Drycleaning and Laundry Services acquisitions in New Jersey: SBA loan data
Since FY2018, SBA lenders have approved 17 7(a) loans to buy an existing business classified as Drycleaning and Laundry Services in New Jersey, totaling $4.8M. The median loan was $292,500. That is 1.5% of the 1,130 acquisition loans in New Jersey.
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How this compares
The median Drycleaning and Laundry Services loan in New Jersey is 59% lower than the $719,500 median for all New Jersey acquisitions, and 22% 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 2.0% of seasoned New Jersey acquisition loans of any type.
Drycleaning and Laundry Services acquisition loans in New Jersey by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $640K | $240,000 | |
| FY2019 | 4 | $1.4M | $305,000 | |
| FY2020 | 3 | $580K | $180,000 | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 1 | $273K | $273,000 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 3 | $1.2M | $405,000 | |
| FY2025 | 2 | $345K | $172,500 | |
| FY2026 | 1 | $296K | $295,600 |
How often do these acquisition loans fail?
Fewer than 20 Drycleaning and Laundry Services in New Jersey 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.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Provident Bank | 3 | 17.6% | $1.1M | |
| 2 | New Millennium Bank | 3 | 17.6% | $545K | |
| 3 | The Bancorp Bank National Association | 2 | 11.8% | $701K | |
| 4 | Meridian Bank | 2 | 11.8% | $480K | |
| 5 | The Bank of Princeton | 2 | 11.8% | $340K |
Top franchise brands
No franchise brands recorded in this combination.
The purchase agreement decides what you bought, not the loan approval.
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Questions buyers ask
How much do SBA loans for Drycleaning and Laundry Services acquisitions in New Jersey run?
The median SBA 7(a) loan was $292,500 across 17 loans (FY2018 to FY2026). 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 New Jersey?
Provident Bank (3), New Millennium Bank (3), The Bancorp Bank National Association (2), Meridian Bank (2), The Bank of Princeton (2).
How often do Drycleaning and Laundry Services acquisition loans fail in New Jersey?
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 New Jersey?
1 of the 17 loans (6%) involved a franchise brand.
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Related
- All New Jersey 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 Illinois
- Drycleaning and Laundry Services in Pennsylvania
- Drycleaning and Laundry Services in Arizona
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Small samples move a lot: each loan in this combination is 6% of the count. Industry is the NAICS code the lender recorded. See the methodology.