Smith Family Ventures, LLC
Smith Family Ventures, LLC is located in Alexandria, Minnesota, and its industry is classified as Outdoor Power Equipment Retailers (NAICS 444230). The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $2,962,000, approved on January 19, 2024, through First Western Bank & Trust.
SBA 7(a) loan, change of ownership, approved Jan 19, 2024
$2,962,000 approvedLender: First Western Bank & Trust10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,962,000
- SBA-guaranteed amount
- $2,221,500 (75% of the approval)
- Lender
- First Western Bank & Trust, Minot, ND
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 8.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- January 19, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $36,725 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 1, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 10
- Business type
- Corporation
- NAICS
- 444230, Outdoor Power Equipment Retailers
- Project location
- Douglas County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 84% of acquisition loans in Outdoor Power Equipment Retailers on this site.
- Average acquisition loan in Outdoor Power Equipment Retailers: $1,637,484.
- 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.
Is this your company? Claim or correct this listing. See Corrections.
Same industry in Minnesota
- SW Power Equipment LLC, Eden Prairie
- Stan's Equipment Center, Pine City