Magnolia Sky Transportation LLC
Magnolia Sky Transportation LLC is a business in Fairhope, Alabama, in the industry All Other Transit and Ground Passenger Transportation (NAICS 485999). The company was financed with an SBA 7(a) loan for a change of ownership totaling $519,000, approved on September 27, 2024 by FDIC-supervised lender Community Bank & Trust-West Georgia.
SBA 7(a) loan, change of ownership, approved Sep 27, 2024
$519,000 approvedLender: FDIC - Community Bank & Trust-West Georgia10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $519,000
- SBA-guaranteed amount
- $389,250 (75% of the approval)
- Lender
- FDIC - Community Bank & Trust-West Georgia, LaGrange, GA
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 11.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 27, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $7,297 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 4, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 485999, All Other Transit and Ground Passenger Transportation
- Project location
- Baldwin County, AL
- SBA district office
- Alabama District Office
- Congressional district
- AL-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in All Other Transit and Ground Passenger Transportation: $1,339,850.
- Average acquisition loan in Alabama: $1,764,717.
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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