80th Street Corporation
80th Street Corporation is located in Ann Arbor, MI, and the SBA lists its industry as Services for the Elderly and Persons with Disabilities. It was approved for an SBA 7(a) loan of $920,000 for a change of ownership on July 2, 2024.
SBA 7(a) loan, change of ownership, approved Jul 2, 2024
- Gross approval
- $920,000
- SBA-guaranteed amount
- $690,000 (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
- July 2, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $12,286 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jul 15, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 100
- Business type
- Corporation
- NAICS
- 624120, Services for the Elderly and Persons with Disabilities
- Project location
- Washtenaw County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 30% of acquisition loans in Services for the Elderly and Persons with Disabilities on this site.
- Average acquisition loan in Services for the Elderly and Persons with Disabilities: $1,718,785.
- Average acquisition loan in Michigan: $1,645,728.
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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