Smart Choice Auto Sales, Inc.
Smart Choice Auto Sales, Inc. is located in Godfrey, IL, and the SBA lists its industry as Used Car Dealers. It was approved for an SBA 7(a) loan of $1,110,000 for a change of ownership on May 14, 2026.
SBA 7(a) loan, change of ownership, approved May 14, 2026
- Gross approval
- $1,110,000
- SBA-guaranteed amount
- $832,500 (75% of the approval)
- Lender
- The Bank of Houston, Houston, MO
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- May 14, 2051 (estimated, approval date plus term)
- Estimated monthly payment
- $9,315 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 26, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 14
- Business type
- Corporation
- NAICS
- 441120, Used Car Dealers
- Project location
- Madison County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-12
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 13% of acquisition loans in Used Car Dealers on this site.
- Average acquisition loan in Used Car Dealers: $2,484,440.
- 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
- Gold Coast Motors, Inc., St. Charles
- Elite Motors, Inc., Gurnee
- Grand Motorwerks LLC, Dwight