Main Street Registry

Burnsie's Bar LLC

Milwaukee, WI · Full-Service Restaurants · NAICS 722511

Burnsie's Bar LLC, located in Milwaukee, Wisconsin, operates in the full-service restaurants industry (NAICS 722511). The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $630,000, approved on February 21, 2024, through lender VelocitySBA, LLC.

SBA 7(a) loan, change of ownership, approved Feb 21, 2024

$630,000 approvedLender: VelocitySBA, LLC25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$630,000
SBA-guaranteed amount
$472,500 (75% of the approval)
Lender
VelocitySBA, LLC, Irving, TX
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11%, variable
Term
25 years (300 months)
Estimated maturity
February 21, 2049 (estimated, approval date plus term)
Estimated monthly payment
$6,175 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Feb 29, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
5
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Milwaukee County, WI
SBA district office
Wisconsin District Office
Congressional district
WI-04
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 19% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • Average acquisition loan in Wisconsin: $1,729,230.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Wisconsin