How to Get a Loan for Drycleaning and Laundry Services

With these commercial loans for drycleaning and laundry services, the SBA guarantees the lender that the loan will be repaid. This drycleaning and laundry services loan for $200,000 was given to a California entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Livermore, California was able to borrow $200,000 from Nara Bank. The SBA made the loan possible by guaranteeing $150,000 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
LIVERMORE, CA 94550

SBA Loan Lender

NARA BANK
3731 WILSHIRE BLVD, STE 1000
LOS ANGELES, CA 90010

This SBA bank loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending track record and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

10/23/2003

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 4 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

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

If you want money for new small business in Livermore CA, you ought to talk with a local Livermore SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Livermore businesses.

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.

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