Main Street Registry

Great Lakes Pizza of Northern Mi, LLC

Sault Sainte Marie, MI · Limited-Service Restaurants · NAICS 722513

Great Lakes Pizza of Northern Mi, LLC is a limited-service restaurant located in Sault Sainte Marie, Michigan, classified under NAICS code 722513. The company was financed with an SBA 7(a) loan for a change of ownership totaling $1,695,000, approved on March 5, 2024, through Live Oak Banking Company.

SBA 7(a) loan, change of ownership, approved Mar 5, 2024

$1,695,000 approvedLender: Live Oak Banking Company10 years termPaid in fullLoan details
Gross approval
$1,695,000
SBA-guaranteed amount
$1,271,250 (75% of the approval)
Lender
Live Oak Banking Company, Wilmington, NC
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.5%, variable
Term
10 years (120 months)
Estimated maturity
March 5, 2034 (estimated, approval date plus term)
Estimated monthly payment
$22,871 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Apr 1, 2024
Loan status
Paid in full
Jobs supported
22
Business type
Corporation
NAICS
722513, Limited-Service Restaurants
Project location
Chippewa County, MI
SBA district office
Michigan District Office
Congressional district
MI-01
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 77% of acquisition loans in Limited-Service Restaurants on this site.
  • Average acquisition loan in Limited-Service Restaurants: $1,303,660.
  • Average acquisition loan in Michigan: $1,645,728.

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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