Shine-way Interior Preservation LLC
Shine-way Interior Preservation LLC is a janitorial services business in Mankato, Minnesota. It was financed with an SBA 7(a) loan for a change of ownership of $685,500, approved by Scale Bank on October 28, 2024.
SBA 7(a) loan, change of ownership, approved Oct 28, 2024
$685,500 approvedLender: Scale Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $685,500
- SBA-guaranteed amount
- $514,125 (75% of the approval)
- Lender
- Scale Bank, Edina, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.4%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- October 28, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $8,463 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 1, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 22
- Business type
- Corporation
- NAICS
- 561720, Janitorial Services
- Project location
- Blue Earth County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 29% of acquisition loans in Janitorial Services on this site.
- Average acquisition loan in Janitorial Services: $1,070,529.
- Average acquisition loan in Minnesota: $1,482,119.
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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