Getting an SBA Loan for Electronic and Precision Equipment Repair and Maintenance

Looking for business loans for electronic and precision equipment repair and maintenance? Talk to a banker who works with the SBA. This $85,000 electronic and precision equipment repair and maintenance loan was issued by a Delaware bank.

This business knew how to go about getting a business bank loan. Based in New Castle, Delaware, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Wilmington Trust Company, based in Wilmington, Delaware.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL AND ELECTRONIC REPAIR SHOPS
NEW CASTLE, DE 19712

SBA Loan Lender

WILMINGTON TRUST COMPANY
1100 N MARKET ST, RODNEY SQ N
WILMINGTON, DE 19890

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program involves 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

7629 - Electrical and Electronic Repair Shops

NAICS Code

811219 - Electronic and Precision Equipment Repair and Maintenance

Loan Approval Date

1/3/2000

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $68,000.

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 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wilmington Trust Company had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wilmington Trust Company 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:

Obtaining Funding - Friends and Family

SBA 7A Banks in Wilmington, Delaware

Getting an SBA Loan in Delaware