Haircuts of Massachusetts, Inc.
Haircuts of Massachusetts, Inc. is a beauty salon business located in Newton Upper Falls, Massachusetts, classified under NAICS code 812112 (Beauty Salons). The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $2.26 million, approved by Live Oak Banking Company on September 5, 2024.
SBA 7(a) loan, change of ownership, approved Sep 5, 2024
$2,260,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,260,000
- SBA-guaranteed amount
- $1,695,000 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 5, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $30,495 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 26, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 51
- Business type
- Corporation
- NAICS
- 812112, Beauty Salons
- Project location
- Middlesex County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 87% of acquisition loans in Beauty Salons on this site.
- Average acquisition loan in Beauty Salons: $1,125,702.
- 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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