Mae- Music Arts Enterprises, LLC
Mae- Music Arts Enterprises, LLC is a musical instrument and supplies retailer located in Fort Lauderdale, Florida. The company was financed with an SBA 7(a) loan for a change of ownership, approved on August 6, 2024, in the amount of $4,395,000 through Valley National Bank.
SBA 7(a) loan, change of ownership, approved Aug 6, 2024
$4,395,000 approvedLender: Valley National Bank25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,395,000
- SBA-guaranteed amount
- $3,296,250 (75% of the approval)
- Lender
- Valley National Bank, Passaic, NJ
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- August 6, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $41,497 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 9, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 25
- Business type
- Corporation
- NAICS
- 459140, Musical Instrument and Supplies Retailers
- Project location
- Broward County, FL
- SBA district office
- South Florida District Office
- Congressional district
- FL-20
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Musical Instrument and Supplies Retailers: $1,886,956.
- Average acquisition loan in Florida: $1,808,559.
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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