Red River Quiltworks, LLC
Red River Quiltworks, LLC is a sewing, needlework, and piece goods retailer located in McKinney, Texas. The business was financed with an SBA 7(a) loan for a change of ownership of $995,000, approved on December 28, 2023, through Stearns Bank National Association.
SBA 7(a) loan, change of ownership, approved Dec 28, 2023
$995,000 approvedLender: Stearns Bank National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $995,000
- SBA-guaranteed amount
- $746,250 (75% of the approval)
- Lender
- Stearns Bank National Association, Saint Cloud, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 28, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $13,847 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 11, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 459130, Sewing, Needlework, and Piece Goods Retailers
- Project location
- Collin County, TX
- SBA district office
- Dallas / Ft Worth District Office
- Congressional district
- TX-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 60% of acquisition loans in Sewing, Needlework, and Piece Goods Retailers on this site.
- Average acquisition loan in Sewing, Needlework, and Piece Goods Retailers: $970,240.
- Average acquisition loan in Texas: $1,944,682.
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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