Financing for Electrical Contractors

Looking for loans for electrical contractors? An SBA loan may be just what you've been looking for. This $56,100 electrical contractors loan was issued by an Iowa bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alton, Iowa was able to borrow $56,100 from Community Bank. The SBA made the loan possible by guaranteeing $47,685 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS
ALTON, IA 51003

SBA Loan Lender

COMMUNITY BANK
901 8TH ST SE
ORANGE CITY, IA 51041

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

4/16/2003

Loan Approval Gross Amount

$56,100

Loan Approval from the SBA

Of the total $56,100 loan amount, the SBA guaranteed $47,685.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great funding source

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

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Where to Get an SBA Loan in Orange City, Iowa

SBA Lenders in Iowa