White Oak Laundry Holdings, LLC operates six 24-hour coin laundry facilities across Pennsylvania and Ohio. Each location offers state-of-the-art washers and dryers, along with a safe and clean space for members of the community to do their laundry.
Justin Scott, the new owner of White Oak Laundry Holdings, LLC, is no stranger to entrepreneurship. Justin’s first business venture was opening a sports injury office which has now expanded to four locations. In addition to also owning a day spa and medical spa, Justin has an extensive real estate portfolio of multi-family properties and renovates mobile home parks to sell to institutional investors. In an effort to diversify his investments, Justin began to look for a business driven by equipment rather than by employees. He eventually came across an opportunity to purchase White Oak Laundry Holdings, LLC and the real estate for each location.
When Justin began searching for financing for the transaction, he knew that an SBA loan would be his best option due to competitive rate options and a lower required down payment. He also knew exactly who to turn to – Adam Whitaker, one of our experienced Business Development Officers. Justin had originally met Adam when considering financing for another business need, and kept in touch with him. Once the opportunity arose to acquire White Oak Laundry Holdings, LLC and its real estate, Justin connected with Adam to get the process started. Through their partnership, Adam was able to structure an SBA 7(a) loan that allowed Justin to acquire the business while also maintaining cash flow in the business.
Here is what Justin had to say about his experience working with Adam and the team at FNB:
Adam really made the SBA process as easy as possible. Adam communicated the different options and terms available to me, which made it easier to understand. He was also very responsive and accessible. I would absolutely recommend Adam and FNB to other business owners!
Congratulations to Justin on the successful close of his loan! We wish him all the success in the world as he embarks on this new business venture.
