Mj Barber & Beauty Academy Inc
Mj Barber & Beauty Academy Inc, located in La Quinta, California, operates in the cosmetology and barber schools industry (NAICS 611511). The company was financed with an SBA 7(a) loan for a change of ownership of $2 million, approved by Hanover Community Bank on December 3, 2024.
SBA 7(a) loan, change of ownership, approved Dec 3, 2024
$2,000,000 approvedLender: Hanover Community Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,000,000
- SBA-guaranteed amount
- $1,500,000 (75% of the approval)
- Lender
- Hanover Community Bank, Mineola, NY
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 3, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $26,708 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 12, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 20
- Business type
- Corporation
- NAICS
- 611511, Cosmetology and Barber Schools
- Project location
- Riverside County, CA
- SBA district office
- Santa Ana District Office
- Congressional district
- CA-36
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Cosmetology and Barber Schools: $1,679,950.
- Average acquisition loan in California: $1,688,228.
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 California
- WPR Commercial LLC, Concord
- Mixed, Inc., Sacramento
- New America Beauty Education Corp, Villa Park