Main Street Registry

Hearthside Heating and Cooling

Madison Heights, MI · Plumbing, Heating, and Air-Conditioning Contractors · NAICS 238220

Hearthside Heating and Cooling is located in Madison Heights, MI, and the SBA lists its industry as Plumbing, Heating, and Air-Conditioning Contractors. It was approved for an SBA 7(a) loan of $1,275,000 for a change of ownership on August 16, 2024.

SBA 7(a) loan, change of ownership, approved Aug 16, 2024

Gross approval
$1,275,000
SBA-guaranteed amount
$956,250 (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
10%, variable
Term
10 years (120 months)
Estimated maturity
August 16, 2034 (estimated, approval date plus term)
Estimated monthly payment
$16,849 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Aug 29, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
8
Business type
Corporation
NAICS
238220, Plumbing, Heating, and Air-Conditioning Contractors
Project location
Oakland County, MI
SBA district office
Michigan District Office
Congressional district
MI-09
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)

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