Raising Money for Coin-Operated Laundries and Drycleaners

Looking for bank loans for coin-operated laundries and drycleaners? The SBA may be the answer. This $103,500 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 Meridian, Texas, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was First Commun Bank Cent. Texas Na, based in Meridian, Texas.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
MERIDIAN, TX 76665

SBA Loan Lender

FIRST COMMUN BANK CENT. TEXAS NA
201 W MORGAN
MERIDIAN, TX 76665

This was a Low Documentation SBA loan. The SBA created this program to minimize 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. Currently, $100,000 is the maximum loan amount.

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

9/11/2000

Loan Approval Gross Amount

$103,500

Loan Approval from the SBA

Of the total $103,500 loan amount, the SBA guaranteed $77,625.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new 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 First Commun Bank Cent. Texas Na 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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Raising Money for Coin-Operated Laundries and Drycleaners