Spartan Hydraulics, Inc
Spartan Hydraulics, Inc is located in Pacolet, SC, and the SBA lists its industry as Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance. It was approved for an SBA 7(a) loan of $1,098,000 for a change of ownership on February 14, 2024.
SBA 7(a) loan, change of ownership, approved Feb 14, 2024
- Gross approval
- $1,098,000
- SBA-guaranteed amount
- $823,500 (75% of the approval)
- Lender
- First-Citizens Bank & Trust Company, Raleigh, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.5%, fixed
- Term
- 24 years, 11 months (299 months)
- Estimated maturity
- January 14, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $9,601 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
- 19
- Business type
- Corporation
- NAICS
- 811310, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
- Project location
- Spartanburg County, SC
- SBA district office
- South Carolina District Office
- Congressional district
- SC-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 38% of acquisition loans in Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance on this site.
- Average acquisition loan in Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance: $1,576,060.
- Average acquisition loan in South Carolina: $1,827,509.
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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