Main Street Registry

Portage Tire and Auto Repair L.L.C.

Hancock, MI · General Automotive Repair · NAICS 811111

Portage Tire and Auto Repair L.L.C. is a general automotive repair business in Hancock, Michigan, classified under NAICS 811111. The company was financed with an SBA 7(a) loan for a change of ownership in the amount of $660,000, approved on December 23, 2024, through Superior National Bank.

SBA 7(a) loan, change of ownership, approved Dec 23, 2024

$660,000 approvedLender: Superior National Bank15 years termStatus not reported (SBA exemption)Loan details
Gross approval
$660,000
SBA-guaranteed amount
$495,000 (75% of the approval)
Lender
Superior National Bank, Hancock, MI
Processing method
Standard 7(a): the lender submits the application for SBA review
Initial interest rate
8.5%, variable
Term
15 years (180 months)
Estimated maturity
December 23, 2039 (estimated, approval date plus term)
Estimated monthly payment
$6,499 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 31, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
12
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Houghton County, MI
SBA district office
Michigan District Office
Congressional district
MI-01
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 19% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • 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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Same industry in Michigan