Main Street Registry

VIP Auto Repair Inc

Westland, MI · General Automotive Repair · NAICS 811111

VIP Auto Repair Inc is a general automotive repair business located in Westland, Michigan, classified under NAICS 811111. The company was financed with an SBA 7(a) loan for a change of ownership, approved on December 15, 2023, for $758,000 from Bank Michigan, and the loan reported 7 jobs.

SBA 7(a) loan, change of ownership, approved Dec 15, 2023

$758,000 approvedLender: Bank Michigan23 years termStatus not reported (SBA exemption)Loan details
Gross approval
$758,000
SBA-guaranteed amount
$568,500 (75% of the approval)
Lender
Bank Michigan, Brooklyn, MI
Processing method
Standard 7(a): the lender submits the application for SBA review
Initial interest rate
11.25%, variable
Term
23 years (276 months)
Estimated maturity
December 15, 2046 (estimated, approval date plus term)
Estimated monthly payment
$7,692 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 28, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
7
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Wayne County, MI
SBA district office
Michigan District Office
Congressional district
MI-11
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 28% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • 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