ERC of Oklahoma, LLC
ERC of Oklahoma, LLC is a barber shop business in Oklahoma City, Oklahoma, classified under NAICS code 812111. The company was financed with an SBA 7(a) loan for a change of ownership of $1.3 million, approved on August 10, 2024, through Great Plains National Bank.
SBA 7(a) loan, change of ownership, approved Aug 10, 2024
$1,300,000 approvedLender: Great Plains National Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,300,000
- SBA-guaranteed amount
- $975,000 (75% of the approval)
- Lender
- Great Plains National Bank, Elk City, OK
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- August 10, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $17,542 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 812111, Barber Shops
- Project location
- Oklahoma County, OK
- SBA district office
- Oklahoma District Office
- Congressional district
- OK-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Barber Shops: $1,648,867.
- Average acquisition loan in Oklahoma: $1,861,759.
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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