Main Street Registry

Mjg Belmont, LLC

Chicago, IL · Limited-Service Restaurants · NAICS 722513

Mjg Belmont, LLC is a limited-service restaurant located in Chicago, Illinois, in the Limited-Service Restaurants industry. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $500,000, approved by Village Bank and Trust, National Association, on August 16, 2024, and the business is a Burger King franchise with 40 jobs reported.

SBA 7(a) loan, change of ownership, approved Aug 16, 2024

$500,000 approvedLender: Village Bank and Trust, National Association10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$500,000
SBA-guaranteed amount
$375,000 (75% of the approval)
Lender
Village Bank and Trust, National Association, Arlington Heights, IL
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
6.911%, fixed
Term
10 years (120 months)
Estimated maturity
August 16, 2034 (estimated, approval date plus term)
Estimated monthly payment
$5,783 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Oct 8, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
40
Business type
Corporation
NAICS
722513, Limited-Service Restaurants
Franchise
Burger King
Project location
Cook County, IL
SBA district office
Illinois District Office
Congressional district
IL-04
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Average acquisition loan in Limited-Service Restaurants: $1,303,660.
  • 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