Main Street Registry

The Kove Bar & Banquet

Audubon, NJ · Full-Service Restaurants · NAICS 722511

The Kove Bar & Banquet is a full-service restaurant business located in Audubon, New Jersey, in the Full-Service Restaurants industry. The business was financed with an SBA 7(a) loan for a change of ownership totaling $1,820,000, approved by Beacon Bank and Trust on October 9, 2024.

SBA 7(a) loan, change of ownership, approved Oct 9, 2024

$1,820,000 approvedLender: Beacon Bank and Trust25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,820,000
SBA-guaranteed amount
$1,365,000 (75% of the approval)
Lender
Beacon Bank and Trust, Brookline, MA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
25 years (300 months)
Estimated maturity
October 9, 2049 (estimated, approval date plus term)
Estimated monthly payment
$18,168 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 9, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
25
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Camden County, NJ
SBA district office
New Jersey District Office
Congressional district
NJ-01
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 81% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • Average acquisition loan in New Jersey: $1,626,307.

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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Same industry in New Jersey