Raising Money for Coin-Operated Laundries and Drycleaners

Looking for business loans for coin-operated laundries and drycleaners? The SBA may be the answer. This $1,113,000 coin-operated laundries and drycleaners loan was issued by a California bank.

This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Wilshire State Bank, out of Los Angeles, California. The loan was granted and they received $1,113,000 to help grow their Los Angeles, California business.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
Los Angeles, CA 90007

SBA Loan Lender

WILSHIRE STATE BANK
3200 WILSHIRE BLVD
LOS ANGELES, CA 90010

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

6/1/2006

Loan Approval Gross Amount

$1,113,000

Loan Approval from the SBA

Of the total $1,113,000 loan amount, the SBA guaranteed $834,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,113,000 loan. Remember, if it to be, it is up to me!

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:

The Friends and Family Network

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SBA Participating Banks in California