Cents Launches Lending Service to Facilitate Low-Interest Loans

NEW YORK | January 13, 2023 — Cents, the leading venture-backed technology company revolutionizing the way laundromats and dry cleaners grow, manage, and understand their business, has launched its lending arm, Cents Capital, to facilitate low-interest loans for our customers and operators in the industry. With the introduction of SBA and commercial loans, Cents will be able to help owners grow their businesses in every way, whether that is expanding their footprint, retooling their store, buying new card systems, or using working capital to expand operations. By offering Capital, Cents makes it seamless to purchase, invest in, and grow a laundromat business. Different from other lending solutions, Cents is able to offer unique rates and terms because of their ability to truly value a business through their product usage.

“At Cents, our core focus is to partner with our customers and create products and solutions that enable our operators to scale and succeed. It’s about providing real value and optionality for our operators beyond just technology.” said Alexander Jekowsky, CEO and co-founder of Cents, “Through Cents, and by utilizing our complete product line, operators can access capital more easily than relying exclusively on bank deposits and utility bills. Whether it’s $25,000 for a retool or a $1M+ development, Cents Capital is there to support our customers at a competitive and affordable rate.”

“Working with Cents Capital definitely helped streamline the acquisition of my card readers and equipment. Being able to get everything in one place was much simpler,” said Steve Burk, owner of The Laundry Bin, “Their rates were competitive with other lenders, as well. Next time I need funding, I know where I’ll be looking.”

Cents Capital provides access to fast, flexible, and affordable financing so laundromat owners can manage cash flows and invest in growth. Leveraging a network of capital providers, in-house technology, and financing, customers have limitless options for their financing needs. As the product develops, operators and distributors will have different ways to manage payments, track capital deployment, and access other banking-as-a-service products.

“Capital is a critical tool that we can offer to help supercharge our customers’ growth,” said Pablo Marvel, Head of Business Development at Cents, “Our aim is to take your focus off getting the loan and give you back all that time and money to invest elsewhere, for operators and distributors alike.”

Cents Capital is available to all owners, operators, and distributors whether or not they use Cents’ operating system. Cents will be offering discounts on Cents products for owners approved for a loan and plan to use the capital to purchase a Cents product. Learn more about how Cents Capital supports laundromat owners with accessing capital to open a laundromat, upgrade machines, purchase equipment, and more.