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10% down building loan makes way for more cash flow, jobs

Magic Laundry Services – Montebello, California

Magic Laundry Services owner Harry Kertenian on why he liked the SBA 504 loan …

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Magic Laundry Services is a high-end hospitality laundry services company, servicing strictly the high-end hospitality industry, high-end hotels, food and beverage, housekeeping services.

We do have state certifications that we are certified doing laundry and some of our hotels actually promote to their guests that their products is washed with “green” detergents. We currently have a staff of 240 people and we’re building a state-of-the-art laundry facility next door just like the one we have here and we’re scheduled to hire another 200 on-staff in the next 18 months.

With a 504, it gave us some flexibility to put 10 percent down, get a better interest rate and have more cash flow to turn around and pay for those operating costs. So the 504 was just a much better program, as long as you keep your books online and you have good cash flow, the 504 is the way to go.

Well we want to run a very tight, lean company that operates and services this community with a lot of new jobs, a lot of new employees first and foremost. And my business service is part of a lot of youth programs where we help a lot of individuals recover from their past that has not been good.

We have a lot of people here that we bring from the community and we make it a family atmosphere. And we want to make them feel like at home and we have a lot of people at probably about 15 people that work for me that are from those programs and they’ve grown up and they save their families and saved their lives.

With our next-door facility, we’re hiring a new crew, we’ve got a new management coming in, we’ve got new engineer staffs coming in, we’ve got a great team there. It’s exciting to expand a lot of challenges but come to work every day looking to knock them off.

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