Anchor Innovation, Inc.
Anchor Innovation, Inc. is a ship building and repairing business in Virginia Beach, Virginia, classified under NAICS code 336611. The company was financed with an SBA 7(a) loan for a change of ownership in two loans of $500,000 and $3.8 million, both from WesBanco Bank, Inc., approved on November 18, 2023 and December 7, 2023, respectively.
SBA 7(a) loan, change of ownership, approved Dec 7, 2023
- Gross approval
- $3,800,000
- SBA-guaranteed amount
- $2,850,000 (75% of the approval)
- Lender
- WesBanco Bank, Inc., Wheeling, WV
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 7, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $50,745 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 15, 2024
- Loan status
- Paid in full
- Jobs supported
- 112
- Business type
- Corporation
- NAICS
- 336611, Ship Building and Repairing
- Project location
- Virginia Beach City County, VA
- SBA district office
- Richmond District Office
- Congressional district
- VA-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Ship Building and Repairing: $1,694,333.
- 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.
SBA 7(a) loan, change of ownership, approved Nov 18, 2023
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- WesBanco Bank, Inc., Wheeling, WV
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 10.25%, variable
- Term
- 1 year (12 months)
- Estimated maturity
- November 18, 2024 (estimated, approval date plus term)
- Estimated monthly payment
- $44,016 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 13, 2024
- Loan status
- Paid in full
- Jobs supported
- 112
- Business type
- Corporation
- NAICS
- 336611, Ship Building and Repairing
- Project location
- Virginia Beach City County, VA
- SBA district office
- Richmond District Office
- Congressional district
- VA-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Ship Building and Repairing: $1,694,333.
- 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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