Drycleaning and Laundry Services acquisitions in New York: SBA loan data
Since FY2018, SBA lenders have approved 35 7(a) loans to buy an existing business classified as Drycleaning and Laundry Services in New York, totaling $14M. The median loan was $350,000. That is 2.3% of the 1,530 acquisition loans in New York.
Seller note standby terms and third-party consents are reviewed before closing.
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How this compares
The median Drycleaning and Laundry Services loan in New York is 39% lower than the $577,500 median for all New York acquisitions, and 6% lower than the $374,000 median for Drycleaning and Laundry Services acquisitions nationwide (368 loans).
On losses, 7.7% of seasoned Drycleaning and Laundry Services loans in New York were charged off, 183% higher than the 2.7% rate for all New York acquisitions, and 7% lower than the 8.3% rate for the industry nationally.
Drycleaning and Laundry Services acquisition loans in New York by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 12 | $4.6M | $400,000 | |
| FY2019 | 9 | $3M | $330,000 | |
| FY2020 | 3 | $670K | $210,000 | |
| FY2021 | 2 | $1M | $507,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 1 | $800K | $800,000 | |
| FY2024 | 2 | $2.1M | $1,048,200 | |
| FY2025 | 3 | $795K | $288,000 | |
| FY2026 | 3 | $1M | $350,000 |
How often do these acquisition loans fail?
Of the 26 Drycleaning and Laundry Services in New York acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 7.7% by loan count and 3.4% by dollars. 18 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 in New York is 118% 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 | New Millennium Bank | 10 | 28.6% | $2.7M | |
| 2 | Provident Bank | 7 | 20.0% | $3M | |
| 3 | The Bank of Princeton | 5 | 14.3% | $1.8M | |
| 4 | Hanmi Bank | 4 | 11.4% | $2M | |
| 5 | Bank of Hope | 2 | 5.7% | $700K |
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 York run?
The median SBA 7(a) loan was $350,000 across 35 loans (FY2018 to FY2026), with the middle half between $235,000 and $475,000. 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 Drycleaning and Laundry Services acquisitions in New York?
New Millennium Bank (10), Provident Bank (7), The Bank of Princeton (5), Hanmi Bank (4), Bank of Hope (2). 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 New York?
7.7% of 26 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 Drycleaning and Laundry Services acquisitions in New York?
None of the 35 loans in this combination were recorded with a franchise brand.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- All New York acquisitions
- Drycleaning and Laundry Services nationally
- Drycleaning and Laundry Services in Texas
- Drycleaning and Laundry Services in Georgia
- Drycleaning and Laundry Services in Illinois
- 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 3% of the count. Industry is the NAICS code the lender recorded. See the methodology.