Mid-State Furniture
Mid-State Furniture, located in Carthage, NC, operates in the furniture retailers industry (NAICS 449110). The business was financed with an SBA 7(a) loan for a change of ownership of $1,679,400, approved on November 20, 2024, through First Bank.
SBA 7(a) loan, change of ownership, approved Nov 20, 2024
$1,679,400 approvedLender: First Bank25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,679,400
- SBA-guaranteed amount
- $1,259,550 (75% of the approval)
- Lender
- First Bank, Southern Pines, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.75%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- November 20, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $16,157 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 2, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 7
- Business type
- Corporation
- NAICS
- 449110, Furniture Retailers
- Project location
- Moore County, NC
- SBA district office
- North Carolina District Office
- Congressional district
- NC-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 58% of acquisition loans in Furniture Retailers on this site.
- Average acquisition loan in Furniture Retailers: $1,875,127.
- Average acquisition loan in North Carolina: $1,952,444.
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.
Is this your company? Claim or correct this listing. See Corrections.
Same industry in North Carolina
- Cooper's Furniture, Cary
- High Country Furniture & Design, Inc., Waynesville