Hereford Collision Center
Hereford Collision Center is located in Monkton, MD, and the SBA lists its industry as Automotive Body, Paint, and Interior Repair and Maintenance. It was approved for an SBA 7(a) loan of $3,158,000 for a change of ownership on June 11, 2024.
SBA 7(a) loan, change of ownership, approved Jun 11, 2024
- Gross approval
- $3,158,000
- SBA-guaranteed amount
- $2,368,500 (75% of the approval)
- Lender
- First Internet Bank of Indiana, Fishers, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- June 11, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $43,950 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 21, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 9
- Business type
- Corporation
- NAICS
- 811121, Automotive Body, Paint, and Interior Repair and Maintenance
- Project location
- Baltimore County, MD
- SBA district office
- Baltimore District Office
- Congressional district
- MD-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 86% of acquisition loans in Automotive Body, Paint, and Interior Repair and Maintenance on this site.
- Average acquisition loan in Automotive Body, Paint, and Interior Repair and Maintenance: $1,738,412.
- 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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