Rich Gas Inc
Rich Gas Inc, located in Wharton, NJ, operates in the gasoline stations with convenience stores industry (NAICS 457110). The company was financed with an SBA 7(a) loan for a change of ownership of $550,000, approved on December 16, 2024, by Peapack Private Bank and Trust.
SBA 7(a) loan, change of ownership, approved Dec 16, 2024
$550,000 approvedLender: Peapack Private Bank and Trust10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $550,000
- SBA-guaranteed amount
- $412,500 (75% of the approval)
- Lender
- Peapack Private Bank and Trust, Bedminster, NJ
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 16, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $7,192 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 1, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 457110, Gasoline Stations with Convenience Stores
- Project location
- Morris County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 3% of acquisition loans in Gasoline Stations with Convenience Stores on this site.
- Average acquisition loan in Gasoline Stations with Convenience Stores: $2,177,273.
- 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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