Cornell Orthotics & Prosthetics, Inc.
Cornell Orthotics & Prosthetics, Inc. is a company in Beverly, Massachusetts, in the medical, dental, and hospital equipment and supplies merchant wholesalers industry (NAICS 423450). The business was financed with an SBA 7(a) loan for a change of ownership of $865,000, approved on June 25, 2024 by Salem Five Cents Savings Bank.
SBA 7(a) loan, change of ownership, approved Jun 25, 2024
$865,000 approvedLender: Salem Five Cents Savings Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $865,000
- SBA-guaranteed amount
- $648,750 (75% of the approval)
- Lender
- Salem Five Cents Savings Bank, Salem, MA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 7.5%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- June 25, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $10,268 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Business type
- Corporation
- NAICS
- 423450, Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
- Project location
- Essex County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 20% of acquisition loans in Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers on this site.
- Average acquisition loan in Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers: $1,918,150.
- Average acquisition loan in Massachusetts: $1,643,977.
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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