Loans for Electrical Contractors

With these loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $515,000 was given to an Illinois entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Buffalo Grove, Illinois was able to borrow $515,000 from Banco Popular North America. The SBA made the loan possible by guaranteeing $386,250 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
BUFFALO GROVE, IL 60089

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1731 - Electrical Work

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

2/23/2000

Loan Approval Gross Amount

$515,000

Loan Approval from the SBA

Of the total $515,000 loan amount, the SBA guaranteed $386,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 50 employees. The loan application indicated that the loan would help retain 50 existing jobs.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

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