEER RD
MILWAUKEE, WI 53223

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

8/10/2006

Loan Approval Gross Amount

$136,000

Loan Approval from the SBA

Of the total $136,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

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

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Mutual and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Line of Credit

Where to Get an SBA Loan in Milwaukee, Wisconsin

SBA Lenders in Wisconsin