Main Street Registry

Tim and Karen Coil Enterprises, Inc.

Waite Park, MN · Automotive Body, Paint, and Interior Repair and Maintenance · NAICS 811121

Tim and Karen Coil Enterprises, Inc. is an automotive body, paint, and interior repair and maintenance business located in Waite Park, Minnesota. The company was financed with an SBA 7(a) loan for a change of ownership in the amount of $506,600, approved on January 29, 2024 by St Cloud Financial Credit Union.

SBA 7(a) loan, change of ownership, approved Jan 29, 2024

$506,600 approvedLender: St Cloud Financial Credit Union10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$506,600
SBA-guaranteed amount
$379,950 (75% of the approval)
Lender
St Cloud Financial Credit Union, Sartell, MN
Processing method
Standard 7(a): the lender submits the application for SBA review
Initial interest rate
10.5%, variable
Term
10 years (120 months)
Estimated maturity
January 29, 2034 (estimated, approval date plus term)
Estimated monthly payment
$6,836 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Feb 2, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
6
Business type
Corporation
NAICS
811121, Automotive Body, Paint, and Interior Repair and Maintenance
Project location
Stearns County, MN
SBA district office
Minnesota District Office
Congressional district
MN-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 3% of acquisition loans in Automotive Body, Paint, and Interior Repair and Maintenance on this site.
  • Average acquisition loan in Automotive Body, Paint, and Interior Repair and Maintenance: $1,738,412.
  • 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