Loans for Electrical Contractors

With these loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $70,000 was given to a Florida entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Port Charlotte, Florida, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Charlotte State Bank, based in Port Charlotte, Florida.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
PORT CHARLOTTE, FL 33952

SBA Loan Lender

CHARLOTTE STATE BANK
1100 TAMIAMI TRL
PORT CHARLOTTE, FL 33953

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

1/3/2002

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

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 20 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Charlotte State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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