Prime Conveyor Inc
Prime Conveyor Inc is located in Merrillville, IN, and the SBA lists its industry as Conveyor and Conveying Equipment Manufacturing. It was approved for an SBA 7(a) loan of $3,000,000 for a change of ownership on November 17, 2023.
SBA 7(a) loan, change of ownership, approved Nov 17, 2023
- Gross approval
- $3,000,000
- SBA-guaranteed amount
- $2,250,000 (75% of the approval)
- Lender
- Horizon Bank, Michigan City, IN
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 7.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- November 17, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $35,611 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 5, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 41
- Business type
- Corporation
- NAICS
- 333922, Conveyor and Conveying Equipment Manufacturing
- Project location
- Lake County, IN
- SBA district office
- Indiana District Office
- Congressional district
- IN-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Conveyor and Conveying Equipment Manufacturing: $2,022,250.
- Average acquisition loan in Indiana: $1,995,900.
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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