# SBA loans for electrical contractors

**Short answer:** SBA approved 2,079 loans to electrical contractors since October 2023, with a median of $150,000. 45.5% were lines of credit, against 28% of all SBA 7(a) loans. Source: SBA 7(a) loan file, June 30, 2026.

Canonical page: https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/
Data as of: 2026-06-30

These figures come from SBA's public loan file for the 7(a) program, which includes SBA Express. They cover NAICS 238210, Electrical Contractors and Other Wiring Installation Contractors. The loans were approved from October 1, 2023 to June 30, 2026. The file lists approvals only, so it shows what lenders funded, not who applied or who was turned down.

## What lenders check

Each lender sets its own checklist. SBA sets the basic eligibility tests.

A lender reviewing a loan to electrical contractors looks at the business's numbers and these items for the trade:

- A master electrician license held by the owner or a key employee, since losing that person can leave the company unable to pull permits
- Supply-house account terms and how copper and equipment cost swings are passed through to customers
- The split between service calls, new construction and low-voltage or data wiring, with backlog for each

What SBA sets and what the lender sets

Under SOP 50 10 8.1, SBA sets no minimum credit score; the lender applies its own credit standards. To qualify, a business must be an operating, for-profit business located in the United States that is small under SBA size standards and can show a need for the credit. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. C.2; SBA Procedural Notice 5000-876777; 13 CFR § 120.100.

## Common uses of the money

Businesses like these use SBA loans for:

- Service vans stocked with fittings, breakers and test equipment
- Conduit benders, trenchers and lifts for commercial crews
- Apprentice training and licensing exam costs for new journeymen

## The cash cycle

Service calls are paid when the work is done, while new construction is billed by milestone with retainage held back. The supply house expects payment before the builder pays, and copper price jumps can erase the margin on a fixed bid.

## Collateral

Service vans, wire pullers, benders and tool inventory are the typical collateral, and receivables from builders and general contractors add support.

SBA collateral and guarantee rules

On an SBA Express loan of $50,000 or less, collateral is not required. Above that, the lender may use its own collateral policies for similar non-SBA loans. Under SOP 50 10 8.1, a loan request must not be declined solely because collateral is inadequate.

Every owner of 20% or more of the business must give an unlimited personal guarantee. Source: SOP 50 10 8.1: App. 19, Para. B.3; App. 19, Para. A (p. 404); Sec. A, Ch. 5, Para. A.1 (p. 93); 13 CFR § 120.160(a).

## How much they borrow

85% of these loans were $500,000 or less, the range where SBA Express is available.

Share of 2,079 loans by size, Oct 2023 to Jun 2026

- $50,000 or less: 28%
- $50,001 to $150,000: 29%
- $150,001 to $350,000: 20%
- $350,001 to $500,000: 8.2%
- $500,001 to $1,000,000: 5.6%
- $1,000,001 to $2,000,000: 4.4%
- Over $2,000,000: 4.5%

Bars show each band's share of the loans.

The median loan was $150,000, close to the $150,300 median for all SBA 7(a) loans. Half of the loans fell between $50,000 and $350,000. The most common size band was $50,001 to $150,000.

By business age, 71% had operated for more than 2 years and 16.5% for 2 years or less. 5.9% were startups opening with the loan, and 7.0% paid for a change of ownership.

## What they paid

The median loan priced at Prime plus 2.9 percentage points, 0.15 points above the median for all SBA 7(a) loans (Prime plus 2.75 percentage points).

10.50%: Median rate at approval

Prime + 2.9: Median spread over Prime

Prime + 2.75: All industries, median spread

The median rate at approval was 10.50% on loans approved October 1, 2023 to June 30, 2026. Rates in SBA's file are the initial rates when the loans were approved. On a variable-rate loan the rate then moves with Prime, so these are not today's rates.

SBA's maximum rate today

SBA caps a variable rate by loan size. For a loan of $50,001 to $250,000, the cap is Prime plus 6.0 percentage points. The typical loan here, $150,000, is in that range. With Prime at 7.00% as of Nov 10, 2026, the maximum is 13.00% today. Source: SOP 50 10 8.1: App. 18, Para. A.2 (p. 395); 13 CFR § 120.214(d)(2).

## How the money comes

54% of the loans went through SBA Express and 45.5% were lines of credit. The median term was 10 years.

54.0%: Through SBA Express

45.5%: Lines of credit

10 years: Median term

Across all industries, 36% of loans went through SBA Express and 28% were lines of credit. Express counts here include Export Express.

SBA Express in brief

An SBA Express loan can be as large as $500,000, and SBA guarantees 50% of it. On an Express loan, the lender makes the credit decision without prior SBA review. SBA's procedures also say only a lender with SBA Express authority can make one. An SBA Express line of credit can run 10 years, including any term-out period. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. B.1 (p. 126); App. 16, Para. B.2; Sec. B, Ch. 2, Para. C.2; Sec. B, Ch. 2 (p. 125); App. 17, Para. B.3.

