Jet-Black International, Inc
Jet-Black International, Inc, located in Savage, MN, is classified under the industry All Other Specialty Trade Contractors (NAICS 238990). The company was financed with an SBA 7(a) loan for a change of ownership, with two loans approved on May 18, 2024, totaling $3,117,300 from Old National Bank, and the loans report 2 jobs.
SBA 7(a) loan, change of ownership, approved May 18, 2024
$2,617,300 approvedLender: Old National Bank174 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,617,300
- SBA-guaranteed amount
- $1,962,975 (75% of the approval)
- Lender
- Old National Bank, Evansville, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.05%, fixed
- Term
- 14 years, 6 months (174 months)
- Estimated maturity
- November 18, 2038 (estimated, approval date plus term)
- Estimated monthly payment
- $25,536 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 7, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 238990, All Other Specialty Trade Contractors
- Project location
- Scott County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 75% of acquisition loans in All Other Specialty Trade Contractors on this site.
- Average acquisition loan in All Other Specialty Trade Contractors: $1,899,024.
- 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.
SBA 7(a) loan, change of ownership, approved May 18, 2024
$500,000 approvedLender: Old National Bank119 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $250,000 (50% of the approval)
- Lender
- Old National Bank, Evansville, IN
- Processing method
- SBA Express: streamlined process using the lender's own procedures, with a smaller SBA guarantee
- Initial interest rate
- 9.5%, fixed
- Term
- 9 years, 11 months (119 months)
- Estimated maturity
- April 18, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $6,503 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 7, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 238990, All Other Specialty Trade Contractors
- Project location
- Scott County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in All Other Specialty Trade Contractors: $1,899,024.
- 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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