Power Source Industries of Florida, LLC
Power Source Industries of Florida, LLC is a commercial and service industry machinery manufacturer located in Sarasota, FL, under NAICS code 333310. The company was financed with an SBA 7(a) loan for a change of ownership of $875,000, approved on September 26, 2024, by Gulfside Bank.
SBA 7(a) loan, change of ownership, approved Sep 26, 2024
$875,000 approvedLender: Gulfside Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $875,000
- SBA-guaranteed amount
- $656,250 (75% of the approval)
- Lender
- Gulfside Bank, P.O. Box 1824, FL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 26, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $11,930 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 18, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 333310, Commercial and Service Industry Machinery Manufacturing
- Project location
- Sarasota County, FL
- SBA district office
- South Florida District Office
- Congressional district
- FL-16
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Commercial and Service Industry Machinery Manufacturing: $2,595,444.
- Average acquisition loan in Florida: $1,808,559.
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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