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Whether you’re looking to cover operating expenses or expand a laundromat you already own, Lendio has you covered.
A laundromat business can be exciting and lucrative. After all, people always need clean clothes. If you’d like to launch or grow your laundromat, laundromat financing can come in handy. It can provide you with the funds you need to cover a variety of business-related expenses.
Simply fill out one short application to get matched with laundromat financing offers that are right for your unique business. We make the process fast and easy, so you can receive your funds quickly and focus on serving your customers and increasing your profits.
Apply in just 15 minutes and get funded in as little as 24 hours
Get personalized support throughout the funding process. Your funding manager will be with you every step of the way to answer your questions and advocate for you.
Compare loan offers from multiple lenders. With over 75+ lenders in our network, your funding manager will work with you to ensure you get the best rates and terms for your business.
Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.
One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.
Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.
We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
Also known as a business cash advance, revenue-based financing is when you receive an advance on expected future revenue.
Debt financing is when you borrow money for a specified period of time. Two examples of debt financing are term loans, which offer a lump sum of money upfront, and SBA loans, which are partially guaranteed by the U.S. Small Business Administration (SBA).
A line of credit offers a flexible way to cover expenses for your laundromat. You can borrow as much or as little as you’d like, up to a set credit limit. You’ll pay interest only on the funds you withdraw, rather than the entire amount for which you get approved.
Equipment financing can help you purchase or lease equipment for your laundromat without depleting your working capital. However, be aware that lenders have varying restrictions on equipment types—rely on your funding manager to match you with the right option.
While there are no loan products that are designed exclusively for laundromats, there are several types of business financing available that can provide working capital to cover business expenses or facilitate growth for a business in the laundromat industry. These include asset- or revenue-based financing, debt financing, line of credit, and equipment financing.
Requirements for laundromat financing vary by lender and loan type. As a starting point, loan products with lower minimum requirements look for the following:
Laundromat financing is versatile, meaning you can use it to cover just about any business-related expense. Some of the most common uses include equipment like washers, dryers, and cleaning solutions, marketing, payroll, and expansion costs. Some loan products will have restrictions on what the money can be used for. Equipment financing, for example, can only be used to purchase equipment approved by the lender.
When you use an online marketplace like Lendio, you can apply in just 15 minutes and get funded in as little as 24 hours. You’ll be able to compare loan offers from multiple lenders and work with a funding manager to lock in the best rates and terms for your laundromat business. Plus, you’ll receive personalized support throughout the entire funding process.
Partially guaranteed by the U.S. Small Business Administration (SBA), SBA loans offer low interest rates and lengthy repayment terms that you may not be able to find elsewhere. Depending on your situation, you might be able to secure up to $5 million in funding with repayment terms of up to 25 years.
There are a number of SBA loans designed to meet the needs of various business owners. The SBA 7(a) loan is the most popular program and designed to cover working capital, debt financing, and the purchase of business assets. Other loans include the SBA 504 for fixed assets like a building, land, and machinery, as well as SBA microloans, which cap out at $50,000 and can be used for working capital, inventory, or equipment.
*based on 136 Lendio employees who responded to an internal poll
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