Northern Engine & Supply Inc
Northern Engine & Supply Inc is located in Duluth, Minnesota, and operates in the other commercial and industrial machinery and equipment rental and leasing industry. The company was financed with SBA 7(a) loans for a change of ownership, totaling $500,000 and $3,625,000, approved by The Huntington National Bank on February 25, 2025.
SBA 7(a) loan, change of ownership, approved Feb 25, 2025
$3,625,000 approvedLender: The Huntington National Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $3,625,000
- SBA-guaranteed amount
- $2,718,750 (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
- 8.2%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- February 25, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $44,365 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 28, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 35
- Business type
- Corporation
- NAICS
- 532490, Other Commercial and Industrial Machinery and Equipment Rental and Leasing
- Project location
- Saint Louis County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 76% of acquisition loans in Other Commercial and Industrial Machinery and Equipment Rental and Leasing on this site.
- Average acquisition loan in Other Commercial and Industrial Machinery and Equipment Rental and Leasing: $2,242,743.
- Average acquisition loan in Minnesota: $1,482,119.
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.
SBA 7(a) loan, change of ownership, approved Feb 25, 2025
$500,000 approvedLender: The Huntington National Bank10 years termCommitted, not fully disbursedLoan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- The Huntington National Bank, Columbus, OH
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 9.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 25, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $6,402 Estimated payment at the initial rate over the full term; actual terms vary.
- Loan status
- Committed, not fully disbursed
- Jobs supported
- 35
- Business type
- Corporation
- NAICS
- 532490, Other Commercial and Industrial Machinery and Equipment Rental and Leasing
- Project location
- Saint Louis County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Other Commercial and Industrial Machinery and Equipment Rental and Leasing: $2,242,743.
- Average acquisition loan in Minnesota: $1,482,119.
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.
Is this your company? Claim or correct this listing. See Corrections.