Best SBA Lenders for Laundromats
Laundromats require significant capital for purchasing equipment, setting up new facilities, expanding existing ones, or acquiring an established business. SBA loans, particularly the SBA 7(a) loan, are an excellent option for financing these needs due to their favorable terms, lower down payments, and flexibility. Below, we list the top SBA lenders for laundromats and provide insights into the best loan options available.
Top SBA Lenders for Laundromats
| Bank | Total Amount Funded | Count |
|---|---|---|
| Readycap Lending, LLC | $9,416,700 | 10 |
| Newtek Bank, National Association | $7,385,000 | 15 |
| Exos Small Business Lending LLC | $5,990,000 | 3 |
| VelocitySBA, LLC | $5,649,000 | 5 |
| Woori America Bank | $4,750,000 | 2 |
| Hanmi Bank | $4,485,000 | 3 |
| U.S. Bank, National Association | $3,977,800 | 7 |
| Mission Valley Bank | $3,902,300 | 3 |
| Open Bank | $3,510,000 | 2 |
| GBank | $3,040,000 | 1 |
| Hancock Whitney Bank | $2,905,000 | 2 |
| Citizens Bank | $2,811,900 | 2 |
| Centier Bank | $2,646,000 | 1 |
| The Huntington National Bank | $2,531,400 | 9 |
| Bank of America, National Association | $2,515,300 | 4 |
| Millennium Bank | $2,465,000 | 1 |
| First Commonwealth Bank | $2,457,000 | 1 |
Why SBA Loans Are Perfect for Laundromats
The laundromat industry requires substantial investments in equipment, real estate, and operational costs to ensure smooth operations and profitability. SBA loans are an excellent way for laundromat owners to access the capital they need with favorable terms.
The SBA 7(a) loan is particularly well-suited for laundromats due to its flexibility. The SBA 7(a) loan can be used to finance equipment purchases, renovations, working capital, real estate, and even business acquisitions.
Best SBA Loans for Laundromats
1. SBA 7(a) Loans
The SBA 7(a) loan is the most popular option for laundromat owners due to its flexibility. It provides funding that can be used for a variety of purposes, including buying equipment, acquiring real estate, expanding an existing laundromat, or acquiring another laundromat business.
Benefits of the SBA 7(a) Loan for Laundromats
- Flexible Use of Funds: Can be used for real estate, equipment, working capital, renovations, and business acquisitions.
- High Loan Amounts: Up to $5 million, suitable for medium to large-scale investments.
- Long Repayment Terms: Up to 25 years for real estate, and up to 10 years for other purposes, providing manageable monthly payments.
2. SBA Express Loans
SBA Express Loans are part of the broader 7(a) loan program but offer faster approval times. These loans can provide up to $500,000, making them ideal for smaller or urgent funding needs, such as equipment purchases or working capital.
Key Features of SBA Express Loans
- Fast Approval: Typically processed faster than standard SBA loans.
- Maximum Loan Amount: Up to $500,000.
- Flexible Terms: Suitable for purchasing small equipment or covering unexpected expenses.
Best SBA Lenders for Laundromat Working Capital
Working capital is essential for managing the day-to-day operations of a laundromat, covering expenses such as payroll, utilities, and supplies. Readycap Lending, LLC and Newtek Bank are highly recommended for their experience with SBA loans focused on working capital needs in the laundromat industry.
Best SBA Lenders for Laundromat Real Estate Purchases
If you’re planning to purchase or expand a laundromat facility, Exos Small Business Lending LLC and VelocitySBA, LLC are among the top lenders for real estate financing. These lenders provide SBA 7(a) loans, which are ideal for acquiring new properties or undertaking major renovations.
Best SBA Lenders for Laundromat Business Acquisition
Acquiring an existing laundromat can be a great way to expand your business quickly. Hanmi Bank and Mission Valley Bank have strong track records of providing SBA 7(a) loans for business acquisitions, making them reliable choices for those looking to grow their laundromat operations.
How to Apply for an SBA Laundromat Loan
Applying for an SBA loan for your laundromat can be simplified with the right preparation and guidance. Here’s how to get started:
- Assess Your Needs: Determine the funding amount you need—whether it’s for purchasing real estate, equipment, or acquiring another laundromat.
- Choose the Right Loan Type: Decide between an SBA 7(a) or Express Loan based on your specific requirements.
- Select an SBA Lender: Partner with a lender experienced in laundromat SBA loans. Choosing a knowledgeable lender can streamline the application process.
- Prepare Your Documentation: Gather financial statements, tax returns, property appraisals, and a comprehensive business plan.
- Submit Your Application: Work with your lender to ensure all paperwork is completed accurately and on time.
Why Choose GoSBA Loans?
GoSBA Loans specializes in helping laundromat owners secure the best SBA loans. We understand the unique challenges of the laundromat industry and have extensive experience in connecting borrowers with the right SBA lenders. Whether you’re looking for working capital, real estate funding, or to acquire an existing laundromat, GoSBA Loans can assist you through every step.
Ready to Get Started?
Contact GoSBA Loans today to learn how we can help secure the best SBA loan for your laundromat. Visit gosbaloans.com or call 1-855-381-6448 to speak with a specialist.
Ishan Jetley
http://gosbaloans.comIshan Jetley is the owner of GoSBA Loans. I have assisted 100's of businesses with their business loans. I specialize in SBA financing for working capital, real estate and business acquisitions.