Nathans Wheelhouse LLC
Nathans Wheelhouse LLC is a sporting goods retailer in Grand Rapids, Michigan. The company was financed with an SBA 7(a) loan for a change of ownership, with a loan amount of $720,000 from Horizon Bank, approved on August 7, 2024.
SBA 7(a) loan, change of ownership, approved Aug 7, 2024
$720,000 approvedLender: Horizon Bank20 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $720,000
- SBA-guaranteed amount
- $540,000 (75% of the approval)
- Lender
- Horizon Bank, Michigan City, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.25%, fixed
- Term
- 20 years (240 months)
- Estimated maturity
- August 7, 2044 (estimated, approval date plus term)
- Estimated monthly payment
- $6,135 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 3, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 6
- Business type
- Corporation
- NAICS
- 459110, Sporting Goods Retailers
- Project location
- Kent 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 26% of acquisition loans in Sporting Goods Retailers on this site.
- Average acquisition loan in Sporting Goods Retailers: $1,337,498.
- 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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