Business Loans for Electrical Contractors
Looking for business loans for electrical contractors? Try the SBA. This $68,000 electrical contractors loan was issued by an Indiana bank.
This small business knew how to go about getting a business bank loan. Based in Indianapolis, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was National City Bank, based in Indianapolis, Indiana.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL WORK
INDIANAPOLIS, IN 46203
SBA Loan Lender
NATIONAL CITY BANK
101 W WASHINGTON ST, STE 100E
INDIANAPOLIS, IN 46255
This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
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
6/23/2000
Loan Approval Gross Amount
$68,000
Loan Approval from the SBA
Of the total $68,000 loan amount, the SBA guaranteed $54,400.
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 12 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like National City Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Find Start-Up Capital
Find an SBA Lender in Indianapolis, Indiana
Getting an SBA Loan in Indiana