First Choice Electric and Generators LLC
First Choice Electric and Generators LLC is located in Allentown, NJ, and the SBA lists its industry as Electrical Contractors and Other Wiring Installation Contractors. It was approved for an SBA 7(a) loan of $2,000,000 for a change of ownership on May 10, 2024.
SBA 7(a) loan, change of ownership, approved May 10, 2024
- Gross approval
- $2,000,000
- SBA-guaranteed amount
- $1,500,000 (75% of the approval)
- Lender
- Truliant FCU, Winston-Salem, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- May 10, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $27,834 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jun 21, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 9
- Business type
- Corporation
- NAICS
- 238210, Electrical Contractors and Other Wiring Installation Contractors
- Project location
- Monmouth County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 63% of acquisition loans in Electrical Contractors and Other Wiring Installation Contractors on this site.
- Average acquisition loan in Electrical Contractors and Other Wiring Installation Contractors: $1,890,316.
- Average acquisition loan in New Jersey: $1,626,307.
Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.
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Same industry in New Jersey
- Buck's Electric, Cape May Court House
- Wire Wiz Holdings LLC, Egg Harbor Township