National City Bank Gives Bank Loan to Electrical Work Company

SBA loans in Pennsylvania are tough to come by these days. We take a look at one Pennsylvania SBA loan, provided by a Pennsylvania bank, that was approved by the SBA.

You can learn something about getting a small business loan in Meadville, Pennsylvania by studying this loan to a local business, made back in 2003. Banks like National City Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
MEADVILLE, PA 16335

SBA Loan Lender

NATIONAL CITY BANK
801 STATE ST
ERIE, PA 16501

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1731 - Electrical Work

NAICS Code

238210 - Electrical Contractors and Wiring Installation Contractors

Loan Approval Date

1/31/2003

Loan Approval Gross Amount

$453,420

Loan Approval from the SBA

Of the total $453,420 loan amount, the SBA guaranteed $340,065.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 19 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Small Business Credit Cards

SBA Participating Banks in Erie, Pennsylvania

Pennsylvania SBA 7A Lenders