Five Star Dry Cleaners Lincroft Corp
Five Star Dry Cleaners Lincroft Corp is a drycleaning and laundry services business (except coin-operated) located in Lincroft, New Jersey. It was financed with an SBA 7(a) loan for a change of ownership of $706,000, approved on July 2, 2024, through Customers Bank.
SBA 7(a) loan, change of ownership, approved Jul 2, 2024
$706,000 approvedLender: Customers Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $706,000
- SBA-guaranteed amount
- $529,500 (75% of the approval)
- Lender
- Customers Bank, Malvern, PA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- July 2, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $9,330 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 14, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 12
- Business type
- Corporation
- NAICS
- 812320, Drycleaning and Laundry Services (except Coin-Operated)
- Project location
- Monmouth County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 40% of acquisition loans in Drycleaning and Laundry Services (except Coin-Operated) on this site.
- Average acquisition loan in Drycleaning and Laundry Services (except Coin-Operated): $1,281,569.
- Average acquisition loan in New Jersey: $1,626,307.
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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