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 $214,000 was given to a Texas entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Nevada, Texas, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First United Bank & Trust, based in Durant, Oklahoma.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
NEVADA, TX 75173

SBA Loan Lender

FIRST UNITED BANK & TRUST
1400 W MAIN ST
DURANT, OK 74701

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

1/21/2004

Loan Approval Gross Amount

$214,000

Loan Approval from the SBA

Of the total $214,000 loan amount, the SBA guaranteed $107,000.

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 40 employees. The SBA loan application for the borrower indicated that the loan would help retain 40 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $214,000 loan. Remember, feel the fear, and do it anyway.

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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