Lockwood Enterprise, LLC
Lockwood Enterprise, LLC is a rolled steel shape manufacturing business located in Aitkin, Minnesota, under NAICS code 331221. The company was financed with an SBA 7(a) loan for a change of ownership of $778,500, approved on August 28, 2024 by National Bank of Commerce.
SBA 7(a) loan, change of ownership, approved Aug 28, 2024
$778,500 approvedLender: National Bank of Commerce25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $778,500
- SBA-guaranteed amount
- $583,875 (75% of the approval)
- Lender
- National Bank of Commerce, Superior, WI
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- August 28, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $7,350 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 6, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 8
- Business type
- Corporation
- NAICS
- 331221, Rolled Steel Shape Manufacturing
- Project location
- Aitkin County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Rolled Steel Shape Manufacturing: $2,267,250.
- 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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