Main Street Registry

Rice Lake Villas, LLC

Rice Lake, MN · Assisted Living Facilities for the Elderly · NAICS 623312

Rice Lake Villas, LLC is a business in Rice Lake, Minnesota, classified under the industry Assisted Living Facilities for the Elderly. The company financed real estate or equipment through an SBA 504 loan of $2,955,000, approved on September 21, 2025, with National Bank of Commerce as the lender and Midwest Business Finance Corporation as the certified development company.

SBA 504 loan, approved Sep 21, 2025

$2,955,000 SBA portionCDC: Midwest Business Finance Corporation25 years termApproved, not yet fundedLoan details
SBA (CDC) portion
$2,955,000
Bank portion
$4,117,647
Estimated project size
$7,858,497 (estimated)
Estimated owner equity
$785,850 (estimated, about 10% of the project)
Bank lender
National Bank of Commerce, Superior, WI
CDC
Midwest Business Finance Corporation
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
September 21, 2050 (estimated, approval date plus term)
Loan status
Approved, not yet funded
Jobs supported
1
Business type
Corporation
NAICS
623312, Assisted Living Facilities for the Elderly
Project location
Saint Louis County, MN
SBA district office
Minnesota District Office
Congressional district
MN-8
Collateral
Yes

Estimated share of project by source

Bank 52% SBA (CDC) 38% Owner 10%

  • Larger than 82% of expansion loans in Assisted Living Facilities for the Elderly on this site.
  • Average expansion loan in Assisted Living Facilities for the Elderly: $1,996,284.
  • Average expansion loan in Minnesota: $2,136,981.

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.

Is this your company? Claim or correct this listing. See Corrections.

Same industry in Minnesota