Reach Education LLC
Reach Education LLC is located in Eagan, MN, and the SBA lists its industry as Flight Training. It was approved for an SBA 7(a) loan of $805,500 for a change of ownership on May 22, 2024.
SBA 7(a) loan, change of ownership, approved May 22, 2024
- Gross approval
- $805,500
- SBA-guaranteed amount
- $604,125 (75% of the approval)
- Lender
- Platinum Bank, Oakdale, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- May 22, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $10,869 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 31, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 611512, Flight Training
- Project location
- Dakota County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Flight Training: $1,494,925.
- 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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Same industry in Minnesota
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