Floor to Ceiling of Willmar, LLC
Floor to Ceiling of Willmar, LLC is a paint and wallpaper retailer located in Willmar, Minnesota, operating as a Floor to Ceiling franchise. The business was financed with an SBA 7(a) loan for a change of ownership, in the amount of $1.4 million, with Granite Bank as the lender and approval dated October 10, 2023.
SBA 7(a) loan, change of ownership, approved Oct 10, 2023
$1,400,000 approvedLender: Granite Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,400,000
- SBA-guaranteed amount
- $1,050,000 (75% of the approval)
- Lender
- Granite Bank, Cold Spring, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 7.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 10, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $16,801 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 30, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 17
- Business type
- Corporation
- NAICS
- 444120, Paint and Wallpaper Retailers
- Franchise
- Floor to Ceiling
- Project location
- Kandiyohi County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Paint and Wallpaper Retailers: $1,308,067.
- 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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