So my wife (24) and I (27) want to start a laundromat business. We have seen the ROI numbers and it looks like a fairly rock steady investment. However, I work from home and only make $19/hr for us and our child with one on the way. I was previously a long haul trucker and used to make great money but since finding work closer to home have been unable to find much that pays close to what I used to make.

My question is this. What would it take to get a small business loan? What is needed to just get started with a small startup such as a laundromat. I really want to have a financially rewarding career that will benefit my family and give us the opportunity to have money in the bank at all times and really truly be able to live a happier life.

Also what does it take to get approved for a small business loan with very poor credit(in the 500s) I had a bankruptcy because of some very poor decisions a year and some change ago.