Why Choose Small Business Loan?
A Small Business Loan in Action: Miguel’s Electrical Services, Inc.
Miguel has been operating a successful electrical firm in a small New England city for more than ten years. Now he’s ready to act on a longtime vision of moving into the commercial marketplace.
When a new luxury hotel near the sports arena requests bids for its electrical work, Miguel bids on the $500,000, eight-month job — and gets it.
The job will cost Miguel $250,000 in materials and payroll. The hotel is paying $100,000 up front, leaving him with a $150,000 gap to manage until the hotel makes its final $400,000 payment.
Miguel applied for and received a $150,000 loan. And since we gave him a ten-month payback schedule, there’s a two-month cushion, just in case there’s an overrun on the job.
Miguel and his team completed the job — and won two more commercial bids. Now we’re helping him fund those, too!