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Gmi Metalworks LLC

Freeburg, IL · Machine Shops · NAICS 332710

GMI Metalworks LLC is a machine shop located in Freeburg, Illinois, classified under NAICS code 332710 (Machine Shops). The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $2,450,000, approved by First American Bank on January 22, 2025.

SBA 7(a) loan, change of ownership, approved Jan 22, 2025

$2,450,000 approvedLender: First American Bank10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,450,000
SBA-guaranteed amount
$1,837,500 (75% of the approval)
Lender
First American Bank, Elk Grove Village, IL
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
7.68%, variable
Term
10 years (120 months)
Estimated maturity
January 22, 2035 (estimated, approval date plus term)
Estimated monthly payment
$29,313 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 31, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
22
Business type
Corporation
NAICS
332710, Machine Shops
Project location
Saint Clair County, IL
SBA district office
Illinois District Office
Congressional district
IL-12
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 67% of acquisition loans in Machine Shops on this site.
  • Average acquisition loan in Machine Shops: $2,116,278.
  • 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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Same industry in Illinois