Small Business Loans for Coin-Operated Laundries and Drycleaners

Looking for small business loans for coin-operated laundries and drycleaners? The SBA may be the answer. This $134,500 coin-operated laundries and drycleaners loan was issued by a Minnesota bank.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with State Bank Of Park Rapids, out of Park Rapids, Minnesota. The loan was granted and they received $134,500 to help grow their Park Rapids, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
PARK RAPIDS, MN 56470

SBA Loan Lender

STATE BANK OF PARK RAPIDS
200 FIRST ST EAST
PARK RAPIDS, MN 56470

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires 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

4/7/2003

Loan Approval Gross Amount

$134,500

Loan Approval from the SBA

Of the total $134,500 loan amount, the SBA guaranteed $114,325.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like State Bank Of Park Rapids that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Family and Friend Investors - Your First Financiers

SBA 7A Banks for Park Rapids, Minnesota Loans

Getting a Business Loan in Minnesota