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Snead's Auto Repair Inc.

Lombard, IL · General Automotive Repair · NAICS 811111

Snead's Auto Repair Inc. is a general automotive repair business in Lombard, IL, classified under NAICS 811111 (General Automotive Repair). The company was financed with an SBA 7(a) loan for a change of ownership, with a loan amount of $1,385,500, approved on March 15, 2024, through The Huntington National Bank.

SBA 7(a) loan, change of ownership, approved Mar 15, 2024

$1,385,500 approvedLender: The Huntington National Bank17 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,385,500
SBA-guaranteed amount
$1,039,125 (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
8.99%, fixed
Term
17 years (204 months)
Estimated maturity
March 15, 2041 (estimated, approval date plus term)
Estimated monthly payment
$13,276 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 27, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
6
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Dupage County, IL
SBA district office
Illinois District Office
Congressional district
IL-06
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 62% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • Average acquisition loan in Illinois: $1,796,780.

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 Illinois