How to Get a Loan for Electrical Contractors

With these commercial loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $137,500 was given to a Pennsylvania entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Philadelphia, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Enterprise Invest Fund Inc., based in Philadelphia, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
PHILADELPHIA, PA 19131

SBA Loan Lender

ENTERPRISE INVEST FUND INC.
CAST IRON BLDG, 718 ARCH ST,
PHILADELPHIA, PA 19106

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

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

6/27/2002

Loan Approval Gross Amount

$137,500

Loan Approval from the SBA

Of the total $137,500 loan amount, the SBA guaranteed $103,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 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.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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

The Art of Bootstrapping

SBA Approved Banks in Philadelphia, Pennsylvania

SBA Participating Banks in Pennsylvania