Financing for Switchgear and Switchboard Apparatus Manufacturing

With these commercial loans for switchgear and switchboard apparatus manufacturing, the SBA guarantees the lender that the loan will be repaid. This switchgear and switchboard apparatus manufacturing loan for $380,000 was given to a Connecticut entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Plantsville, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Valley Bank, based in Bristol, Connecticut.

SBA Loan Borrower

COMPANY TYPE: SWITCHGEAR AND SWITCHBOARD APPARATUS MANUFACTURING
PLANTSVILLE, CT 06479

SBA Loan Lender

VALLEY BANK
FOUR RIVERSIDE AVE
BRISTOL, CT 06010

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335313 - Switchgear and Switchboard Apparatus Manufacturing

Loan Approval Date

8/23/2007

Loan Approval Gross Amount

$380,000

Loan Approval from the SBA

Of the total $380,000 loan amount, the SBA guaranteed $285,000.

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 5 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

Don't apply for a loan directly with the SBA. You need to 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Valley Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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