I3 Business Solutions, LLC
I3 Business Solutions, LLC is a business in Grand Rapids, Michigan, in the computer systems design services industry (NAICS 541512). The company was financed with an SBA 7(a) loan for a change of ownership of $1.5 million, approved on February 2, 2024, through First National Bank of Michigan.
SBA 7(a) loan, change of ownership, approved Feb 2, 2024
$1,500,000 approvedLender: First National Bank of Michigan10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,500,000
- SBA-guaranteed amount
- $1,125,000 (75% of the approval)
- Lender
- First National Bank of Michigan, Kalamazoo, MI
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 8.14%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 2, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $18,310 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 1, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 44
- Business type
- Corporation
- NAICS
- 541512, Computer Systems Design Services
- Project location
- Kent County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 47% of acquisition loans in Computer Systems Design Services on this site.
- Average acquisition loan in Computer Systems Design Services: $1,819,814.
- 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.
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