Main Street Registry

The Palmer Lake Social LLC

Colon, MI · Full-Service Restaurants · NAICS 722511

The Palmer Lake Social LLC is a full-service restaurant located in Colon, Michigan, classified under NAICS code 722511. The company was financed with an SBA 7(a) loan for a change of ownership of $675,000, approved on March 26, 2025, through Omni Community Credit Union.

SBA 7(a) loan, change of ownership, approved Mar 26, 2025

$675,000 approvedLender: Omni Community Credit Union25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$675,000
SBA-guaranteed amount
$506,250 (75% of the approval)
Lender
Omni Community Credit Union, Battle Creek, MI
Processing method
Standard 7(a): the lender submits the application for SBA review
Initial interest rate
9%, variable
Term
25 years (300 months)
Estimated maturity
March 26, 2050 (estimated, approval date plus term)
Estimated monthly payment
$5,665 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
May 5, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
52
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Saint Joseph County, MI
SBA district office
Michigan District Office
Congressional district
MI-06
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 24% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • 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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