A dry cleaning loan is funding made available for the purpose of starting a dry cleaning business or buying a dry cleaning franchise.
Opening a New Dry Cleaning Service
In order to start a new dry cleaning business, you will need to invest $40,000-$150,000 dollars. Your dry cleaning loan would cover the industrial sized equipment and machines, cleaning solutions, conveyors, hangers, a tagging system, clothing covers, finishing boards, iron, etc. You will also need to pay for the marketing required to draw in customers. Once the company is up and running, you will also have the expense of property and employees.
It is important to follow all of the appropriate safety regulations and purchase the necessary insurance. You may want to consider using part of your loan for insurance.
Buying a Dry Cleaning Franchise
A dry cleaning franchise can cost anywhere from $30,000 to $100,000 dollars. There are many companies that offer startup packages that will provide all of the necessary equipment, machinery and marketing materials. Property may or may not be included in the dry cleaning franchise package. If it is not included, you will need to rent or purchase property that is large enough for a counter, drop-off and pick up area, storage and the industrial sized machines.
Some dry cleaning companies provide delivery services to busy professionals who have tight schedules. You may want to invest in hiring a driver and you will need to cover the expense of travel. If you choose to have a company vehicle, you will need to pay to insure the vehicle as well.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?
Make sure you know you are pre-qualified before you apply. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.