Main Street Registry

Pico 24 Hr Coin Laundry

Los Angeles, CA · Coin-Operated Laundries and Drycleaners · NAICS 812310

Pico 24 Hr Coin Laundry is a coin-operated laundry and drycleaner located in Los Angeles, California, in the Coin-Operated Laundries and Drycleaners industry. The business was financed with an SBA 7(a) loan for a change of ownership of $2.87 million, approved on October 30, 2024 by Open Bank.

SBA 7(a) loan, change of ownership, approved Oct 30, 2024

$2,870,000 approvedLender: Open Bank10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,870,000
SBA-guaranteed amount
$2,152,500 (75% of the approval)
Lender
Open Bank, Los Angeles, CA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.25%, variable
Term
10 years (120 months)
Estimated maturity
October 30, 2034 (estimated, approval date plus term)
Estimated monthly payment
$36,745 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Nov 1, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
1
Business type
Corporation
NAICS
812310, Coin-Operated Laundries and Drycleaners
Project location
Los Angeles County, CA
SBA district office
Los Angeles District Office
Congressional district
CA-34
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 90% of acquisition loans in Coin-Operated Laundries and Drycleaners on this site.
  • Average acquisition loan in Coin-Operated Laundries and Drycleaners: $1,337,074.
  • Average acquisition loan in California: $1,688,228.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in California