Up North Sport, LLC
Up North Sport, LLC is a sporting goods retailer in Petoskey, Michigan, classified under NAICS 459110 (Sporting Goods Retailers). The business was financed with an SBA 7(a) loan for a change of ownership of $1,986,800, approved on August 7, 2024 by The Huntington National Bank.
SBA 7(a) loan, change of ownership, approved Aug 7, 2024
$1,986,800 approvedLender: The Huntington National Bank16 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,986,800
- SBA-guaranteed amount
- $1,490,100 (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
- 8.75%, fixed
- Term
- 16 years (192 months)
- Estimated maturity
- August 7, 2040 (estimated, approval date plus term)
- Estimated monthly payment
- $19,261 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 26, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 7
- Business type
- Corporation
- NAICS
- 459110, Sporting Goods Retailers
- Project location
- Emmet County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 76% of acquisition loans in Sporting Goods Retailers on this site.
- Average acquisition loan in Sporting Goods Retailers: $1,337,498.
- 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.
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