The Cream
The Cream is located in Duluth, GA, and the SBA lists its industry as Full-Service Restaurants. It was approved for an SBA 7(a) loan of $630,000 for a change of ownership on October 16, 2024.
SBA 7(a) loan, change of ownership, approved Oct 16, 2024
- Gross approval
- $630,000
- SBA-guaranteed amount
- $472,500 (75% of the approval)
- Lender
- Open Bank, Los Angeles, CA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 16, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $8,239 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 18, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 10
- Business type
- Corporation
- NAICS
- 722511, Full-Service Restaurants
- Project location
- Gwinnett County, GA
- SBA district office
- Georgia District Office
- Congressional district
- GA-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 19% of acquisition loans in Full-Service Restaurants on this site.
- Average acquisition loan in Full-Service Restaurants: $1,319,601.
- Average acquisition loan in Georgia: $2,017,638.
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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