West Carpets
West Carpets is located in Rahway, NJ, and the SBA lists its industry as Flooring Contractors. It was approved for an SBA 7(a) loan of $1,073,000 for a change of ownership on June 5, 2024.
SBA 7(a) loan, change of ownership, approved Jun 5, 2024
- Gross approval
- $1,073,000
- SBA-guaranteed amount
- $804,750 (75% of the approval)
- Lender
- Celtic Bank Corporation, Salt Lake City, UT
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- June 5, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $14,933 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 27, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 9
- Business type
- Corporation
- NAICS
- 238330, Flooring Contractors
- Project location
- Union County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 40% of acquisition loans in Flooring Contractors on this site.
- Average acquisition loan in Flooring Contractors: $1,653,780.
- 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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