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Hastings Asphalt Services Inc

Harvard, IL · All Other Specialty Trade Contractors · NAICS 238990

Hastings Asphalt Services Inc is a business in Harvard, Illinois, in the All Other Specialty Trade Contractors industry (NAICS 238990). It was financed with an SBA 7(a) loan for a change of ownership in the amount of $1,500,000, approved on June 17, 2024, through Live Oak Banking Company.

SBA 7(a) loan, change of ownership, approved Jun 17, 2024

$1,500,000 approvedLender: Live Oak Banking Company15 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,500,000
SBA-guaranteed amount
$1,125,000 (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
15 years (180 months)
Estimated maturity
June 17, 2039 (estimated, approval date plus term)
Estimated monthly payment
$16,581 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jun 28, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
25
Business type
Corporation
NAICS
238990, All Other Specialty Trade Contractors
Project location
Mchenry County, IL
SBA district office
Illinois District Office
Congressional district
IL-14
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 49% of acquisition loans in All Other Specialty Trade Contractors on this site.
  • Average acquisition loan in All Other Specialty Trade Contractors: $1,899,024.
  • 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