Lounsbury Excavating, Inc.
Lounsbury Excavating, Inc. is a site preparation contractor located in Paw Paw, Michigan, classified under NAICS code 238910. The company financed real estate or equipment through an SBA 504 loan of $1.8 million, approved on March 7, 2024, with the First National Bank of Michigan as the bank partner and the Michigan Certified Development Corporation as the certified development company.
SBA 504 loan, approved Mar 7, 2024
$1,807,000 SBA portionCDC: Michigan Certified Development Corporation10 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,807,000
- Bank portion
- $1,765,178
- Estimated project size
- $3,969,087 (estimated)
- Estimated owner equity
- $396,909 (estimated, about 10% of the project)
- Bank lender
- First National Bank of Michigan, Kalamazoo, MI
- Processing method
- 504 Refinancing: refinances existing business debt
- Term
- 10 years (120 months)
- Estimated maturity
- March 7, 2034 (estimated, approval date plus term)
- First disbursement
- Jul 17, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 1
- Business type
- Corporation
- NAICS
- 238910, Site Preparation Contractors
- Project location
- Van Buren County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-6
- Collateral
- Yes
Estimated share of project by source
Bank 44% SBA (CDC) 46% Owner 10%
- Larger than 56% of expansion loans in Site Preparation Contractors on this site.
- Average expansion loan in Site Preparation Contractors: $1,883,067.
- 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.
Is this your company? Claim or correct this listing. See Corrections.
Same industry in Michigan
- Ryerson Brothers Excavating LLC, Muskegon