Business Loans for Drycleaning and Laundry Services

Looking for business loans for drycleaning and laundry services? The SBA may be the answer. This $101,500 drycleaning and laundry services loan was issued by a Kentucky bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Fifth Third Bank, out of Louisville, Kentucky. The loan was granted and they received $101,500 to help grow their Prospect, Kentucky business.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL LAUNDRY AND DRYCLEANING EQUIPMENT
PROSPECT, KY 40059

SBA Loan Lender

FIFTH THIRD BANK
401 S 4TH AVE
LOUISVILLE, KY 40202

This lender issued this particular SBA business 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.

SIC Code

3582 - Commercial Laundry and Drycleaning Equipment

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

5/1/2003

Loan Approval Gross Amount

$101,500

Loan Approval from the SBA

Of the total $101,500 loan amount, the SBA guaranteed $86,275.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Fifth Third Bank 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.

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