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Hey folks, I’ve been looking into owning a small business and came across a laundromat that’s up for sale in my area. It’s been around for over 10 years, has regular customers, and seems like it’s in good shape equipment-wise. The problem is, I don’t have the full amount upfront, so I’m wondering if it’s even possible to get a business loan to buy an already operating laundromat. I’ve heard mixed things — some people say banks don’t like lending for these kinds of deals unless you’re buying a building too. Just trying to figure out if anyone here has gone through something similar or knows how this usually works.
Actually, yes — I looked into this exact thing when I was helping my cousin take over a neighborhood laundromat. From what we learned, it’s definitely possible to get funding for an existing laundry business, especially if you can show steady income and a solid transition plan. Some lenders even prefer financing existing operations over startups since there’s already a cash flow. If you’re curious about the details, check out this helpful breakdown at https://eboostpartners.com/business-loans/laundromat-and-laundry-business/. It goes into the kinds of laundromat business loans that are available and what you might need to qualify. For us, it came down to showing that the business had predictable revenue and that we weren’t making huge changes too fast.
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