Raising Money for Electrical Contractors

With these bank loans for electrical contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors loan for $100,000 was given to a Tennessee entrepreneur in 2000.

Getting a small business loan in Rossville, Tennessee was important for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from First Tennessee Bank, operating out of Collierville, Tennessee. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
ROSSVILLE, TN 38066

SBA Loan Lender

FIRST TENNESSEE BANK
1182 W POPLAR
COLLIERVILLE, TN 38017

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

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

3/27/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 7 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from First Tennessee Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Getting a Small Business Loan

SBA Banks in Collierville, Tennessee

Getting a Business Loan in Tennessee