Main Street Registry

Saltwater Autoworks and Logistics, Inc

Morehead City, NC · General Automotive Repair · NAICS 811111

Saltwater Autoworks and Logistics, Inc is a general automotive repair business located in Morehead City, North Carolina. It was financed with an SBA 7(a) loan for a change of ownership of $685,900, approved by The Bancorp Bank National Association on November 24, 2023.

SBA 7(a) loan, change of ownership, approved Nov 24, 2023

$685,900 approvedLender: The Bancorp Bank National Association131 months termStatus not reported (SBA exemption)Loan details
Gross approval
$685,900
SBA-guaranteed amount
$514,425 (75% of the approval)
Lender
The Bancorp Bank National Association, Sioux Falls, SD
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.75%, variable
Term
10 years, 11 months (131 months)
Estimated maturity
October 24, 2034 (estimated, approval date plus term)
Estimated monthly payment
$8,527 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 1, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
5
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Carteret County, NC
SBA district office
North Carolina District Office
Congressional district
NC-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 General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • Average acquisition loan in North Carolina: $1,952,444.

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 North Carolina