Plato's Closet Valdosta
Plato's Closet Valdosta is a used merchandise retail business located in Valdosta, Georgia, classified under the Used Merchandise Retailers industry. The company was financed with an SBA 7(a) loan for a change of ownership, approved for $659,000 by First Internet Bank of Indiana on May 20, 2025.
SBA 7(a) loan, change of ownership, approved May 20, 2025
$659,000 approvedLender: First Internet Bank of Indiana10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $659,000
- SBA-guaranteed amount
- $494,250 (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
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- May 20, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $8,800 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 16, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 8
- Business type
- Corporation
- NAICS
- 459510, Used Merchandise Retailers
- Franchise
- Plato's Closet
- Project location
- Lowndes County, GA
- SBA district office
- Georgia District Office
- Congressional district
- GA-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 20% of acquisition loans in Used Merchandise Retailers on this site.
- Average acquisition loan in Used Merchandise Retailers: $1,216,780.
- Average acquisition loan in Georgia: $2,017,638.
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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