Jones Meat and Locker Service, Inc.
Jones Meat and Locker Service, Inc. is located in Jacksonville, Illinois, and operates in the meat processing industry, which covers meat processed from carcasses. The business was financed with an SBA 7(a) loan for a change of ownership totaling $912,000, approved on September 20, 2024 by Live Oak Banking Company. The loan is reported with 16 jobs.
SBA 7(a) loan, change of ownership, approved Sep 20, 2024
$912,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $912,000
- SBA-guaranteed amount
- $684,000 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 20, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $12,179 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 1, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 16
- Business type
- Corporation
- NAICS
- 311612, Meat Processed from Carcasses
- Project location
- Morgan County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-18
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Meat Processed from Carcasses: $1,868,450.
- 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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