Island Inn, Monhegan Inc.
Island Inn, Monhegan Inc. is a bed-and-breakfast inn in Monhegan Plantation, Maine, classified under NAICS 721191 (Bed-and-Breakfast Inns). The company financed real estate or equipment through an SBA 504 loan of $1,171,000, approved on January 6, 2025, with Katahdin Trust Company as the lender and the Southern Maine Finance Agency as the certified development company, and the loan reports 2 jobs.
SBA 504 loan, approved Jan 6, 2025
$1,171,000 SBA portionCDC: Southern Maine Finance Agency25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,171,000
- Bank portion
- $1,905,000
- Estimated project size
- $3,417,778 (estimated)
- Estimated owner equity
- $341,778 (estimated, about 10% of the project)
- Bank lender
- Katahdin Trust Company, Scarborough, ME
- Processing method
- 504 Basic: standard SBA processing through a CDC
- Term
- 25 years (300 months)
- Estimated maturity
- January 6, 2050 (estimated, approval date plus term)
- First disbursement
- Mar 12, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 721191, Bed-and-Breakfast Inns
- Project location
- Lincoln County, ME
- SBA district office
- Maine District Office
- Congressional district
- ME-1
- Collateral
- Yes
Estimated share of project by source
Bank 56% SBA (CDC) 34% Owner 10%
- Larger than 35% of expansion loans in Bed-and-Breakfast Inns on this site.
- Average expansion loan in Bed-and-Breakfast Inns: $1,456,765.
- Average expansion loan in Maine: $2,027,182.
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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