Homework Helpers Tutoring Inc
Homework Helpers Tutoring Inc is located in Long Valley, NJ, and the SBA lists its industry as Exam Preparation and Tutoring. It was approved for an SBA 7(a) loan of $643,500 for a change of ownership on October 25, 2023.
SBA 7(a) loan, change of ownership, approved Oct 25, 2023
- Gross approval
- $643,500
- SBA-guaranteed amount
- $482,625 (75% of the approval)
- Lender
- United Midwest Savings Bank National Association, De Graff, OH
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 25, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $8,956 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 6, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 127
- Business type
- Corporation
- NAICS
- 611691, Exam Preparation and Tutoring
- Project location
- Morris County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Exam Preparation and Tutoring: $1,485,000.
- 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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