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• Loan repayments are proposed as follows: <br /> SOURCE TERM INTEREST RATE SECURITY <br /> Primary Lender 15 years Prime plus one 1st Position <br /> SBA Debentures 20 years 7 . 5% ( fixed) 2nd Position <br /> EDA Loan 15 years 6% (adjustable) 3rd Position <br /> Debt service for the Elk River facility is outlined as follows : <br /> ANNUAL <br /> SOURCE DEBT SERVICE <br /> Primary Lender $18,748 <br /> SBA Debentures $13,925 <br /> EDA Loan $ 3,292 <br /> TOTAL $35,965 <br /> With respect to the three-store expansion, borrowed funds are <br /> estimated at $867,000 and are proposed as follows : <br /> SOURCE AMOUNT TERM INTEREST RATE <br /> Primary Lender $457,500 15 years Prime plus one <br /> SBA Debentures $377,000 20 years 7 .5% <br /> • EDA Loan $ 32,500 15 years 6% (initially) <br /> The three-store debt service is outlined as follows : <br /> ANNUAL <br /> SOURCE DEBT SERVICE <br /> Primary Lender $49, 346 <br /> SBA Debentures $36 ,445 <br /> EDA Loan $ 3,292 <br /> TOTAL $89,083 <br /> COMPANY NARRATIVE <br /> Information on Indy Lube is outlined in greater detail and is <br /> attached to the loan application. The expansions in Minnesota <br /> would be done as Indy Lube Minnesota, Inc. The first facility <br /> opened in Castleton, Indiana in February, 1996, and facilities <br /> are opened as either corporate-owned or as franchise stores . <br /> ELK RIVER FACILITY <br /> Sales and net income from the Elk River facility are projected <br /> as follows : <br />