Main Street Registry

Southern Shores Company LLC

Kitty Hawk, NC · Limited-Service Restaurants · NAICS 722513

Southern Shores Company LLC is a limited-service restaurant business in Kitty Hawk, North Carolina. It was financed with an SBA 7(a) loan for a change of ownership of $500,000, approved on March 15, 2024, through Meridian Bank.

SBA 7(a) loan, change of ownership, approved Mar 15, 2024

$500,000 approvedLender: Meridian Bank10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$500,000
SBA-guaranteed amount
$375,000 (75% of the approval)
Lender
Meridian Bank, Malvern, PA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.75%, variable
Term
10 years (120 months)
Estimated maturity
March 15, 2034 (estimated, approval date plus term)
Estimated monthly payment
$6,817 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 27, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
4
Business type
Corporation
NAICS
722513, Limited-Service Restaurants
Project location
Dare County, NC
SBA district office
North Carolina District Office
Congressional district
NC-03
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Average acquisition loan in Limited-Service Restaurants: $1,303,660.
  • 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.

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Same industry in North Carolina