Northeast Motion, Inc
Northeast Motion, Inc is located in Smithfield, RI, and the SBA lists its industry as All Other Industrial Machinery Manufacturing. It was approved for an SBA 7(a) loan of $2,129,000 for a change of ownership on June 4, 2024.
SBA 7(a) loan, change of ownership, approved Jun 4, 2024
- Gross approval
- $2,129,000
- SBA-guaranteed amount
- $1,596,750 (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
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- June 4, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $28,430 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jul 11, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 6
- Business type
- Corporation
- NAICS
- 333248, All Other Industrial Machinery Manufacturing
- Project location
- Providence County, RI
- SBA district office
- Rhode Island District Office
- Congressional district
- RI-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 40% of acquisition loans in All Other Industrial Machinery Manufacturing on this site.
- Average acquisition loan in All Other Industrial Machinery Manufacturing: $2,756,900.
- Average acquisition loan in Rhode Island: $1,739,073.
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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