Ross Tire and Service
Ross Tire and Service is a tire dealer in Lafayette, Louisiana, classified under NAICS code 441340 for tire dealers. The company was financed with an SBA 7(a) loan for a change of ownership of $2.5 million, approved by Gulf Coast Bank on December 16, 2023, with a 10-year term.
SBA 7(a) loan, change of ownership, approved Dec 16, 2023
$2,505,700 approvedLender: Gulf Coast Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,505,700
- SBA-guaranteed amount
- $1,879,275 (75% of the approval)
- Lender
- Gulf Coast Bank, Abbeville, LA
- 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
- December 16, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $34,872 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 1, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 20
- Business type
- Corporation
- NAICS
- 441340, Tire Dealers
- Project location
- Lafayette County, LA
- SBA district office
- Louisiana District Office
- Congressional district
- LA-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 77% of acquisition loans in Tire Dealers on this site.
- Average acquisition loan in Tire Dealers: $1,502,731.
- Average acquisition loan in Louisiana: $1,702,056.
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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