How to Get a Loan for Drycleaning and Laundry Services

Looking for business loans for drycleaning and laundry services? Try the SBA. This $50,000 drycleaning and laundry services loan was issued by a Virginia bank.

Kim's Cleaners, Inc. knew how to go about getting a business bank loan. Based in Newport News, Virginia, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Suntrust Bank, based in Richmond, Virginia.

SBA Loan Borrower

Kim's Cleaners, Inc.
16922 Warwick Blvd.
Newport News, VA 23603

SBA Loan Lender

SUNTRUST BANK
1001 SEMMES AVE, RVW 4323
RICHMOND, VA 23224

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812320 - Drycleaning and Laundry Services (except Coin-Operated)

Loan Approval Date

4/16/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower, Kim's Cleaners, Inc., borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. This SBA loan request indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to Kim's Cleaners, Inc. to let you know that businesses like yours can get an SBA loan.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Business Credit Evaluation

Good Banks for Small Business in Richmond, Virginia

Virginia SBA 7A Lenders

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