Coin-Operated Laundries and Drycleaners acquisitions in California: SBA loan data
Since FY2018, SBA lenders have approved 70 7(a) loans to buy an existing business classified as Coin-Operated Laundries and Drycleaners in California, totaling $94.3M. The median loan was $617,000. That is 1.4% of the 5,184 acquisition loans in California.
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How this compares
The median Coin-Operated Laundries and Drycleaners loan in California is in line with the $600,000 median for all California acquisitions, and 21% higher than the $509,000 median for Coin-Operated Laundries and Drycleaners acquisitions nationwide (317 loans).
On losses, 7.3% of seasoned Coin-Operated Laundries and Drycleaners loans in California were charged off, 77% higher than the 4.1% rate for all California acquisitions, and 72% higher than the 4.3% rate for the industry nationally.
Coin-Operated Laundries and Drycleaners acquisition loans in California by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 11 | $11.9M | $509,000 | |
| FY2019 | 13 | $19M | $677,000 | |
| FY2020 | 7 | $7M | $469,000 | |
| FY2021 | 10 | $13M | $428,100 | |
| FY2022 | 2 | $5.3M | $2,666,000 | |
| FY2023 | 7 | $6M | $500,000 | |
| FY2024 | 7 | $9.1M | $945,000 | |
| FY2025 | 4 | $5.5M | $1,142,500 | |
| FY2026 | 9 | $17.5M | $1,317,000 |
How often do these acquisition loans fail?
Of the 41 Coin-Operated Laundries and Drycleaners in California acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 3 have been charged off by the SBA, a rate of 7.3% by loan count and 0.5% by dollars. 24 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 Coin-Operated Laundries and Drycleaners in California is 108% 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 lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Open Bank | 11 | 15.7% | $25.1M | |
| 2 | Hanmi Bank | 11 | 15.7% | $15.7M | |
| 3 | Bank of Hope | 9 | 12.9% | $8.1M | |
| 4 | American Continental Bank | 4 | 5.7% | $1.9M | |
| 5 | Metro City Bank | 3 | 4.3% | $8.9M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Mountain Mike's Pizza | 1 | 1.4% | $431K |
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Questions buyers ask
How much do SBA loans for Coin-Operated Laundries and Drycleaners acquisitions in California run?
The median SBA 7(a) loan was $617,000 across 70 loans (FY2018 to FY2026), with the middle half between $317,500 and $2,593,000. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Coin-Operated Laundries and Drycleaners acquisitions in California?
Open Bank (11), Hanmi Bank (11), Bank of Hope (9), American Continental Bank (4), Metro City Bank (3). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Coin-Operated Laundries and Drycleaners acquisition loans fail in California?
7.3% of 41 seasoned loans (FY2018 to FY2021) were charged off, against 3.5% for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Coin-Operated Laundries and Drycleaners acquisitions in California?
1 of the 70 loans (1%) involved a franchise brand, most often Mountain Mike's Pizza (1).
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
- All California acquisitions
- Coin-Operated Laundries and Drycleaners nationally
- Coin-Operated Laundries and Drycleaners in Texas
- Coin-Operated Laundries and Drycleaners in Illinois
- Coin-Operated Laundries and Drycleaners in New York
- Full-Service Restaurants in California
- Beer, Wine, and Liquor Retailers in California
- Limited-Service Restaurants in California
- Gasoline Stations with Convenience Stores in California
- Convenience Retailers in California
- Hotels and Motels in California
- General Automotive Repair in California
- Supermarkets and Other Grocery Retailers in California
Small samples move a lot: each loan in this combination is 1% of the count. Industry is the NAICS code the lender recorded. See the methodology.