Precision Steel Erectors
Precision Steel Erectors, located in El Mirage, AZ, operates in the structural steel and precast concrete contractors industry (NAICS 238120). The company was financed with an SBA 7(a) loan for a change of ownership, with two loans of $1,510,000 and $600,000 approved on April 3, 2024 and April 26, 2024, respectively, through Midwest Regional Bank.
SBA 7(a) loan, change of ownership, approved Apr 26, 2024
$600,000 approvedLender: Midwest Regional Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $600,000
- SBA-guaranteed amount
- $450,000 (75% of the approval)
- Lender
- Midwest Regional Bank, Festus, MO
- Processing method
- CAPLine: revolving working capital line of credit
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- April 26, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $8,350 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 70
- Business type
- Corporation
- NAICS
- 238120, Structural Steel and Precast Concrete Contractors
- Project location
- Maricopa County, AZ
- SBA district office
- Arizona District Office
- Congressional district
- AZ-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- Yes
- Average acquisition loan in Structural Steel and Precast Concrete Contractors: $1,733,000.
- Average acquisition loan in Arizona: $1,690,811.
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.
SBA 7(a) loan, change of ownership, approved Apr 3, 2024
$1,510,000 approvedLender: Midwest Regional Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,510,000
- SBA-guaranteed amount
- $1,132,500 (75% of the approval)
- Lender
- Midwest Regional Bank, Festus, MO
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- April 3, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $21,015 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 36
- Business type
- Corporation
- NAICS
- 238120, Structural Steel and Precast Concrete Contractors
- Project location
- Maricopa County, AZ
- SBA district office
- Arizona District Office
- Congressional district
- AZ-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Structural Steel and Precast Concrete Contractors: $1,733,000.
- Average acquisition loan in Arizona: $1,690,811.
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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