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May 5, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Electrical Contractors And Wiring Installation Contractors Loan | ||||
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Getting a Small Business Loan in Philadelphia, Pennsylvania
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Company Gets a Pennsylvania Bank LoanWould a Pennsylvania SBA loan help your business get to the next level? If so, you may want to talk with this Rhode Island bank, which offers SBA loans to Pennsylvania entrepreneurs. Getting a small business loan in Philadelphia, Pennsylvania was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Pennsylvania small business loan. SBA Loan Borrower COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS SBA Loan Lender BANK OF AMERICA The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 238210 - Electrical Contractors and Wiring Installation Contractors Loan Approval Date 1/13/2005 Loan Approval Gross Amount $17,500 Loan Approval from the SBA Of the total $17,500 loan amount, the SBA guaranteed $8,750. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 3 existing jobs. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Bank Of America 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. Related Links: Role of Business Plan When Raising Money Who Lends Money to Small Businesses in Providence, Rhode Island
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