Raising Money for Electrical Contractors

With these bank loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $50,000 was given to a Mississippi entrepreneur in 2000.

This small firm knew how to go about getting a business bank loan. Based in Ellisville, Mississippi, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Community Bank, Ellisville, based in Ellisville, Mississippi.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
ELLISVILLE, MS 39437

SBA Loan Lender

COMMUNITY BANK, ELLISVILLE
300 W JESSAMINE ST
ELLISVILLE, MS 39437

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

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

9/18/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great way to raise money

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community Bank, Ellisville had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community Bank, Ellisville made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Angel Investors

SBA Approved Banks in Ellisville, Mississippi

SBA Lenders in Mississippi