Drycleaning and Laundry Services acquisitions in Pennsylvania: SBA loan data
Since FY2018, SBA lenders have approved 20 7(a) loans to buy an existing business classified as Drycleaning and Laundry Services in Pennsylvania, totaling $10.3M. The median loan was $337,150. That is 1.1% of the 1,765 acquisition loans in Pennsylvania.
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 Pennsylvania is 37% lower than the $535,000 median for all Pennsylvania acquisitions, and 10% 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 2.1% of seasoned Pennsylvania acquisition loans of any type.
Drycleaning and Laundry Services acquisition loans in Pennsylvania by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 4 | $970K | $222,500 | |
| FY2019 | 2 | $330K | $165,000 | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 1 | $515K | $515,000 | |
| FY2022 | 1 | $324K | $324,300 | |
| FY2023 | 2 | $1.1M | $542,000 | |
| FY2024 | 1 | $315K | $315,000 | |
| FY2025 | 5 | $4.2M | $708,000 | |
| FY2026 | 4 | $2.6M | $486,500 |
How often do these acquisition loans fail?
Fewer than 20 Drycleaning and Laundry Services in Pennsylvania 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 Bank of Princeton | 5 | 25.0% | $985K | |
| 2 | The Bancorp Bank National Association | 4 | 20.0% | $2.9M | |
| 3 | The Huntington National Bank | 2 | 10.0% | $284K | |
| 4 | Centier Bank | 1 | 5.0% | $2M | |
| 5 | Citadel FCU | 1 | 5.0% | $1.2M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Martinizing Cleaners | 1 | 5.0% | $315K |
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Questions buyers ask
How much do SBA loans for Drycleaning and Laundry Services acquisitions in Pennsylvania run?
The median SBA 7(a) loan was $337,150 across 20 loans (FY2018 to FY2026), with the middle half between $231,250 and $569,250. 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 Pennsylvania?
The Bank of Princeton (5), The Bancorp Bank National Association (4), The Huntington National Bank (2), Centier Bank (1), Citadel FCU (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 Pennsylvania?
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 Pennsylvania?
1 of the 20 loans (5%) involved a franchise brand, most often Martinizing Cleaners (1).
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Related
- All Pennsylvania 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 New Jersey
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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.