Chang's College Park Car Wash, Inc.
Chang's College Park Car Wash, Inc. is a car wash business in College Park, Maryland, classified under the car washes industry (NAICS 811192). The business was financed with an SBA 7(a) loan for a change of ownership of $1,975,000, approved by Hanmi Bank with an approval date of August 19, 2026.
SBA 7(a) loan, change of ownership, approved Aug 19, 2026
$1,975,000 approvedLender: Hanmi Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,975,000
- SBA-guaranteed amount
- $1,481,250 (75% of the approval)
- Lender
- Hanmi Bank, Los Angeles, CA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- August 19, 2036 (estimated, approval date plus term)
- Estimated monthly payment
- $24,487 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 27, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 5
- Business type
- Corporation
- NAICS
- 811192, Car Washes
- Project location
- Prince Georges County, MD
- SBA district office
- Washington District Office
- Congressional district
- MD-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 60% of acquisition loans in Car Washes on this site.
- Average acquisition loan in Car Washes: $2,047,274.
- Average acquisition loan in Maryland: $1,627,337.
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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