Shine Time Carwash & Lube Express of Peru
Shine Time Carwash & Lube Express of Peru is a car wash business in Peru, Indiana, in the car washes industry (NAICS 811192). The business was financed with an SBA 7(a) loan for a change of ownership of $1.6 million, approved on September 26, 2024 by First Internet Bank of Indiana.
SBA 7(a) loan, change of ownership, approved Sep 26, 2024
$1,600,000 approvedLender: First Internet Bank of Indiana25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,600,000
- SBA-guaranteed amount
- $1,200,000 (75% of the approval)
- Lender
- First Internet Bank of Indiana, Fishers, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- September 26, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $15,682 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 26, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 811192, Car Washes
- Project location
- Miami County, IN
- SBA district office
- Indiana District Office
- Congressional district
- IN-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 53% of acquisition loans in Car Washes on this site.
- Average acquisition loan in Car Washes: $2,047,274.
- Average acquisition loan in Indiana: $1,995,900.
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 Indiana
- Dave's Car Wash and Laserwash, Indianapolis
- Ultra Carwash LLC, Vincennes