Laundry Equipment Financing and Store Financing

There are many options out there for veterans and newcomers to the industry.

brian-grellLaundry equipment financing for a brand-new laundry is considered by banks as venture capital, which is a market in which they are not typically involved. Being regulated by the government, most banks are precluded from using bank funds for start-up businesses‚ unless they have 100 percent collateral outside of that business. For owners who are building an additional store, such as a second or third laundry, this loan would no longer be considered a start-up. It would often be referred to as an expansion and banks have more leeway in this case.

Laundromat FinancingWith tens of thousands of independently owned businesses nationwide, laundromats supply an indispensable service to their communities. Each owner manages numerous financial responsibilities, making financing a beneficial option for many businesses to maintain or improve their facilities.laundromat finacing

 We have the ability to help out coin-operated laundry businesses, especially when they are looking for a bit of a financial boost. Seeking out financing doesn’t need to be hard, so knowing where to turn in the time of need can be quite important. With so many reasons to increase funding, it could end up being a good decision. Examine the multiple options we provide, and it could make a significant difference in how the business’ finances are conducted.

Questions about finacing

We can arrange financing for commercial laundry equipment, as well as all ancillary equipment. We work closely with you to ensure that your business has everything that it needs to be successful.
Finance companies generally do not give pre-approvals. More than the potential borrower’s credit history is taken into account. They are equally interested in the location of the business, the current or projected financial performance, the size of the project and the equipment to be financed. Because of those determining factors, we recommend discussing the needs of your business prior to submitting a request for commercial financing.
In most cases, a minimum personal investment towards the purchase is required. But in some instances, you may able to finance a small portion of the construction/soft costs for an established borrower. We may also be able to accommodate requests for full invoice financing to established operators seeking less than $150,000 to replace equipment.
Financing is available for new equipment purchases, store acquisitions and in certain cases commercial real estate.
Yes, we can connect you with commercial financing for start-up businesses. Keep in mind that most finance companies ususally require the business owner or investor who is seeking start-up capital to have adequate experience running a small business, a minimum credit score of 640 and a sufficient investment in the project.
While most companies do not publish rates, we do offer competitive financing options and can usually match terms for special financing promotions offered by other equipment manufacturers. The finance rate depends on applicant’s credit score and information based from the finance package.
For smaller transactions (below $150,000), you will generally receive a credit decision within 24 hours of the finance company receiving all required information. For larger, more complex transactions, approval depends on how long it takes to obtain all of the required information.

“Having been in the laundry industry for over  46 years. I have helped build, remodel or provided replacement equipment to over 600 customers.” Contact me today for your laundry equipment and financing needs – Dennis M Harker 256-485-1259

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