Primordial Soup, LLC.
Primordial Soup, LLC. is an engineering services business in Saint Paul, Minnesota, classified under NAICS 541330. The company was financed with an SBA 7(a) loan for a change of ownership, approved in the amount of $750,000 by Drake Bank on July 26, 2024.
SBA 7(a) loan, change of ownership, approved Jul 26, 2024
$750,000 approvedLender: Drake Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $750,000
- SBA-guaranteed amount
- $562,500 (75% of the approval)
- Lender
- Drake Bank, Saint Paul, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- July 26, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $9,911 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 29, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 24
- Business type
- Corporation
- NAICS
- 541330, Engineering Services
- Project location
- Ramsey County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 23% of acquisition loans in Engineering Services on this site.
- Average acquisition loan in Engineering Services: $1,946,706.
- 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.
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