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Sheridan Sheet Metal Company Inc.

Minneapolis, MN · All Other Specialty Trade Contractors · NAICS 238990

Sheridan Sheet Metal Company Inc. is an All Other Specialty Trade Contractors business (NAICS 238990) located in Minneapolis, MN. The company was financed with an SBA 7(a) loan for a change of ownership, with two such loans from Old National Bank approved on August 2, 2024 for $3,954,300 and August 4, 2024 for $500,000.

SBA 7(a) loan, change of ownership, approved Aug 4, 2024

$500,000 approvedLender: Old National Bank10 years termCommitted, not fully disbursedLoan details
Gross approval
$500,000
SBA-guaranteed amount
$250,000 (50% of the approval)
Lender
Old National Bank, Evansville, IN
Processing method
SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
Initial interest rate
10%, variable
Term
10 years (120 months)
Estimated maturity
August 4, 2034 (estimated, approval date plus term)
Estimated monthly payment
$6,608 Estimated payment at the initial rate over the full term; actual terms vary.
Loan status
Committed, not fully disbursed
Jobs supported
23
Business type
Corporation
NAICS
238990, All Other Specialty Trade Contractors
Project location
Hennepin County, MN
SBA district office
Minnesota District Office
Congressional district
MN-05
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
Yes
  • Average acquisition loan in All Other Specialty Trade Contractors: $1,899,024.
  • 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.

SBA 7(a) loan, change of ownership, approved Aug 2, 2024

$3,954,300 approvedLender: Old National Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$3,954,300
SBA-guaranteed amount
$2,965,725 (75% of the approval)
Lender
Old National Bank, Evansville, IN
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
7.99%, fixed
Term
25 years (300 months)
Estimated maturity
August 2, 2049 (estimated, approval date plus term)
Estimated monthly payment
$30,494 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Aug 30, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
23
NAICS
238990, All Other Specialty Trade Contractors
Project location
Hennepin County, MN
SBA district office
Minnesota District Office
Congressional district
MN-05
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 88% of acquisition loans in All Other Specialty Trade Contractors on this site.
  • Average acquisition loan in All Other Specialty Trade Contractors: $1,899,024.
  • 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