When banks can't give you the funds you need, look to commercial finance companies for help.
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By the mid-1990s, Princeton Laundry had fallen on hard times. Despite a healthy client roster-it catered to New York City hotels-the rising costs of operating in Manhattan had taken a toll. A steep mortgage and mounting maintenance expenses for its commercial co-op space made it exceedingly difficult to sustain the operation. To make matters worse, the commercial laundry, owned by the Garlasco family for three generations, was behind on its taxes.
"Our accountant kept telling us, 'Your business is profitable, but where you're located [is] driving you out of business,'" recalls Kevin Garlasco, 40, the company's treasurer and managing partner. Heeding the warning, the family moved the company in a dramatic new direction-a 20-minute drive north to the Bronx, where community leaders were dangling business incentives for economic growth. There, the Garlascos built a new production facility that opened in 1997.
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