Frank Cornell Associates Inc.
Frank Cornell Associates Inc. is a tax preparation services business located in Lockport, New York, classified under NAICS code 541213. The company was financed with an SBA 7(a) loan for a change of ownership in the amount of $620,000, approved on November 17, 2025, through Live Oak Banking Company. The loan was reported with 12 jobs.
SBA 7(a) loan, change of ownership, approved Nov 17, 2025
$620,000 approvedLender: Live Oak Banking Company15 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $620,000
- SBA-guaranteed amount
- $465,000 (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
- 8.5%, variable
- Term
- 15 years (180 months)
- Estimated maturity
- November 17, 2040 (estimated, approval date plus term)
- Estimated monthly payment
- $6,105 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 25, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 12
- Business type
- Corporation
- NAICS
- 541213, Tax Preparation Services
- Project location
- Niagara County, NY
- SBA district office
- Buffalo District Office
- Congressional district
- NY-27
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 20% of acquisition loans in Tax Preparation Services on this site.
- Average acquisition loan in Tax Preparation Services: $1,139,170.
- Average acquisition loan in New York: $1,771,512.
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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