How to Get a Loan for Electrical Contractors
Looking for SBA loans for electrical contractors? The SBA may be the answer. This $26,000 electrical contractors loan was issued by a Rhode Island bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in New Milford (census Name For N, Connecticut was able to borrow $26,000 from Bank Of America. The SBA made the loan possible by guaranteeing $13,000 of this Connecticut small business loan.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL WORK
NEW MILFORD (CENSUS NAME FOR N, CT 06057
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
SIC Code
1731 - Electrical Work
NAICS Code
235310 - Electrical Contractors
Loan Approval Date
9/15/2000
Loan Approval Gross Amount
$26,000
Loan Approval from the SBA
Of the total $26,000 loan amount, the SBA guaranteed $13,000.
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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.
Getting an SBA Loan For Your Business
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.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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 - How to Borrow Money
SBA 7A Banks for Providence, Rhode Island Loans
SBA Rhode Island Lenders