Calumet Decorating Service Inc.
Calumet Decorating Service Inc. is a painting and wall covering contractor in Oak Forest, Illinois. The company was financed with an SBA 7(a) loan for a change of ownership, with two loans of $500,000 and $1,294,000 approved by Live Oak Banking Company on December 9 and December 10, 2024.
SBA 7(a) loan, change of ownership, approved Dec 10, 2024
$1,294,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,294,000
- SBA-guaranteed amount
- $970,500 (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
- 9.23%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 10, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $16,553 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 14
- Business type
- Corporation
- NAICS
- 238320, Painting and Wall Covering Contractors
- Project location
- Cook County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 65% of acquisition loans in Painting and Wall Covering Contractors on this site.
- Average acquisition loan in Painting and Wall Covering Contractors: $1,429,871.
- Average acquisition loan in Illinois: $1,796,780.
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 Dec 9, 2024
$500,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 9.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 9, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $6,539 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 14
- Business type
- Corporation
- NAICS
- 238320, Painting and Wall Covering Contractors
- Project location
- Cook County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Painting and Wall Covering Contractors: $1,429,871.
- Average acquisition loan in Illinois: $1,796,780.
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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