Heco Wheeling Service Center, LLC
Heco Wheeling Service Center, LLC is located in Wheeling, West Virginia, and operates in motor and generator manufacturing (NAICS 335312). The company was financed with an SBA 7(a) loan for a change of ownership of $4.92 million, approved on November 14, 2024 by First National Bank of Michigan.
SBA 7(a) loan, change of ownership, approved Nov 14, 2024
$4,920,000 approvedLender: First National Bank of Michigan10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,920,000
- SBA-guaranteed amount
- $3,690,000 (75% of the approval)
- Lender
- First National Bank of Michigan, Kalamazoo, MI
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 8.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- November 14, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $61,001 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 15, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 45
- Business type
- Corporation
- NAICS
- 335312, Motor and Generator Manufacturing
- Project location
- Ohio County, WV
- SBA district office
- West Virginia District Office
- Congressional district
- WV-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Motor and Generator Manufacturing: $4,920,000.
- Average acquisition loan in West Virginia: $2,753,191.
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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