New Jersey Seating and Upholstery Inc
New Jersey Seating and Upholstery Inc is a reupholstery and furniture repair business located in Kenilworth, NJ. It was financed with an SBA 7(a) loan for a change of ownership of $1,132,000, approved on February 19, 2025, by Wilmington Savings Fund Society FSB.
SBA 7(a) loan, change of ownership, approved Feb 19, 2025
$1,132,000 approvedLender: Wilmington Savings Fund Society FSB10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,132,000
- SBA-guaranteed amount
- $849,000 (75% of the approval)
- Lender
- Wilmington Savings Fund Society FSB, Wilmington, DE
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 19, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $15,117 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 28, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 27
- Business type
- Corporation
- NAICS
- 811420, Reupholstery and Furniture Repair
- Project location
- Union County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Reupholstery and Furniture Repair: $1,496,333.
- 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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