Teg, LLC
Teg, LLC is located in Cedar Rapids, IA, and the SBA lists its industry as Direct Mail Advertising. It was approved for an SBA 7(a) loan of $525,000 for a change of ownership on June 14, 2024.
SBA 7(a) loan, change of ownership, approved Jun 14, 2024
- Gross approval
- $525,000
- SBA-guaranteed amount
- $393,750 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- June 14, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $7,084 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jul 2, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 541860, Direct Mail Advertising
- Project location
- Linn County, IA
- SBA district office
- Des Moines District Office
- Congressional district
- IA-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Direct Mail Advertising: $1,558,840.
- Average acquisition loan in Iowa: $1,701,244.
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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