Getting an SBA Loan for Electrical Contractors and Wiring Installation Contractors
Looking for business loans for electrical contractors and wiring installation contractors? An SBA loan may be just what you've been looking for. This $50,000 electrical contractors and wiring installation contractors loan was issued by a New York bank.
This business knew how to go about getting a business bank loan. Based in Castorland, New York, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Watertown Savings Bank, based in Watertown, New York.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
CASTORLAND, NY 13620
SBA Loan Lender
WATERTOWN SAVINGS BANK
111 CLINTON ST
WATERTOWN, NY 13601
This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
7/13/2005
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $25,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans provide smart, affordable business financing for small businesses looking to expand.
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 Watertown Savings Bank 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:
Determining Proper Capital Structure for a Business
SBA Participating Banks in Watertown, New York
New York SBA 7A Lenders