Hugh's Transport, Inc.
Hugh's Transport, Inc. is a motor vehicle towing business in Buchanan, Virginia, classified under NAICS code 488410. The company was financed with an SBA 7(a) loan for a change of ownership of $4.775 million, approved on March 12, 2025 by First-Citizens Bank & Trust Company, with 11 jobs reported.
SBA 7(a) loan, change of ownership, approved Mar 12, 2025
$4,775,000 approvedLender: First-Citizens Bank & Trust Company25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,775,000
- SBA-guaranteed amount
- $3,581,250 (75% of the approval)
- Lender
- First-Citizens Bank & Trust Company, Raleigh, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 7.75%, fixed
- Term
- 25 years (300 months)
- Estimated maturity
- March 12, 2050 (estimated, approval date plus term)
- Estimated monthly payment
- $36,067 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 7, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 488410, Motor Vehicle Towing
- Project location
- Botetourt County, VA
- SBA district office
- Richmond District Office
- Congressional district
- VA-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 87% of acquisition loans in Motor Vehicle Towing on this site.
- Average acquisition loan in Motor Vehicle Towing: $1,770,240.
- Average acquisition loan in Virginia: $1,860,760.
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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