Seven Springs Laundry
Seven Springs Laundry, located in Red Wing, Minnesota, operates in drycleaning and laundry services (except coin-operated). The company financed real estate or equipment through an SBA 504 loan of $1,037,000 (SBA portion), approved on May 9, 2025, with Bridgewater Bank as the lender and Twin Cities-Metro Certified Development Company as the certified development company.
SBA 504 loan, approved May 9, 2025
$1,037,000 SBA portionCDC: Twin Cities-Metro Certified Development Company25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,037,000
- Bank portion
- $1,088,950
- Estimated project size
- $2,362,167 (estimated)
- Estimated owner equity
- $236,217 (estimated, about 10% of the project)
- Bank lender
- Bridgewater Bank, Saint Louis Park, MN
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- May 9, 2050 (estimated, approval date plus term)
- First disbursement
- Jun 17, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 13
- Business type
- Corporation
- NAICS
- 812320, Drycleaning and Laundry Services (except Coin-Operated)
- Project location
- Goodhue County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-2
- Collateral
- Yes
Estimated share of project by source
Bank 46% SBA (CDC) 44% Owner 10%
- Average expansion loan in Drycleaning and Laundry Services (except Coin-Operated): $1,815,300.
- Average expansion loan in Minnesota: $2,136,981.
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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