Green Mitt
Green Mitt is a car wash business located in Traverse City, Michigan, classified under the industry Car Washes (NAICS 811192). The business was financed with an SBA 504 loan of $1,874,000, which financed real estate or equipment through an SBA 504 loan, with The Dart Bank as the lender and Michigan Certified Development Corporation as the certified development company, approved on September 5, 2024.
SBA 504 loan, approved Sep 5, 2024
$1,874,000 SBA portionCDC: Michigan Certified Development Corporation25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,874,000
- Bank portion
- $2,614,776
- Estimated project size
- $4,987,529 (estimated)
- Estimated owner equity
- $498,753 (estimated, about 10% of the project)
- Bank lender
- The Dart Bank, Mason, MI
- Processing method
- 504 Refinancing: refinances existing business debt
- Term
- 25 years (300 months)
- Estimated maturity
- September 5, 2049 (estimated, approval date plus term)
- First disbursement
- Dec 11, 2024
- Loan status
- Status not reported (SBA exemption)
- Business type
- Corporation
- NAICS
- 811192, Car Washes
- Project location
- Grand Traverse County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-1
- Collateral
- Yes
Estimated share of project by source
Bank 52% SBA (CDC) 38% Owner 10%
- Larger than 53% of expansion loans in Car Washes on this site.
- Average expansion loan in Car Washes: $1,994,962.
- Average expansion loan in Michigan: $2,050,489.
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 Michigan
- Cw Investments, LLC, Houghton Lake
- Brutus Capitol Management, LLC, Orion Township