Main Street Registry

Spruce Investment Group, LLC

Colorado Springs, CO · Limited-Service Restaurants · NAICS 722513

Spruce Investment Group, LLC is a limited-service restaurant business located in Colorado Springs, Colorado, operating as a Culver's franchise. The company financed real estate or equipment through an SBA 504 loan of $1,366,000, approved on May 10, 2024, with Busey Bank as the lending bank and Mountain West Small Business Finance as the certified development company.

SBA 504 loan, approved May 10, 2024

$1,366,000 SBA portionCDC: Mountain West Small Business Finance25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$1,366,000
Bank portion
$1,660,100
Estimated project size
$3,362,333 (estimated)
Estimated owner equity
$336,233 (estimated, about 10% of the project)
Bank lender
Busey Bank, Champaign, IL
CDC
Mountain West Small Business Finance
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
May 10, 2049 (estimated, approval date plus term)
First disbursement
Aug 14, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
14
Business type
Corporation
NAICS
722513, Limited-Service Restaurants
Franchise
Culver's
Project location
El Paso County, CO
SBA district office
Colorado District Office
Congressional district
CO-5
Collateral
Yes

Estimated share of project by source

Bank 49% SBA (CDC) 41% Owner 10%

  • Larger than 51% of expansion loans in Limited-Service Restaurants on this site.
  • Average expansion loan in Limited-Service Restaurants: $1,507,672.
  • Average expansion loan in Colorado: $2,096,252.

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 Colorado