Stony Creek Services Inc
Stony Creek Services Inc is a drywall and insulation contractor located in Westland, Michigan. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $1.5 million, approved on March 4, 2024, by The Huntington National Bank.
SBA 7(a) loan, change of ownership, approved Mar 4, 2024
$1,548,000 approvedLender: The Huntington National Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,548,000
- SBA-guaranteed amount
- $1,161,000 (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
- 10.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- March 4, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $21,105 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 18, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 5
- Business type
- Corporation
- NAICS
- 238310, Drywall and Insulation Contractors
- Project location
- Wayne County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-13
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 54% of acquisition loans in Drywall and Insulation Contractors on this site.
- Average acquisition loan in Drywall and Insulation Contractors: $1,987,965.
- Average acquisition loan in Michigan: $1,645,728.
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.
Is this your company? Claim or correct this listing. See Corrections.
Same industry in Michigan
- Midwest Urethane Insulation LLC, Webberville