Drycleaning and Laundry Services acquisitions in Illinois: SBA loan data
Since FY2018, SBA lenders have approved 21 7(a) loans to buy an existing business classified as Drycleaning and Laundry Services in Illinois, totaling $8.9M. The median loan was $312,400. That is 1.2% of the 1,779 acquisition loans in Illinois.
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How this compares
The median Drycleaning and Laundry Services loan in Illinois is 52% lower than the $650,000 median for all Illinois acquisitions, and 16% lower than the $374,000 median for Drycleaning and Laundry Services acquisitions nationwide (368 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 8.3% of seasoned Drycleaning and Laundry Services acquisition loans were charged off, and 4.5% of seasoned Illinois acquisition loans of any type.
Drycleaning and Laundry Services acquisition loans in Illinois by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $2.2M | $284,000 | |
| FY2019 | 4 | $1.2M | $252,000 | |
| FY2020 | 1 | $535K | $535,000 | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 1 | $1.1M | $1,062,900 | |
| FY2024 | 2 | $753K | $376,500 | |
| FY2025 | 8 | $2.8M | $289,000 | |
| FY2026 | 2 | $342K | $171,200 |
How often do these acquisition loans fail?
Fewer than 20 Drycleaning and Laundry Services in Illinois acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. 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.
Seller note standby terms and third-party consents are reviewed before closing.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 6 | 28.6% | $1.1M | |
| 2 | Merchants Bank of Indiana | 4 | 19.0% | $2.3M | |
| 3 | Byline Bank | 2 | 9.5% | $913K | |
| 4 | Bank of Hope | 2 | 9.5% | $185K | |
| 5 | First Internet Bank of Indiana | 1 | 4.8% | $1.8M |
Top franchise brands
No franchise brands recorded in this combination.
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Questions buyers ask
How much do SBA loans for Drycleaning and Laundry Services acquisitions in Illinois run?
The median SBA 7(a) loan was $312,400 across 21 loans (FY2018 to FY2026), with the middle half between $108,000 and $458,500. 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 Drycleaning and Laundry Services acquisitions in Illinois?
The Huntington National Bank (6), Merchants Bank of Indiana (4), Byline Bank (2), Bank of Hope (2), First Internet Bank of Indiana (1). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Drycleaning and Laundry Services acquisition loans fail in Illinois?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of Drycleaning and Laundry Services acquisitions in Illinois?
4 of the 21 loans (19%) involved a franchise brand.
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Related
- All Illinois acquisitions
- Drycleaning and Laundry Services nationally
- Drycleaning and Laundry Services in Texas
- Drycleaning and Laundry Services in New York
- Drycleaning and Laundry Services in Georgia
- Drycleaning and Laundry Services in Pennsylvania
- Drycleaning and Laundry Services in New Jersey
- Drycleaning and Laundry Services in Arizona
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Small samples move a lot: each loan in this combination is 5% of the count. Industry is the NAICS code the lender recorded. See the methodology.