Bank Loans for Electrical Contractors and Wiring Installation Contractors

With these bank loans for electrical contractors and wiring installation contractors, the SBA guarantees the lender that the loan will be repaid. This electrical contractors and wiring installation contractors loan for $97,000 was given to a North Dakota entrepreneur in 2004.

This company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Alerus Financial, out of Grand Forks, North Dakota. The loan was granted and they received $97,000 to help grow their Wyndmere, North Dakota business.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
WYNDMERE, ND 58081

SBA Loan Lender

ALERUS FINANCIAL
401 DEMERS AVE
GRAND FORKS, ND 58201

This loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending track record and a thorough understanding of SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1731 - Electrical Work

NAICS Code

238210 - Electrical Contractors and Wiring Installation Contractors

Loan Approval Date

12/27/2004

Loan Approval Gross Amount

$97,000

Loan Approval from the SBA

Of the total $97,000 loan amount, the SBA guaranteed $72,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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.

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