Courtesy Driving School Inc.
Courtesy Driving School Inc. is located in Shelby Township, MI, and the SBA lists its industry as Automobile Driving Schools. It was approved for an SBA 7(a) loan of $4,750,000 for a change of ownership on July 3, 2024.
SBA 7(a) loan, change of ownership, approved Jul 3, 2024
- Gross approval
- $4,750,000
- SBA-guaranteed amount
- $3,562,500 (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
- 9.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- July 3, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $61,464 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 14
- Business type
- Corporation
- NAICS
- 611692, Automobile Driving Schools
- Project location
- Macomb County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Automobile Driving Schools: $1,740,775.
- 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.