Drycleaning and Laundry Services: SBA business acquisition loan data
368 SBA 7(a) loans since FY2018 financed the purchase of an existing business classified as Drycleaning and Laundry Services (except Coin-Operated) (NAICS 812320), totaling $222M. Median loan $374,000, 42% lower than the all-acquisition median. Annual volume rose 16% from FY2024 to FY2026.
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Reading this industry's numbers
- Deal size. The loan excludes the buyer's equity and any seller note and may include working capital. A loan request far above $660,175 would be in the top quarter of SBA acquisition loans in this industry.
- Share of all acquisitions. This industry is 0.8% of all SBA-financed business purchases, ranking #28 of 300 industries tracked.
- Geography. Texas leads with 58 loans; the top five states account for 52% of the industry's acquisitions.
- Jobs. Lenders reported 3,416 jobs supported across these loans, about 9.3 per acquisition, a rough proxy for the size of business changing hands.
Drycleaning and Laundry Services acquisitions by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 60 | $28.5M | $292,000 | |
| FY2019 | 84 | $40.1M | $329,050 | |
| FY2020 | 28 | $14.8M | $300,500 | |
| FY2021 | 9 | $6.6M | $580,000 | |
| FY2022 | 16 | $8M | $377,150 | |
| FY2023 | 25 | $24.7M | $750,000 | |
| FY2024 | 38 | $24.4M | $350,000 | |
| FY2025 | 64 | $37.7M | $439,500 | |
| FY2026 | 44 | $37.2M | $475,000 |
How often do these acquisition loans fail?
Of the 181 Drycleaning and Laundry Services acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 15 have been charged off by the SBA, a rate of 8.3% by loan count and 3.3% by dollars. 86 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Drycleaning and Laundry Services is 136% higher than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Terms signed in the LOI shape the purchase agreement that follows.
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Top states
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Texas | 58 | 15.8% | $59.8M | |
| 2 | California | 43 | 11.7% | $14.3M | |
| 3 | New York | 35 | 9.5% | $14M | |
| 4 | Georgia | 33 | 9.0% | $16.5M | |
| 5 | Florida | 24 | 6.5% | $22.6M | |
| 6 | Illinois | 21 | 5.7% | $8.9M | |
| 7 | Pennsylvania | 20 | 5.4% | $10.3M | |
| 8 | New Jersey | 17 | 4.6% | $4.8M | |
| 9 | Arizona | 13 | 3.5% | $5.9M | |
| 10 | Colorado | 11 | 3.0% | $4.4M |
Most active lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hanmi Bank | 30 | 8.2% | $18.9M | |
| 2 | The Huntington National Bank | 19 | 5.2% | $7.9M | |
| 3 | Bank of Hope | 19 | 5.2% | $4.1M | |
| 4 | New Millennium Bank | 14 | 3.8% | $4.3M | |
| 5 | The Bank of Princeton | 12 | 3.3% | $3.1M | |
| 6 | The Bancorp Bank National Association | 10 | 2.7% | $6.3M | |
| 7 | Provident Bank | 10 | 2.7% | $4.1M | |
| 8 | Stearns Bank National Association | 10 | 2.7% | $2.5M | |
| 9 | Metro City Bank | 9 | 2.4% | $9M | |
| 10 | Prosperity Bank | 7 | 1.9% | $6.6M |
That draft favors the seller. We review it for the buyer, line by line.
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Franchise brands in Drycleaning and Laundry Services
9% of acquisition loans in this industry involved a franchised unit. Brands with the most SBA-financed resales:
| # | Brand | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Martinizing Cleaners | 15 | 44.1% | $6M | |
| 2 | Tide Cleaners | 5 | 14.7% | $4.8M | |
| 3 | CRDN | 4 | 11.8% | $5.7M |
Questions buyers ask
How much is a typical SBA loan to buy a business in Drycleaning and Laundry Services?
Median $374,000 across 368 acquisition loans (FY2018 to FY2026); the middle half ran $239,000 to $660,175. That is 42% lower than the $645,250 median for all SBA-financed acquisitions.
Which lenders finance the most Drycleaning and Laundry Services acquisitions?
Hanmi Bank (30), The Huntington National Bank (19), Bank of Hope (19), New Millennium Bank (14), The Bank of Princeton (12).
Are businesses in Drycleaning and Laundry Services often franchised?
Sometimes. 9% of SBA acquisition loans in this industry financed a franchised unit. Top brands: Martinizing Cleaners, Tide Cleaners, CRDN.
How risky are SBA loans for buying a business in Drycleaning and Laundry Services?
Of 181 seasoned loans (FY2018 to FY2021), 8.3% charged off, 136% higher than the 3.5% benchmark for all SBA acquisition loans.
What loan terms are common for Drycleaning and Laundry Services acquisitions?
Median term 10 years, average initial rate 8.19% at approval (blended across years and fixed/variable structures). Terms longer than 10 years usually indicate real estate was included in the purchase.
Seller note standby terms and third-party consents are reviewed before closing.
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