Bank Loans for Drycleaning and Laundry Services

With these bank loans for drycleaning and laundry services, the SBA guarantees the lender that the loan will be repaid. This drycleaning and laundry services loan for $100,000 was given to a Massachusetts entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Adams, Massachusetts was able to borrow $100,000 from Legacy Banks. The SBA made the loan possible by guaranteeing $85,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
NORTH ADAMS, MA 01247

SBA Loan Lender

LEGACY BANKS
99 NORTH ST
PITTSFIELD, MA 01201

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

6/8/2005

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 16 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in North Adams MA, you ought to talk with a local North Adams SBA lender or talk with an out-of-area SBA lender that has previously loaned money to North Adams businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Legacy Banks so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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