Quality Electric Motor Service, Inc.
Quality Electric Motor Service, Inc. is located in Louisville, Kentucky, and operates in commercial and industrial machinery and equipment repair and maintenance, excluding automotive and electronic equipment. The company was financed with an SBA 7(a) loan for a change of ownership of $826,700, approved on December 23, 2024, through The Huntington National Bank.
SBA 7(a) loan, change of ownership, approved Dec 23, 2024
$826,700 approvedLender: The Huntington National Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $826,700
- SBA-guaranteed amount
- $620,025 (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
- 9.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 23, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $10,811 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
- 9
- Business type
- Corporation
- NAICS
- 811310, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
- Project location
- Jefferson County, KY
- SBA district office
- Kentucky District Office
- Congressional district
- KY-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 21% of acquisition loans in Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance on this site.
- Average acquisition loan in Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance: $1,576,060.
- Average acquisition loan in Kentucky: $1,988,993.
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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