Reviews from laundromat owners.
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Laundromat Financing, fast.
Apply for financing today to build your business, upgrade your equipment, or fund your next project.
Applying is free and won't impact your credit*
Lendio knows laundromat small businesses.
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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
How much can I qualify for?
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
Lendio knows the laundromat business.
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.
Bridge seasonal slow downs
Upgrade washers, dryers, and other equipment
Refinance existing debt
Pay your staff
Invest in marketing
What type of commercial real estate funding is best for your business?
These are the most popular types of funding that other laundromat businesses qualify for through Lendio.
Business Term Loan
Borrow a lump-sum with a set repayment schedule, and get funding quickly with online options.
Revenue-Based Financing
Access funding based on your future revenue and repay with regular payments.
Equipment Financing
Finance the tools and equipment you need to grow your business without breaking the bank.
What types of business loans are available to laundromat businesses?
Revenue-based financing
Also known as a business cash advance, revenue-based financing is when you receive an advance on expected future revenue.
Term Length
1-15 months
Max Loan Amount
$1 million
Debt financing
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).
Term Length
6 months-25 years
Max Loan Amount
$5 million
Line of credit
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.
Term Length
6-24 months
Max Loan Amount
Up to $250,000
Equipment financing
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.
Term Length
1-5 years
Max Loan Amount
$5 million
FAQs
Find answers to some commonly asked questions in the laundromat industry.
What is laundromat financing?
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.
What are the requirements to get laundromat 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:
- A credit score minimum of 600
- Monthly revenue of $8,000 or more
- A business history of least six months
What can I use laundromat financing for?
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.
What are the benefits of an online loan marketplace?
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.
What is an SBA loan?
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.
What are the different types of SBA loans?
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.
Ready for funding?
See what you can qualify for on the Lendio Marketplace.