How to Get a Loan for Building Equipment and Machinery Installation Contractors

With these commercial loans for building equipment and machinery installation contractors, the SBA guarantees the lender that the loan will be repaid. This building equipment and machinery installation contractors loan for $79,500 was given to a Wisconsin entrepreneur in 2004.

Getting a small business loan in Trevor, Wisconsin was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Community State Bank, operating out of Union Grove, Wisconsin. Here are the details on this Wisconsin small business loan.

SBA Loan Borrower

COMPANY TYPE: BUILDING EQUIPMENT INSTALLATION
TREVOR, WI 53179

SBA Loan Lender

COMMUNITY STATE BANK
1500 MAIN ST
UNION GROVE, WI 53182

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1796 - Building Equipment Installation

NAICS Code

235950 - Building Equipment and Machinery Installation Contractors

Loan Approval Date

3/1/2004

Loan Approval Gross Amount

$79,500

Loan Approval from the SBA

Of the total $79,500 loan amount, the SBA guaranteed $67,575.

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. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

SBIR Funding

SBA 7A Banks for Union Grove, Wisconsin Loans

SBA Participating Banks in Wisconsin