Where to Get Capital for Electrical Contractors

With these small business loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $705,000 was given to a New York entrepreneur in 2002.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Nynb Bank, out of New York City, New York. The loan was granted and they received $705,000 to help grow their Bronx, New York business.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS
BRONX, NY 10457

SBA Loan Lender

NYNB BANK
369 E 149TH ST
NEW YORK CITY, NY 10455

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

5/23/2002

Loan Approval Gross Amount

$705,000

Loan Approval from the SBA

Of the total $705,000 loan amount, the SBA guaranteed $352,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 36 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Nynb 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:

The Art of Bootstrapping

Where to Get an SBA Loan in New York City, New York

New York SBA 7A Lenders