Getting an SBA Loan for Electrical Contractors
With these SBA loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $80,000 was given to a Texas entrepreneur in 2001.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bedford, Texas was able to borrow $80,000 from Riverbend Bank. The SBA made the loan possible by guaranteeing $68,000 of this Texas small business loan.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS
BEDFORD, TX 76021
SBA Loan Lender
RIVERBEND BANK
2000 HANDLEY EDERVILLE RD
FORT WORTH, TX 76118
This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
235310 - Electrical Contractors
Loan Approval Date
8/27/2001
Loan Approval Gross Amount
$80,000
Loan Approval from the SBA
Of the total $80,000 loan amount, the SBA guaranteed $68,000.
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 6 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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 Riverbend 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:
Business Incubators
Find an SBA Lender in Fort Worth, Texas
Browse All Business Loan Sources for Texas