Red Hanger Cleaners
Red Hanger Cleaners is a drycleaning and laundry services business (except coin-operated) located in Salt Lake City, Utah. The company financed real estate or equipment through an SBA 504 loan of $1,110,000, approved on November 16, 2023, with Bank Five Nine as the lending bank and Mountain West Small Business Finance as the certified development company.
SBA 504 loan, approved Nov 16, 2023
$1,110,000 SBA portionCDC: Mountain West Small Business Finance25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,110,000
- Bank portion
- $1,348,000
- Estimated project size
- $2,731,111 (estimated)
- Estimated owner equity
- $273,111 (estimated, about 10% of the project)
- Bank lender
- Bank Five Nine, Oconomowoc, WI
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- November 16, 2048 (estimated, approval date plus term)
- First disbursement
- Mar 13, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 15
- Business type
- Corporation
- NAICS
- 812320, Drycleaning and Laundry Services (except Coin-Operated)
- Franchise
- FRSTeam
- Project location
- Salt Lake County, UT
- SBA district office
- Utah District Office
- Congressional district
- UT-2
- Collateral
- Yes
Estimated share of project by source
Bank 49% SBA (CDC) 41% Owner 10%
- Larger than 10% of expansion loans in Drycleaning and Laundry Services (except Coin-Operated) on this site.
- Average expansion loan in Drycleaning and Laundry Services (except Coin-Operated): $1,815,300.
- Average expansion loan in Utah: $2,117,884.
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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