Main Street Registry

Sharkys West Bar

Boonton, NJ · Full-Service Restaurants · NAICS 722511

Sharkys West Bar in Boonton, NJ is classified under the SBA industry Full-Service Restaurants (NAICS 722511). The business was financed with an SBA 7(a) loan for a change of ownership of $825,000, approved by East West Bank on February 11, 2025.

SBA 7(a) loan, change of ownership, approved Feb 11, 2025

$825,000 approvedLender: East West Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$825,000
SBA-guaranteed amount
$618,750 (75% of the approval)
Lender
East West Bank, Pasadena, CA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
8.75%, variable
Term
25 years (300 months)
Estimated maturity
February 11, 2050 (estimated, approval date plus term)
Estimated monthly payment
$6,783 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 5, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
6
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Morris County, NJ
SBA district office
New Jersey District Office
Congressional district
NJ-11
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 37% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • 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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Same industry in New Jersey