Island Time Gift Shop, LLC
Island Time Gift Shop, LLC is a gift, novelty, and souvenir retailer located in Venice, Florida. The business was financed with an SBA 7(a) loan for a change of ownership, in the amount of $1,118,000, from The Huntington National Bank, with the loan approved on August 1, 2024.
SBA 7(a) loan, change of ownership, approved Aug 1, 2024
$1,118,000 approvedLender: The Huntington National Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,118,000
- SBA-guaranteed amount
- $838,500 (75% of the approval)
- Lender
- The Huntington National Bank, Columbus, OH
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- August 1, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $15,559 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 19, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 6
- Business type
- Corporation
- NAICS
- 459420, Gift, Novelty, and Souvenir Retailers
- Project location
- Sarasota County, FL
- SBA district office
- South Florida District Office
- Congressional district
- FL-17
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 41% of acquisition loans in Gift, Novelty, and Souvenir Retailers on this site.
- Average acquisition loan in Gift, Novelty, and Souvenir Retailers: $1,214,814.
- Average acquisition loan in Florida: $1,808,559.
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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