South Michigan Ave Investments LLC
South Michigan Ave Investments LLC is a business in Bourbonnais, Illinois, classified under the industry Other Individual and Family Services (NAICS 624190). The company was financed with an SBA 7(a) loan for a change of ownership, with $520,000 approved by Byline Bank on September 17, 2024. The loan is associated with the Home Helpers Home Care franchise and the company reported 54 jobs.
SBA 7(a) loan, change of ownership, approved Sep 17, 2024
$520,000 approvedLender: Byline Bank9 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $520,000
- SBA-guaranteed amount
- $390,000 (75% of the approval)
- Lender
- Byline Bank, Chicago, IL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 9 years (108 months)
- Estimated maturity
- September 17, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $7,677 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 31, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 54
- Business type
- Corporation
- NAICS
- 624190, Other Individual and Family Services
- Franchise
- Home Helpers Home Care
- Project location
- Kankakee County, IL
- SBA district office
- Illinois District Office
- Congressional district
- IL-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Other Individual and Family Services: $1,707,720.
- 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
- South Michigan Ave Investments LLC, Hinsdale