Progressive Grower Agricultural Supply, Inc.
Progressive Grower Agricultural Supply, Inc. is a farm supplies merchant wholesaler located in West Wareham, Massachusetts. The company was financed with SBA 7(a) loans for a change of ownership, totaling $2,269,800 across two loans approved on March 1, 2024, through Santander Bank, National Association. The loans are reported with 11 jobs.
SBA 7(a) loan, change of ownership, approved Mar 1, 2024
$1,769,800 approvedLender: Santander Bank, National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,769,800
- SBA-guaranteed amount
- $1,327,350 (75% of the approval)
- Lender
- Santander Bank, National Association, Wilmington, DE
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 7.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- March 1, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $21,008 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Apr 19, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 424910, Farm Supplies Merchant Wholesalers
- Project location
- Plymouth County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-09
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 75% of acquisition loans in Farm Supplies Merchant Wholesalers on this site.
- Average acquisition loan in Farm Supplies Merchant Wholesalers: $1,495,375.
- 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.
SBA 7(a) loan, change of ownership, approved Mar 1, 2024
$500,000 approvedLender: Santander Bank, National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- Santander Bank, National Association, Wilmington, DE
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 9.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- March 1, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $6,470 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 27, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 424910, Farm Supplies Merchant Wholesalers
- Project location
- Plymouth County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-09
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Farm Supplies Merchant Wholesalers: $1,495,375.
- 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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