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Journey Automotive LLC

South Elgin, IL · General Automotive Repair · NAICS 811111

Journey Automotive LLC, located in South Elgin, Illinois, is classified under General Automotive Repair (NAICS 811111). The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $650,000, approved on February 25, 2025, through Live Oak Banking Company.

SBA 7(a) loan, change of ownership, approved Feb 25, 2025

$650,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$650,000
SBA-guaranteed amount
$487,500 (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
8.75%, variable
Term
10 years (120 months)
Estimated maturity
February 25, 2035 (estimated, approval date plus term)
Estimated monthly payment
$8,146 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 14, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
24
Business type
Corporation
NAICS
811111, General Automotive Repair
Project location
Kane County, IL
SBA district office
Illinois District Office
Congressional district
IL-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 18% of acquisition loans in General Automotive Repair on this site.
  • Average acquisition loan in General Automotive Repair: $1,353,136.
  • 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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Same industry in Illinois