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Freestate Auto & Truck Service, Inc.

Capitol Heights, MD · General Automotive Repair · NAICS 811111

Freestate Auto & Truck Service, Inc. is a general automotive repair business in Capitol Heights, Maryland, classified under NAICS 811111. The company was financed with an SBA 7(a) loan for a change of ownership of $841,500, approved on July 25, 2024, through Truliant FCU.

SBA 7(a) loan, change of ownership, approved Jul 25, 2024

$841,500 approvedLender: Truliant FCU10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$841,500
SBA-guaranteed amount
$631,125 (75% of the approval)
Lender
Truliant FCU, Winston-Salem, NC
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.75%, variable
Term
10 years (120 months)
Estimated maturity
July 25, 2034 (estimated, approval date plus term)
Estimated monthly payment
$11,473 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Oct 29, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
3
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Prince Georges County, MD
SBA district office
Washington District Office
Congressional district
MD-04
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 33% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • Average acquisition loan in Maryland: $1,627,337.

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 Maryland