Ever Ready Grinding & Pin Manufacturing LLC
Ever Ready Grinding & Pin Manufacturing LLC is a precision turned product manufacturing business in Rockford, Illinois, classified under NAICS code 332721. The company was financed with an SBA 7(a) loan for a change of ownership, with two loans approved by Midland States Bank on February 15, 2024 ($500,000) and February 17, 2024 ($4,040,000).
SBA 7(a) loan, change of ownership, approved Feb 17, 2024
$4,040,000 approvedLender: Midland States Bank14 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,040,000
- SBA-guaranteed amount
- $3,030,000 (75% of the approval)
- Lender
- Midland States Bank, Effingham, IL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 14 years (168 months)
- Estimated maturity
- February 17, 2038 (estimated, approval date plus term)
- Estimated monthly payment
- $44,771 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 15, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 90
- Business type
- Corporation
- NAICS
- 332721, Precision Turned Product Manufacturing
- Project location
- Winnebago County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-16
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 70% of acquisition loans in Precision Turned Product Manufacturing on this site.
- Average acquisition loan in Precision Turned Product Manufacturing: $2,651,610.
- 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 Feb 15, 2024
$500,000 approvedLender: Midland States Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- Midland States Bank, Effingham, IL
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 15, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $6,608 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 15, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 90
- Business type
- Corporation
- NAICS
- 332721, Precision Turned Product Manufacturing
- Project location
- Winnebago County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-16
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Precision Turned Product Manufacturing: $2,651,610.
- 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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