West Walker Steel Co.
West Walker Steel Co. is a metal service center and merchant wholesaler located in Grand Rapids, Michigan, classified under NAICS code 423510. The business was financed with an SBA 7(a) loan for a change of ownership of $1 million, approved on June 13, 2024 by Grand River Bank. The loan is reported with 10 jobs.
SBA 7(a) loan, change of ownership, approved Jun 13, 2024
$1,000,000 approvedLender: Grand River Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,000,000
- SBA-guaranteed amount
- $750,000 (75% of the approval)
- Lender
- Grand River Bank, Grandville, MI
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 7.85%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- June 13, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $12,054 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 21, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 10
- Business type
- Corporation
- NAICS
- 423510, Metal Service Centers and Other Metal Merchant Wholesalers
- Project location
- Kent County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Metal Service Centers and Other Metal Merchant Wholesalers: $2,208,550.
- 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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Same industry in Michigan
- Horizon Steel, LLC, Kalamazoo