Cleaning Services Business Loans & Financing

Cleaning Services Business Loans & Financing

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Only U.S.-Based Businesses are Eligible.

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Owning a cleaning service business can take a lot of hard work, a large amount of passion, patience, and excellent customer service. Business owners within this line of work are experts in creating a spotless environment for their clients. It can be a lucrative business depending on the economy and expertise of the cleaners.

There will be times when funds are required to maintain or improve supplies and equipment to complete a job correctly. When personal funds come short, cleaning service owners look to business financing and loans to help fuel their initiatives. Luckily, there are a variety of loan options available for small businesses.

First Union provides funds to businesses run by passionate owners who enjoy providing excellent services, spotless environments, and a welcoming personality to their clients daily. We are ready to help cleaning service businesses attain the necessary funds to succeed.

What is a Cleaning Services Business Loan?

Cleaning services business loans are industry-specific loans offered by traditional and non-traditional lenders to support a range of business-related needs. Business owners utilize these loans to order necessary equipment and supplies, purchase commercial vehicles, hire staff, and more. The best solution for small or growing cleaning businesses is acquiring the working capital to enhance their endeavors.

First Union Lending is here to help! There are a variety of loan options that can help your business thrive.

Types of Cleaning Services Business Loans and Financing Options

Once you've confirmed the need for funds, consider the most important factors to you. Business owners should look for loans that offer great interest rates, down payments, and collateral requirements. Here are the more widely used loans to help expand a cleaning service business.

  • SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Well-established businesses can use several variations of SBA loans to expand their ventures.

    Businesses must meet the following requirements to be eligible:

    • Operate for profit
    • Be considered a small business, as defined by the SBA
    • Be engaged in, propose to do business in, the United States or its possessions
    • Used alternative financial resources, including personal assets, before seeking financial assistance
    • Use the funds for a sound business purpose
    • Not be delinquent on any existing debt obligations to the U.S. Government.

    The three SBA loans listed below can benefit a small but growing cleaning services business.

    SBA 7(a) Loans: 7(a) loans tend to be the most common within the SBA family. With access to up to $5 million in working capital for a term of 25 years, numerous industries find these loan types are undoubtedly adequate for their needs. Interest rates tend to be between 7-8% depending on trade and the nature of your business. Most businesses opt-in for an SBA loan will fall under this 7(a) category.

    SBA Microloans: This loan program provides funds up to $50,000 for borrowers to purchase inventory, supplies, or equipment or use as working capital loans. This loan is an excellent option for businesses seeking a smaller loan amount to cover lesser expenses.

    SBA 504/CDC Loans: 504 loans are particular, it provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. Borrowers may need to provide 20% of the loan's total value, the SBA will provide 40%, and the lender will give the rest. The cap on this type of loan is generally $5 million.

    Businesses must meet the following requirements to be eligible:

    • Have a tangible net worth of less than $15 million
    • Have an average net income of less than $5 million after federal income taxes for two years preceding your application
  • Business Lines of Credit: Banks, financial institutions, and other licensed consumer lenders often extend credit to creditworthy customers to address fluctuating cash flow needs.

    At a minimum, lenders will require your business to be operational for at least six months and able to earn $25,000 in revenue. A minimum credit score of 500 or higher may be required to qualify depending on the lender. By partnering with non-traditional lenders, companies can obtain their business line of credit within a matter of days.

  • Long-Term Business Loans: This type of term business loan provides borrowers with a lump sum of funds, with a repayment plan of regular intervals of 5 to 25 years. This financing option is best for businesses that need significant capital at a lower interest rate. A long-term business loan has a fixed floating interest rate and monthly or bi-monthly payments deducted from a business bank account.
  • Short-Term Business Loans: Short-term loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. Small or medium-sized businesses can use these loans to enhance their activities. It provides a lump sum upfront to a borrower and has a repayment period ranging from three months to three years.

    The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well. Short-term loans have almost no limitations on their uses, and borrowers can decide how to spend the funds once they receive them within 1-2 business days.

  • Merchant Cash Advance (MCA): A merchant cash advance provides a fixed sum of money with a payback more significant than the lump sum upfront supplied to the merchant. Borrowers receive an upfront sum of cash in exchange for a portion of future credit and debit card sales or an upfront lump sum that is repaid by remitting fixed daily or weekly debits from a bank account.
  • Equipment Financing: Businesses can use equipment loans to buy any appropriate equipment needed. Businesses will often need to purchase, replace, repair, or upgrade various equipment to process, manufacture or produce their products or services.

    Equipment can include phone systems, computer monitors, printers, copiers, tools, specialized cleaning machinery, and more. Most lenders will require three years of tax returns for the business, the purchase agreement of the equipment, personal financial statements, and identification of each owner.

How to Apply for Cleaning Services Business Loans: Requirements and Getting Started

How to Apply for Cleaning Services Business Loans: Requirements and Getting Started

If your business has come to the point where funds are needed to generate a greater profit return, acquiring a small business loan may be the best option.

First Union Lending is here to help.

Submit your business information below to determine if you qualify for any available small business loans. Our Funding Specialists will analyze your qualifications and reach out to walk you through the required steps to receive funds.

See Your Loan Options

Only U.S.-Based Businesses are Eligible.

Get Started

While each of the available loans have varying qualifications, lenders will typically ask for the following general information:

  • Business Operation History
  • Business Revenue Statements
  • Personal & Business Credit Scores
  • Collateral if needed

Online lenders like First Union Lending provide various businesses with the funds needed to grow and succeed.

If you have questions in regards to any cleaning service-related business loans, feel free to give us a call: 863-825-5626

Advantages of Utilizing Cleaning Services Business Financing

Advantages of Utilizing Cleaning Services Business Financing

Depending on the loan you qualify for, there are many benefits in partnering with an online lender to gain funds for your business initiatives. Borrowers can use the funds to solve various issues during day-to-day activities.

It provides the working capital needed to maintain necessary maintenance equipment such as computers, software, towels, cleaning supplies, and more. Businesses can use these funds to do more than purchase and maintain equipment; They can cover transportation costs, expand a home or storage site, and other necessary expense

Businesses can use these funds to enhance their advertising and onboarding new employees to expand and streamline their operations. Utilizing out-of-pocket funds can be expensive; look to a lender to finance your initiatives and keep your business running.

Choose First Union Lending As Your Premier Lender

At First Union Lending, we have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have voluntarily acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.

We are here to consult, help you save, and guide you and your business to success.

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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