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Velocity Automotive Holdings Easley, SC, LLC

Easley, SC · General Automotive Repair · NAICS 811111

Velocity Automotive Holdings Easley, SC, LLC is a general automotive repair business located in Easley, South Carolina. It was financed with an SBA 7(a) loan for a change of ownership totaling $700,000, approved on May 15, 2024, through Live Oak Banking Company.

SBA 7(a) loan, change of ownership, approved May 15, 2024

$700,000 approvedLender: Live Oak Banking Company25 years termPaid in fullLoan details
Gross approval
$700,000
SBA-guaranteed amount
$525,000 (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%, variable
Term
25 years (300 months)
Estimated maturity
May 15, 2049 (estimated, approval date plus term)
Estimated monthly payment
$6,361 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jun 12, 2024
Loan status
Paid in full
Jobs supported
7
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Pickens County, SC
SBA district office
South Carolina District Office
Congressional district
SC-03
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 22% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • Average acquisition loan in South Carolina: $1,827,509.

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 South Carolina