Gear West Ski & Bike, Inc.
Gear West Ski & Bike, Inc. is a sporting goods retailer in Long Lake, MN, classified under NAICS 459110 (Sporting Goods Retailers). The business was financed with an SBA 7(a) loan for a change of ownership, in the amount of $3,000,000, through lender BankVista, with approval dated July 31, 2024.
SBA 7(a) loan, change of ownership, approved Jul 31, 2024
$3,000,000 approvedLender: BankVista10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $3,000,000
- SBA-guaranteed amount
- $2,250,000 (75% of the approval)
- Lender
- BankVista, Sartell, MN
- 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 31, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $38,819 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 31, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 26
- Business type
- Corporation
- NAICS
- 459110, Sporting Goods Retailers
- Project location
- Hennepin County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 95% of acquisition loans in Sporting Goods Retailers on this site.
- Average acquisition loan in Sporting Goods Retailers: $1,337,498.
- 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
- JAM Sports & Apparel, LLC, Minneapolis