Ryerson Brothers Excavating LLC
Ryerson Brothers Excavating LLC, located in Muskegon, Michigan, operates in the site preparation contractors industry (NAICS 238910). The company was financed with an SBA 7(a) loan for a change of ownership totaling $1,914,400, approved on May 3, 2024, through Old National Bank.
SBA 7(a) loan, change of ownership, approved May 3, 2024
$1,914,400 approvedLender: Old National Bank151 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,914,400
- SBA-guaranteed amount
- $1,435,800 (75% of the approval)
- Lender
- Old National Bank, Evansville, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.5%, fixed
- Term
- 12 years, 7 months (151 months)
- Estimated maturity
- December 3, 2036 (estimated, approval date plus term)
- Estimated monthly payment
- $20,685 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 10, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 12
- Business type
- Corporation
- NAICS
- 238910, Site Preparation Contractors
- Project location
- Muskegon County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 70% of acquisition loans in Site Preparation Contractors on this site.
- Average acquisition loan in Site Preparation Contractors: $1,877,202.
- 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
- Lounsbury Excavating, Inc., Paw Paw