Panchos Palace of Detroit
Panchos Palace of Detroit is a convenience retail business in Detroit, Michigan, in the convenience retailers industry (NAICS 445131). The business was financed with an SBA 7(a) loan for a change of ownership of $1,853,000, approved on December 16, 2025 by First Internet Bank of Indiana.
SBA 7(a) loan, change of ownership, approved Dec 16, 2025
$1,853,000 approvedLender: First Internet Bank of Indiana149 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,853,000
- SBA-guaranteed amount
- $1,389,750 (75% of the approval)
- Lender
- First Internet Bank of Indiana, Fishers, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.25%, variable
- Term
- 12 years, 5 months (149 months)
- Estimated maturity
- May 16, 2038 (estimated, approval date plus term)
- Estimated monthly payment
- $20,959 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 23, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 445131, Convenience Retailers
- Project location
- Wayne County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-12
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 83% of acquisition loans in Convenience Retailers on this site.
- Average acquisition loan in Convenience Retailers: $1,185,102.
- 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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