North Star Staffing
North Star Staffing is an employment placement agency located in Minneapolis, Minnesota, in the employment placement agencies industry (NAICS 561311). The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $2,961,700, approved on July 17, 2024 by Old National Bank. The loan is listed with 300 jobs.
SBA 7(a) loan, change of ownership, approved Jul 17, 2024
$2,961,700 approvedLender: Old National Bank179 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,961,700
- SBA-guaranteed amount
- $2,221,275 (75% of the approval)
- Lender
- Old National Bank, Evansville, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 7.99%, fixed
- Term
- 14 years, 11 months (179 months)
- Estimated maturity
- June 17, 2039 (estimated, approval date plus term)
- Estimated monthly payment
- $28,369 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jul 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 300
- Business type
- Corporation
- NAICS
- 561311, Employment Placement Agencies
- Project location
- Hennepin County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-05
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 71% of acquisition loans in Employment Placement Agencies on this site.
- Average acquisition loan in Employment Placement Agencies: $2,146,432.
- 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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