Main Street Registry

Chester's Speed Shop Inc.

Pine River, MN · Automotive Body, Paint, and Interior Repair and Maintenance · NAICS 811121

Chester's Speed Shop Inc., located in Pine River, Minnesota, operates in automotive body, paint, and interior repair and maintenance. The company was financed with an SBA 7(a) loan for a change of ownership totaling $741,900, approved on May 7, 2025, through Old National Bank.

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

$741,900 approvedLender: Old National Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$741,900
SBA-guaranteed amount
$556,425 (75% of the approval)
Lender
Old National Bank, Evansville, IN
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
8.59%, fixed
Term
25 years (300 months)
Estimated maturity
May 7, 2050 (estimated, approval date plus term)
Estimated monthly payment
$6,019 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
May 16, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
7
Business type
Corporation
NAICS
811121, Automotive Body, Paint, and Interior Repair and Maintenance
Project location
Cass County, MN
SBA district office
Minnesota District Office
Congressional district
MN-08
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 13% of acquisition loans in Automotive Body, Paint, and Interior Repair and Maintenance on this site.
  • Average acquisition loan in Automotive Body, Paint, and Interior Repair and Maintenance: $1,738,412.
  • Average acquisition loan in Minnesota: $1,482,119.

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 Minnesota