Commercial Laundry Expands with $4 Million SBA Loan from CDC Small Business Finance

Two small business owners who cut their entrepreneurial teeth on coin-operated laundries 14 years ago have bought a massive 60,000 square-foot-facility in North Sacramento to expand what evolved into large-scale commercial laundry enterprise.

Keith and Julie Pooler, owners of Sacramento Laundry Company, obtained over $4 million in SBA-504 financing to purchase their building on Pell Circle and acquire large, commercial-grade laundry equipment.

The owners currently employ 80 people and plan to hire another 60 in the coming months. Sacramento Laundry has contracts with several large hotel chains, including Hilton and Marriott.

“The SBA-504 loan is a great tool to help small businesses expand,” said loan officer Ed Ryan of CDC Small Business Finance who facilitated the SBA-504 loan in partnership with JP Morgan Chase.

SBA-504 loans appeal to small business owners who are weary of paying rent and want to build equity for themselves. SBA-504 loans allow entrepreneurs to access low-fixed-rate, 20-year financing of over $20 million with a minimal down-payment (10%). Rates have been averaging 5.4% over the last nine months.

Additional advantages of SBA 504 Loans include:

• Preserving cash to meet working capital needs
• Tax savings
• No additional collateral required
• No balloon payments

To qualify for an SBA 504 loan, businesses must be:

• Owner-operated
• For profit
• Organized as a sole proprietorship, corporation, partnership or LLC
• Have a business net-worth below $15 million and a net-profit after taxes below $5 million within the last two operating years

CDC Small Business Finance is the nation’s leader in helping small businesses secure SBA-504 loans.

Small business owners can find out if they qualify for an SBA-504 loan by using the company’s Prequalify Today tool. For more information, small business owners can call Ed Ryan, 916.565.8102, eryan@cdcloans.comor Kelly Ryan, 415.561.6384, kryan@cdcloans.com.