Noreast Cleaners
Noreast Cleaners is located in Essex, MA, and the SBA lists its industry as Drycleaning and Laundry Services (except Coin-Operated). It was approved for an SBA 7(a) loan of $1,834,000 for a change of ownership on May 14, 2025.
SBA 7(a) loan, change of ownership, approved May 14, 2025
- Gross approval
- $1,834,000
- SBA-guaranteed amount
- $1,375,500 (75% of the approval)
- Lender
- Readycap Lending, LLC, Berkeley Heights, NJ
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- May 14, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $24,236 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 6, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 20
- Business type
- Corporation
- NAICS
- 812320, Drycleaning and Laundry Services (except Coin-Operated)
- Project location
- Essex County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 79% of acquisition loans in Drycleaning and Laundry Services (except Coin-Operated) on this site.
- Average acquisition loan in Drycleaning and Laundry Services (except Coin-Operated): $1,281,569.
- 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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Same industry in Massachusetts
- Coliseum Companies, Inc., Brockton