Main Street Registry

Meachem Oil, Inc.

Racine, WI · Gasoline Stations with Convenience Stores · NAICS 457110

Meachem Oil, Inc. is a gasoline station and convenience store business in Racine, Wisconsin, in the NAICS category for gasoline stations with convenience stores. It was financed with an SBA 7(a) loan for a change of ownership of $1.8 million, approved on September 5, 2024, by Byline Bank.

SBA 7(a) loan, change of ownership, approved Sep 5, 2024

$1,800,000 approvedLender: Byline Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,800,000
SBA-guaranteed amount
$1,350,000 (75% of the approval)
Lender
Byline Bank, Chicago, IL
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
25 years (300 months)
Estimated maturity
September 5, 2049 (estimated, approval date plus term)
Estimated monthly payment
$17,968 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Sep 24, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
7
Business type
Corporation
NAICS
457110, Gasoline Stations with Convenience Stores
Project location
Racine County, WI
SBA district office
Wisconsin District Office
Congressional district
WI-01
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 48% of acquisition loans in Gasoline Stations with Convenience Stores on this site.
  • Average acquisition loan in Gasoline Stations with Convenience Stores: $2,177,273.
  • Average acquisition loan in Wisconsin: $1,729,230.

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 Wisconsin