Lynchburg Bakery LLC
Lynchburg Bakery LLC is a baked goods retailer located in Lynchburg, Virginia, classified under NAICS 445291 (Baked Goods Retailers). The company was financed with an SBA 7(a) loan for a change of ownership in the amount of $655,000, approved on May 14, 2024 by Cogent Bank.
SBA 7(a) loan, change of ownership, approved May 14, 2024
$655,000 approvedLender: Cogent Bank10 years termPaid in fullLoan details
- Gross approval
- $655,000
- SBA-guaranteed amount
- $491,250 (75% of the approval)
- Lender
- Cogent Bank, Orlando, FL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- May 14, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $8,838 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 10, 2024
- Loan status
- Paid in full
- Jobs supported
- 16
- Business type
- Corporation
- NAICS
- 445291, Baked Goods Retailers
- Project location
- Bedford County, VA
- SBA district office
- Richmond District Office
- Congressional district
- VA-05
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 14% of acquisition loans in Baked Goods Retailers on this site.
- Average acquisition loan in Baked Goods Retailers: $1,301,117.
- Average acquisition loan in Virginia: $1,860,760.
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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