Wonder Wash
Equipment Financing Wonder Wash
Author: Stephanie Clarke
Date posted: 06.24.23

Sam opened his laundromat several years ago and found early success because of the convenient location. His negotiating skills got him a great deal on the property and the small laundromat was soon up and running. He has grown a consistent clientele because of his reputation for keeping a clean and safe establishment as well as reasonable pricing compared to his competitors. He now hopes to double the size of the laundromat with the unused space in his building while also maintaining a storage area for replacement equipment and supplies as well as a small, secure office.

Having experienced growth and mastered the necessary compliance regarding environmental concerns, Sam is ready to begin his expansion. He took the time to get the space ready and has been pricing the needed commercial grade laundry equipment needed to fill the new space. Sam hopes to purchase 10 new coinless commercial washers and dryers as well as 2 new laundry detergent vending machines. He also wants to replace several existing washers and dryers.

 

Sam has priced the needed washers and dryers along with the vending machines for the best possible pricing. His best quote is $110,000. During the process of pricing new equipment, Sam also researched the best loan options to meet his desired rate and necessary timeline. After reviewing both short term and longer term options, Sam discovered equipment financing. It sounded good, but since he was unfamiliar with the practice, he did the research and discovered it was an attractive option for his expansion plan.

Wonder Wash

With equipment financing, he could lease the needed equipment to start, make additions or adjustments, and purchase all the equipment at the end of the term. Sam feels certain new customer traffic will provide the revenue to pay back the equipment financing easily. With his decision made, he pulled his financial statements together and retrieved his latest credit score. Once submitted, his application was quickly approved.

 

With the funding in hand, Sam made the deal. He secured the new state-of-the-art washers and dryers, as well as the vending machines. He even hired several new monitors for the laundromat. They were trained prior to the new equipment installation and ready to go when the machines were installed.

In the first year, business increased as expected. Within 19 months, Sam was ready to pay off the equipment financing and purchase all the equipment. He is considering taking out a new loan to replace the remaining used washers and dryers in the older section of the laundromat since the first loan went so well for his business.

 

Wonder Wash
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

What’s New

All Resources
All Resources