Main Street Registry

Elite Motors, Inc.

Gurnee, IL · Used Car Dealers · NAICS 441120

Elite Motors, Inc., based in Gurnee, Illinois, operates in the used car dealers industry (NAICS 441120). The company financed real estate or equipment through an SBA 504 loan of $1,638,000, approved June 3, 2024, with Byline Bank as the lender and Small Business Growth Corporation as the certified development company.

SBA 504 loan, approved Jun 3, 2024

$1,638,000 SBA portionCDC: Small Business Growth Corporation25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$1,638,000
Bank portion
$2,000,000
Estimated project size
$4,042,222 (estimated)
Estimated owner equity
$404,222 (estimated, about 10% of the project)
Bank lender
Byline Bank, Chicago, IL
CDC
Small Business Growth Corporation
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
June 3, 2049 (estimated, approval date plus term)
First disbursement
Jan 14, 2026
Loan status
Status not reported (SBA exemption)
Jobs supported
5
Business type
Corporation
NAICS
441120, Used Car Dealers
Project location
Lake County, IL
SBA district office
Illinois District Office
Congressional district
IL-10
Collateral
Yes

Estimated share of project by source

Bank 49% SBA (CDC) 41% Owner 10%

  • Larger than 54% of expansion loans in Used Car Dealers on this site.
  • Average expansion loan in Used Car Dealers: $1,930,870.
  • Average expansion loan in Illinois: $2,310,827.

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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Same industry in Illinois