Buzz Biz, Inc
Buzz Biz, Inc is a business in Spokane Valley, Washington, in the sewing, needlework, and piece goods retail industry. The company was financed with an SBA 7(a) loan for a change of ownership totaling $1.88 million, approved on July 30, 2024 by Washington Trust Bank.
SBA 7(a) loan, change of ownership, approved Jul 30, 2024
$1,880,000 approvedLender: Washington Trust Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,880,000
- SBA-guaranteed amount
- $1,410,000 (75% of the approval)
- Lender
- Washington Trust Bank, Spokane, WA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.5%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- July 30, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $24,327 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 14, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 35
- Business type
- Corporation
- NAICS
- 459130, Sewing, Needlework, and Piece Goods Retailers
- Project location
- Spokane County, WA
- SBA district office
- Seattle District Office
- Congressional district
- WA-05
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 90% 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 Washington: $1,784,595.
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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