Inverness Dry Cleaning Inc.
Inverness Dry Cleaning Inc. is a drycleaning and laundry services business (except coin-operated) located in Palatine, Illinois. It was financed with an SBA 7(a) loan for a change of ownership totaling $1,080,000, approved on August 26, 2025 by Beacon Bank and Trust.
SBA 7(a) loan, change of ownership, approved Aug 26, 2025
$1,080,000 approvedLender: Beacon Bank and Trust10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,080,000
- SBA-guaranteed amount
- $810,000 (75% of the approval)
- Lender
- Beacon Bank and Trust, Brookline, MA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- August 26, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $14,123 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 25, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 8
- Business type
- Corporation
- NAICS
- 812320, Drycleaning and Laundry Services (except Coin-Operated)
- Project location
- Cook County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 62% of acquisition loans in Drycleaning and Laundry Services (except Coin-Operated) on this site.
- Average acquisition loan in Drycleaning and Laundry Services (except Coin-Operated): $1,281,569.
- Average acquisition loan in Illinois: $1,796,780.
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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