When it comes to owning a laundromat, many potential owners are intimidated by the cost to start up one of these businesses. Choosing the best way to finance this new venture can be difficult. However, when you have an experienced industry partner like T & L Laundry Equipment to help you navigate the process, it can be a little easier. For more than 40 years, T & L has been helping laundromat owners get the equipment they need to outfit their new businesses. Getting the latest equipment, most comfortable seating, and the best fixtures for your laundromat is simple with the help of the expert team in our showroom. Searching for Speed Queen dealers in North Carolina for 2018? Call T & L today for great customer service.
Together with the manufacturers Speed Queen and Continental, we are proud to offer our customers in-house financing. Choosing to finance with us means we can guide you through the paperwork and help you understand the difficult application questions, provide the right type of documentation, and get the exact equipment you want for your new coin-op. There are, of course, other ways to finance your new equipment that don't involve going through T & L. Keep reading to learn more about these alternatives. While these options may not be ideal for everyone, knowing your options and where to look for financing is crucial to the overall success of your business.
Small Business Association Loans
Obtaining one of these loans will require you to provide full financial documentation to the Small Business Association (SBA). You'll need to be prepared to provide two to three years of personal income tax returns. In some cases, the SBA will require you to use your primary residence as collateral for the loan. Generally, these loans will require you to show two years of financial records on the business, and if your store has been declining in revenue, you can expect to have your loan denied. SBA loans can take a long time to close, and some take up to 60 days to finalize.
Hard Money Loan
With high-interest rates that are two to five percent above the prime interest rate, these loans are an expensive way to get the money you need. If you don't qualify for an SBA loan, this loan may be offered to you by a private investor in the secondary loan market. Be aware that these loans typically have shorter terms. Some are 24 months or less. The benefit of these loans is that they can provide funds in just days.
Home Equity Line of Credit
If you have substantial equity in your home, you may find that using that equity to pay for your business is a really smart idea. Turning your equity into a stream of reliable income with a lower interest rate than an SBA loan means that you're maximizing your return on investment. These loans are typically easy to qualify for.
The Best Speed Queen Dealers in North Carolina for 2018
Want to learn more about purchasing equipment for your laundromat? Let the expert team at T & L Laundromat Equipment help you choose the best option. We aren't just another vended or commercial laundry company. We're your partner in your business and are considered to be the best Speed Queen dealers in North Carolina. Let us put our experience and expertise to work for you and your laundromat. Call today and schedule your appointment to see the latest in washers and dryers from some of the industry's most reliable brands.
With T & L Laundry Equipment the service, selection, and support you need for your business is always just a phone call away! What are you waiting for? Start your new laundry business today by giving us a call!
