Elegant Music Group
Elegant Music Group, located in Montclair, New Jersey, operates in the musical groups and artists industry. The company financed real estate or equipment through an SBA 504 loan of $1,376,000 with M&T Bank Corporation as the lender, with approval dated August 13, 2024.
SBA 504 loan, approved Aug 13, 2024
$1,376,000 SBA portionCDC: Trenton Business Assistance Corporation25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,376,000
- Bank portion
- $1,680,527
- Estimated project size
- $3,396,141 (estimated)
- Estimated owner equity
- $339,614 (estimated, about 10% of the project)
- Bank lender
- M&T Bank Corporation, Buffalo, NY
- Processing method
- 504 Basic: standard SBA processing through a CDC
- Term
- 25 years (300 months)
- Estimated maturity
- August 13, 2049 (estimated, approval date plus term)
- First disbursement
- Apr 16, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 20
- Business type
- Corporation
- NAICS
- 711130, Musical Groups and Artists
- Project location
- Essex County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-10
- Collateral
- Yes
Estimated share of project by source
Bank 49% SBA (CDC) 41% Owner 10%
- Average expansion loan in Musical Groups and Artists: $1,376,000.
- Average expansion loan in New Jersey: $2,533,058.
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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