Financing for Coin-Operated Laundries and Drycleaners

Looking for loans for coin-operated laundries and drycleaners? Talk to a banker who works with the SBA. This $150,000 coin-operated laundries and drycleaners loan was issued by a Texas bank.

This small firm knew how to go about getting a business bank loan. Based in Lewisville, Texas, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Prosperity Bank, based in Gainesville, Texas.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
LEWISVILLE, TX 75077

SBA Loan Lender

PROSPERITY BANK
100 E CALIFORNIA ST
GAINESVILLE, TX 76240

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

9/17/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 only one employee. The loan application indicated that the borrowed money would help create 2 new jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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 Prosperity 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.

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