Electrical Contractors and Wiring Installation Contractors Loans
With these 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 $255,800 was given to a Minnesota entrepreneur in 2005.
This company knew how to go about getting a business bank loan. Based in Little Canada, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Prosperan Bank, based in Oakdale, Minnesota.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
LITTLE CANADA, MN 55117
SBA Loan Lender
PROSPERAN BANK
990 HELENA AVE NORTH
OAKDALE, MN 55128
This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238210 - Electrical Contractors and Wiring Installation Contractors
Loan Approval Date
11/16/2005
Loan Approval Gross Amount
$255,800
Loan Approval from the SBA
Of the total $255,800 loan amount, the SBA guaranteed $191,850.
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 24 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Many small businesses receive loans backed by the U.S. Small Business Administration.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Prosperan Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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