Elevate Wellness Agency LLC
Elevate Wellness Agency LLC is a business in Cloquet, Minnesota, in the Other Residential Care Facilities industry (NAICS 623990). The company was financed with an SBA 7(a) loan for a change of ownership of $1 million, approved by Frandsen Bank and Trust on March 25, 2025.
SBA 7(a) loan, change of ownership, approved Mar 25, 2025
$1,000,000 approvedLender: Frandsen Bank and Trust10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,000,000
- SBA-guaranteed amount
- $750,000 (75% of the approval)
- Lender
- Frandsen Bank and Trust, Arden Hills, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- March 25, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $13,215 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 28, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 130
- Business type
- Corporation
- NAICS
- 623990, Other Residential Care Facilities
- Project location
- Carlton County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Other Residential Care Facilities: $1,301,729.
- Average acquisition loan in Minnesota: $1,482,119.
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 Minnesota
- Green Lakes LLC, Minneapolis