Fiscal Year 2025
200
Loans Approved
$160.3M
Total Value
Lenders approved 200 SBA 7(a) loans for laundromats in fiscal year 2025, worth $160.3 million in total. A year earlier the count was 162 and the total was $99.1 million. That is the largest dollar total for coin laundries in more than two decades of SBA records, and it tells you lenders are open to the industry. It does not tell you which of them will say yes to your store.
An SBA 7(a) laundromat loan is made and funded by an SBA-approved lender, such as a bank, credit union, or non-bank SBA lender. The SBA does not lend the money. It guarantees part of the loan for the lender: up to 85% on loans of $150,000 or less and up to 75% on loans above $150,000. That guaranty is the reason a lender can finance a business made mostly of washers, dryers, and goodwill, assets a conventional bank loan rarely likes.
7aSavvy is an SBA 7(a) loan broker. You tell us what you are buying, what it costs, and what the money is for, and we introduce you to lenders that are funding SBA laundromat loans right now. A single-store purchase in leased space, a laundromat sold together with its building, and a significant renovation are three different credit conversations, and they rarely belong at the same lender.
Why Laundromat Borrowers Start With 7aSavvy
Most laundromat buyers walk into the bank where they already keep their checking account. Sometimes that works. Often the bank does very little SBA lending, or it has a credit policy that rules out coin laundries before anyone reads the file. Some of the largest national banks decline entire industries this way, and they rarely say so on their websites. Here is what 7aSavvy does differently for laundromat financing:
- No cost to the buyer. The lender pays 7aSavvy when the loan funds. You pay nothing for the introduction, and our fee has no effect on your rate or the amount you borrow.
- A deep lender bench. More than 100 banks, credit unions, and non-bank SBA lenders across the country, and we introduce you to someone at Vice President level or above, not a random loan officer.
- The right lane for the store. One lender is comfortable with a $300,000 leased-space purchase. Another only gets interested when the building comes with it. We match the laundromat deal to the lender that wants that type of loan.
- We have sat on the lender’s side. Between them, our founders have spent more than 35 years in SBA lending, including about 20 years bringing in and closing SBA loans at major SBA banks. That is why we can predict the lease, utility, and equipment questions an underwriter will raise on a laundromat.
How 7aSavvy Works for Laundromat Deals
Step 1: Share the basics. Our Get Connected form asks for the asking price, the store’s location, and what the loan needs to pay for. It has one path for requests under $350,000 and another for $350,000 and up, and most buyers finish it in a few minutes.
Step 2: We read the deal like a credit officer. For a laundromat loan that means the lease dates, the age of the machines, three years of utility bills, the store’s cash flow, and how the money will be used. Problems get flagged while there is still time to fix them.
Step 3: You meet a lender that wants laundromats. We connect you with a decision-maker at a lender currently funding SBA 7(a) laundromat loans of your size and type.
Step 4: We see it through. If a lender stalls or passes, we take the request to the next one on the list. Plan on 45 to 90 days for most SBA 7(a) loans from first call to funding.
Our SBA 7(a) Lender Connections for Laundromats
Laundromat lending is spread thin. In fiscal year 2025, 107 different lenders made at least one SBA 7(a) loan to a coin laundry, but only 19 of them made three or more. For most lenders on that list, a laundromat is a once-a-year event. That is why the first bank you call can sound unsure about your file, even when the store is healthy.
Most active SBA 7(a) laundromat lenders by number of loans (FY 2025):
| Rank | Lender | Laundromat Loans | Total Value |
| 1 | Huntington National Bank | 12 | $4.71M |
| 2 | Newtek Bank | 9 | $5.21M |
| 3 | Readycap Lending | 8 | $6.89M |
| 4 | M&T Bank | 8 | $1.29M |
| 5 | Bank of Hope | 7 | $8.00M |
| 6 | Hanmi Bank | 6 | $9.49M |
| 7 | Byline Bank | 5 | $4.15M |
| 8 | U.S. Bank | 5 | $0.86M |
Source: SBA, 7(a) & 504 FOIA
Look at the averages and the ranking means less than it seems. Huntington’s laundromat loans averaged about $393,000. Hanmi’s averaged about $1.6 million. M&T’s averaged around $160,000. All three are active SBA lenders, and they are built for very different laundromat deals. The busiest lender is not automatically the right lender for yours.
Matching your store to the right name on that list is what 7aSavvy does. Huntington and Ready Capital (Readycap Lending), both on the table above, are among our lender relationships, along with Celtic Bank, GBank, and the rest of the 100+ SBA 7(a) lenders we have relationships with. We keep track of who is actively taking laundromat requests this quarter, who wants acquisitions versus buildings, and which loan officer inside each bank has closed coin laundry deals before.
SBA 7(a) Laundromat Loan Terms and Eligibility
How Much Can You Borrow for a Laundromat?
The standard maximum for SBA 7(a) loans is $5 million. In fiscal year 2025, the median SBA 7(a) loan for a laundromat was $500,000 and the average was about $801,000. 46 loans were $1 million or more, and the largest reached the $5 million cap. The amount you qualify for depends on the store’s cash flow, your down payment, the use of funds, and lender underwriting.
Loan Terms and Interest Rates
- Loan amounts up to $5 million
- Down payments commonly 10%
- Terms up to 25 years with real estate, up to 10 years without
- Fully amortizing payments with no balloon
- On loans with terms of 15 years or more, a prepayment penalty in the first three years (5%, 3%, then 1%)
SBA 7(a) interest rates are set as the prime rate plus a spread. For loans above $350,000, the SBA caps that spread at prime + 3.0, and most laundromat loans land somewhere between prime + 1.0 and prime + 3.0. If prime is 7.00%, a loan priced at prime + 2.75 carries a 9.75% rate. Most 7(a) loans are variable, so the payment moves when prime moves.
Two buyers with similar laundromats can get different rates, because the spread reflects how the lender sees the deal. A lender that wants your laundromat tends to price it better. Putting your request in front of that lender is the most practical way a broker helps on rate. You can test payments with our SBA loan calculator.
SBA 7(a) Laundromat Loan Qualifications
To qualify for an SBA 7(a) loan, a laundromat must be a for-profit business located in the United States, meet SBA size standards, show a need for the credit, and use the money for a sound business purpose. Since March 1, 2026, every direct and indirect owner of the applicant must be a U.S. citizen or U.S. national whose main home is in the United States or its territories.
Meeting the program rules is just the starting point, after which the lender takes a hard look at the borrower and business. A laundromat SBA loan request usually involves a review of:
- Personal credit and a personal financial statement for each owner of 20% or more
- Three years of personal tax returns
- Three years of the store’s business tax returns and profit and loss statements, plus a current profit and loss statement and balance sheet.
- Three years of water, sewer, gas, and electric bills
- The lease, all amendments, and the landlord’s consent to assignment
- An equipment list showing make, model, capacity, and age for every machine
- The purchase agreement and price breakdown
- Your resume and a management plan for running the store
- Contractor bids, if the loan includes a buildout or remodel
- Real estate details, if the building is part of the deal
The SBA sets a minimum equity injection of 10% of total project cost for startups and full business purchases. A seller note on full standby for the life of the loan can count toward up to half of that amount. Every owner of 20% or more signs a personal guarantee. See the full SBA 7(a) loan document list for the rest.
About 7aSavvy
7aSavvy is an SBA 7(a) loan broker that helps borrowers nationwide find the right lender. We do not lend money, and we are not a government agency. Approval, rates, and loan terms are decided by the lender you choose. Our role is getting your laundromat file in front of the lenders most likely to fund it. Learn more about the Savvy Difference.
