St. Michaels Market
St. Michaels Market is a supermarket and grocery retailer in Saint Michaels, Maryland, classified under NAICS code 445110 (Supermarkets and Other Grocery Retailers, except Convenience Retailers). The business was financed with an SBA 7(a) loan for a change of ownership totaling $4,726,000, with First Internet Bank of Indiana as the lender and an approval date of April 30, 2025.
SBA 7(a) loan, change of ownership, approved Apr 30, 2025
$4,726,000 approvedLender: First Internet Bank of Indiana25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,726,000
- SBA-guaranteed amount
- $3,423,987 (72% 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
- 10.25%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- April 30, 2050 (estimated, approval date plus term)
- Estimated monthly payment
- $43,781 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 9, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 42
- Business type
- Corporation
- NAICS
- 445110, Supermarkets and Other Grocery Retailers (except Convenience Retailers)
- Project location
- Talbot County, MD
- SBA district office
- Baltimore District Office
- Congressional district
- MD-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 97% of acquisition loans in Supermarkets and Other Grocery Retailers (except Convenience Retailers) on this site.
- Average acquisition loan in Supermarkets and Other Grocery Retailers (except Convenience Retailers): $1,791,981.
- Average acquisition loan in Maryland: $1,627,337.
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 Maryland
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