Fashion Focals LLC
Fashion Focals LLC, located in Elk Grove Village, Illinois, operates in the optical goods retail industry (NAICS 456130). The company was financed with an SBA 7(a) loan for a change of ownership, with a loan amount of $3,140,000 from Colony Bank, approved on April 12, 2024.
SBA 7(a) loan, change of ownership, approved Apr 12, 2024
$3,140,000 approvedLender: Colony Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $3,140,000
- SBA-guaranteed amount
- $2,826,000 (90% of the approval)
- Lender
- Colony Bank, Fitzgerald, GA
- Processing method
- International Trade Loan: for businesses that export or are preparing to
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- April 12, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $43,699 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Apr 26, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 6
- Business type
- Corporation
- NAICS
- 456130, Optical Goods Retailers
- Project location
- Cook County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-05
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Optical Goods Retailers: $2,411,143.
- 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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