Getting an SBA Loan for Drycleaning and Laundry Services

Looking for commercial loans for drycleaning and laundry services? The SBA may be the answer. This $263,371 drycleaning and laundry services loan was issued by a Georgia bank.

This small business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Gwinnett Community Bank, out of Duluth, Georgia. The loan was granted and they received $263,371 to help grow their Lawrenceville, Georgia business.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
LAWRENCEVILLE, GA 30043

SBA Loan Lender

GWINNETT COMMUNITY BANK
2775 BUFORD HWY
DULUTH, GA 30096

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

6/27/2005

Loan Approval Gross Amount

$263,371

Loan Approval from the SBA

Of the total $263,371 loan amount, the SBA guaranteed $197,528.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 Gwinnett Community Bank 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:

Startup Funding Tip

Small Bank Loans in Duluth, Georgia

Where to Get an SBA Loan Georgia