Beacon WI-FI Technologies, Get Unplugged Now
Beacon WI-FI Technologies, Get Unplugged Now, located in Grand Rapids, Michigan, operates in electrical contracting and other wiring installation. The business was financed with an SBA 7(a) loan for a change of ownership of $4,021,000, approved on September 11, 2024 by First Internet Bank of Indiana, with a 10-year term.
SBA 7(a) loan, change of ownership, approved Sep 11, 2024
$4,021,000 approvedLender: First Internet Bank of Indiana10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,021,000
- SBA-guaranteed amount
- $3,015,750 (75% of the approval)
- Lender
- First Internet Bank of Indiana, Fishers, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 11, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $55,960 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 25, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 238210, Electrical Contractors and Other Wiring Installation Contractors
- Project location
- Kent County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 93% of acquisition loans in Electrical Contractors and Other Wiring Installation Contractors on this site.
- Average acquisition loan in Electrical Contractors and Other Wiring Installation Contractors: $1,890,316.
- 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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