Clark's Towing & Tire
Clark's Towing & Tire is a motor vehicle towing business located in Lexington, North Carolina, and is classified under NAICS code 488410. It was financed with an SBA 7(a) loan for a change of ownership of $543,000, approved on April 13, 2024, through First Bank.
SBA 7(a) loan, change of ownership, approved Apr 13, 2024
$543,000 approvedLender: First Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $543,000
- SBA-guaranteed amount
- $407,250 (75% of the approval)
- Lender
- First Bank, Southern Pines, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- April 13, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $7,480 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Apr 23, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 488410, Motor Vehicle Towing
- Project location
- Davidson County, NC
- SBA district office
- North Carolina District Office
- Congressional district
- NC-13
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 13% of acquisition loans in Motor Vehicle Towing on this site.
- Average acquisition loan in Motor Vehicle Towing: $1,770,240.
- Average acquisition loan in North Carolina: $1,952,444.
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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