Bank Loans for Coin-Operated Laundries and Drycleaners

Looking for bank loans for coin-operated laundries and drycleaners? An SBA loan may be just what you've been looking for. This $149,500 coin-operated laundries and drycleaners loan was issued by a Massachusetts bank.

Getting a small business loan in Lowell, Massachusetts was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Enterprise Bank & Trust, operating out of Lowell, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
LOWELL, MA 01852

SBA Loan Lender

ENTERPRISE BANK & TRUST
222 MERRIMACK ST
LOWELL, MA 01852

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

1/16/2003

Loan Approval Gross Amount

$149,500

Loan Approval from the SBA

Of the total $149,500 loan amount, the SBA guaranteed $127,075.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for 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 company planned to use the loan proceeds to add employees or retain any existing employees.

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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Find Start-Up Capital

Where to Get an SBA Loan in Lowell, Massachusetts

SBA Massachusetts Banks