

You may be able to get business loans from your local laundromat. Here are the three major ways to get a business loan.

The first way you can get business loans from your laundromat is through a bank or credit union. Your laundry business may offer to bankroll your laundry loans, but many banks are not going to offer a loan with very high interest rates. Banks will need a great deal of documentation, and you should have no trouble finding a lender that is willing to do business with you.

Laundromat financing, however, is usually not as easy as lending to other businesses. It’s probably easier to get a small business loan from a bank, but you’ll still need collateral for the loan. If you default on the loan, the money that you borrow may be taken by the bank. With a credit union, the only way to secure the loan is to have a company relationship.

Small business financing companies are other places to look for a loan from. There are some companies that provide small business loans, so don’t give up too quickly if you can’t find one that you like.

The second way to get business loans from your laundromat is to go through the lender directly. There are many lenders who specialize in small business financing, and they will often work directly with laundromats. You may find that you are offered a lower interest rate and a longer period of time to repay the loan, then a bank or credit union will.