Getting an SBA Loan for Electrical Contractors and Wiring Installation Contractors

With these SBA 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 $50,000 was given to a Michigan entrepreneur in 2006.

This business knew how to go about getting a business bank loan. Based in W. Bloomfield, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was California Bank & Trust, based in San Diego, California.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
W. Bloomfield, MI 48322

SBA Loan Lender

CALIFORNIA BANK & TRUST
11622 EL CAMINO REAL, STE 200
SAN DIEGO, CA 92130

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

5/1/2006

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 4 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. California Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, California Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

The Friends and Family Network

Banks in San Diego, California

Getting an SBA Loan in California