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Genesis Hospitality Acquisition LLC

Woonsocket, RI · Full-Service Restaurants · NAICS 722511

Genesis Hospitality Acquisition LLC is a full-service restaurant business located in Woonsocket, Rhode Island. The company was financed with an SBA 7(a) loan for a change of ownership totaling $938,000, approved on March 23, 2024, by IncredibleBank.

SBA 7(a) loan, change of ownership, approved Mar 23, 2024

$938,000 approvedLender: IncredibleBank112 months termStatus not reported (SBA exemption)Loan details
Gross approval
$938,000
SBA-guaranteed amount
$703,500 (75% of the approval)
Lender
IncredibleBank, Wausau, WI
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.25%, variable
Term
9 years, 4 months (112 months)
Estimated maturity
July 23, 2033 (estimated, approval date plus term)
Estimated monthly payment
$13,043 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
May 23, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
35
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Providence County, RI
SBA district office
Rhode Island District Office
Congressional district
RI-01
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 46% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • Average acquisition loan in Rhode Island: $1,739,073.

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 Rhode Island