Can Dry Cleaners and Laundromats Benefit from SBA 504 Loans?
Dry cleaners and laundromats, while less in demand today than in previous decades, are still vital parts of the economy. The laundromat segment is expected to generate $5 billion in revenue in 2018, and dry cleaners are expected to earn around $9 billion during the same period.
Both of these represent savvy business opportunities in the right market. For business owners seeking to get started, an SBA 504 loan might be a great solution. With this type of loan, you can purchase the real estate to construct a new facility and even build the facility itself. You can also renovate, improve, or retrofit and existing facility, and use the funds to pay for equipment.
For both dry cleaners and laundromats, equipment represents one of the most significant costs. Washers and dryers can cost over $1,000 each depending on the quality. Dry cleaning equipment, such as press machines and steam boilers can cost tens of thousands of dollars each.
We’re here to help you get the commercial financing you need. Simply fill out the form below for a risk-free consultation and a free SBA loan quote!