Laundry equipment financing solutions can enable businesses to achieve their goals and gain a competitive edge without tying up capital. Laundromat owners can quickly and easily procure new machines for their store or upgrade old equipment, and businesses with on-premises laundry needs can build out or improve laundry operations with new energy-efficient laundry systems.
Wait times for loans vary from one institution to another, but a recent survey found that 16.3% of small business loan applicants had to wait more than a month for a decision – and 7.5% waited longer than six months.¹ Online lenders have a significantly faster processing time, but they may lack the industry experience and access to equipment and maintenance that make a true partnership.
One-third of small businesses fail because they run out of money.² This can result from poor planning, a lack of understanding of cash flow in their business, or underestimating startup and recurring costs. For a new laundromat, startup costs involve location, equipment, construction, staffing, and marketing. Recurring costs – utilities, services, and maintenance among them – are easy to underestimate and difficult to adjust.
The challenge of creating, maintaining and upgrading a laundry facility may change depending on circumstances unique to the various types of businesses.
Projects That Benefit From Flexible Laundry Equipment Financing
1. Coin Laundromats
Laundromat owners and operators of coin laundry facilities must ensure that they have high-quality equipment to maximize profit and customer satisfaction, both at the launch of the business and for periodic upgrades. Getting the best equipment should not be a decision that is delayed because of questions about financing. Both startups and existing coin-operated laundromats can benefit from easy financing with a rapid decision-making process.
Learn about how Electrolux and Wascomat True Commercial laundry systems are engineered from the ground up for durability, reliability, and longevity.
2. Businesses with On-premises Laundry Needs
From hotels to healthcare facilities, salons to gyms, managing an on-premises laundry presents both benefits and challenges. Using the highest-quality commercial laundry equipment ensures that your on-premises laundry is energy-efficient, controlling utility costs, and process-efficient, making sure that the volume of laundry processed meets business needs. Flexible financing terms and a quick cycle mean that a business manager can plan a new facility or an equipment upgrade with a solution that meets larger business requirements.
Related reading: 5 Signs to Upgrade Your On-Premises Laundry Equipment
3. Multi-Housing Laundry Rooms
Property owners and route operators provide on-premises laundry services as a benefit for their tenants. The key to maximizing tenant satisfaction with on-site laundry is to use the best available equipment both from the outset and for any later upgrades. Multi-housing providers of on-site laundry equipment can benefit from innovative, flexible financing terms.
4. Construction Financing
Whether you are considering building a new facility from the ground up or rehabbing an existing location, construction costs can pile up fast. Financing construction can be difficult, particularly for a new operation without a business credit history. However, a lender with industry experience often has a better understanding of the specific construction expenses associated with building or rehabbing a laundromat, and can structure financing with terms that contribute to the success of your operation.
Rapid 24-Hour Turnaround On Your Credit Application
Laundrylux Funding Services offers low rates, flexible terms, and 24-hour approvals making LFS a perfect solution for new business owners opening a laundromat, current owners looking to upgrade their equipment, and businesses with on-premises laundry operations. In addition to equipment financing, Laundrylux offers a full suite of services including real estate, maintenance and service contracts, marketing support from Laundrylux Creative Services (LCS), and the benefit of decades of experience that can be applied to your business success.
Laundrylux has 60 years of experience in the laundry industry and is the only distributor of high-quality Electrolux and Wascomat commercial equipment in North America.
Contact Laundrylux today to learn more about our flexible financing solutions and get a rapid turnaround on your credit application in 24 hours or less.
References:
- https://www.coinlaundry.org/for-investors/industry-overview/
- https://americancoinop.com/articles/2018-19-state-self-service-laundry-industry-part-1