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Starting a Carwash

Infographic: 3 benefits of SBA-guaranteed loans

SBA loans are one of the most common financing options available to carwash owners.

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In the March issue of Professional Carwashing & Detailing, contributor Thomas Hawkins discusses the basics of various lending agreements available to today’s carwash operators in the article “Common financing options.”

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Hawkins notes, “For many operators, one of the most challenging steps in kick-starting a carwash business is securing smart financing. Further, in today’s technology-driven market, even modernizing and reopening an existing location requires capital beyond what most investors may have on hand.”

Therefore, Hawkins highlights a few common financing options: direct financing, SBA loans and manufacturer financing.

On SBA loans specifically, Hawkins explains, “The SBA does not directly lend money to small businesses; instead, it sets guidelines for the loans offered by its partnering lenders, community development organizations and micro-lending institutions. Since the SBA guarantees that the loans will be repaid, it helps minimize some of the risks for its lending partners.”

As such, PC&D has put together an infographic illustrating three benefits of SBA-guaranteed loans.

Be sure to read the article when it becomes available.

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