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Midas of Cadillac, LLC

Cadillac, MI · General Automotive Repair · NAICS 811111

Midas of Cadillac, LLC is a general automotive repair business in Cadillac, Michigan, classified under NAICS 811111. The company was financed with an SBA 7(a) loan for a change of ownership, with a loan amount of $1,552,100 from The Huntington National Bank, approved on December 19, 2024. The loan is a franchise-related loan with a 180-month term and is listed as creating 2 jobs.

SBA 7(a) loan, change of ownership, approved Dec 19, 2024

$1,552,100 approvedLender: The Huntington National Bank15 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,552,100
SBA-guaranteed amount
$1,164,075 (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
7.9%, fixed
Term
15 years (180 months)
Estimated maturity
December 19, 2039 (estimated, approval date plus term)
Estimated monthly payment
$14,743 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
May 2, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
2
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Wexford County, MI
SBA district office
Michigan District Office
Congressional district
MI-02
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 72% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • Average acquisition loan in Michigan: $1,645,728.

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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