Elite Benefits of America
Elite Benefits of America is an insurance agency and brokerage located in Evergreen Park, Illinois. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $980,000, approved on June 28, 2024 by Live Oak Banking Company.
SBA 7(a) loan, change of ownership, approved Jun 28, 2024
$980,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $980,000
- SBA-guaranteed amount
- $735,000 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.87%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- June 28, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $12,880 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Aug 28, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Cook County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 42% of acquisition loans in Insurance Agencies and Brokerages on this site.
- Average acquisition loan in Insurance Agencies and Brokerages: $1,528,335.
- Average acquisition loan in Illinois: $1,796,780.
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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