The median term was 10 years (120 months). For working capital, SBA's maximum term is 10 years. For equipment, it is 10 years, or up to 15 years if the IRS asset class useful life supports it. Source: SOP 50 10 8.1: App. 17, Para. A.1 (p. 390); App. 17, Para. A.2 (p. 390).

## Who lends

The Huntington National Bank made the most loans, 176 of 2,079 (8.5%).

**Largest lenders by loans, Oct 2023 to Jun 2026**

| Lender | Type | Loans | Share of loans |
| --- | --- | --- | --- |
| [The Huntington National Bank](https://www.sbaexpress.loans/sba-express-lenders/the-huntington-national-bank/) | Bank | 176 | 8.5% |
| [U.S. Bank](https://www.sbaexpress.loans/sba-express-lenders/u-s-bank/) | Bank | 173 | 8.3% |
| [TD Bank](https://www.sbaexpress.loans/sba-express-lenders/td-bank/) | Bank | 137 | 6.6% |
| [JPMorgan Chase Bank](https://www.sbaexpress.loans/sba-express-lenders/jpmorgan-chase-bank/) | Bank | 133 | 6.4% |
| [M&T Bank](https://www.sbaexpress.loans/sba-express-lenders/m-and-t-bank/) | Bank | 92 | 4.4% |

Lenders are ranked by loans and listed only when they made 5 or more. Janover Capital LLC does not represent these lenders, and a lender's past loans do not describe its current credit policy.

See every lender on the [SBA Express lenders](https://www.sbaexpress.loans/sba-express-lenders/) page.

## Where the loans are

California had the most loans, 268 of 2,079 (13%).

**Top states by loans, Oct 2023 to Jun 2026**

| State | Loans | Share of loans |
| --- | --- | --- |
| [California](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/california/) | 268 | 12.9% |
| [Florida](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/florida/) | 143 | 6.9% |
| [New York](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/new-york/) | 132 | 6.3% |
| [Texas](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/texas/) | 114 | 5.5% |
| [Ohio](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/ohio/) | 88 | 4.2% |

Location is the state of the business, not of the lender.

These states have their own page for this industry, with at least 50 loans from October 1, 2019 to June 30, 2026.

- [Massachusetts: 162 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/massachusetts/)
- [New Jersey: 151 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/new-jersey/)
- [Colorado: 140 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/colorado/)
- [Minnesota: 111 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/minnesota/)
- [Georgia: 73 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/georgia/)
- [North Carolina: 64 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/north-carolina/)
- [Oregon: 62 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/oregon/)
- [New Hampshire: 60 loans](https://www.sbaexpress.loans/industries/electrical-contractors-other-wiring-installation-contractors/new-hampshire/)

Compare every state on [SBA loans by state](https://www.sbaexpress.loans/sba-loans-by-state/).

## How often these loans went bad

4.5% of 1,258 seasoned loans were charged off, above the 3.6% rate for all SBA 7(a) loans.

1,258: Seasoned loans

4.5%: Charged off, by loans

1.6%: Charged off, by dollars

3.6%: All industries, by loans

56 of the 1,258 loans approved October 1, 2019 to September 30, 2022 were charged off by June 30, 2026. By dollars, 1.6% of the approved amount was charged off.

How we measure this

A seasoned loan is one approved October 1, 2019 to September 30, 2022. Newer loans have not had time to go bad, so they are left out. Charged off means the lender wrote the loan off as a loss, shown as status CHGOFF in SBA's file on June 30, 2026. The rate is charged-off loans divided by seasoned loans. This describes what happened to approved loans. It says nothing about whether an application will be approved.

## SBA size standard

NAICS 238210 has its own size standard.

For NAICS 238210, SBA's size standard is $19 million in average annual receipts. A business at or under the standard is small for SBA's purposes. To qualify, a business must fit the size standard for the applicant's primary industry in 13 CFR 121.201, measured in annual receipts or employees. SBA measures size on the date the application is accepted for SBA processing, or for delegated loans the date the lender approves the loan.

A business over the standard can still qualify under the alternative standard: tangible net worth of $20 million or less and average net income after federal income taxes of $6.5 million or less over the prior two fiscal years. Source: SOP 50 10 8.1: Sec. A, Ch. 1, Para. D.1 (p. 14); Sec. A, Ch. 1, Para. D.2 (p. 14); 13 CFR § 121.301(b)(2).

Check the code before you rely on it

SBA proposed new size standards for 338 industry groups and industries on August 20, 2026; the change is proposed only. Source: 91 FR 53741 (Aug. 20, 2026).

## A payment example

**Payment on a typical loan**

| Item | Example |
| --- | --- |
| Loan amount | $150,000, the median |
| Term | 10 years (120 months), the median |
| Rate | 10.50%, the median at approval |
| Monthly payment | $2,024 |
| Total interest over the term | $92,883 |

The example uses the median loan and the median term. The rate is the median at approval for these businesses. It covers principal and interest only, and it assumes the loan runs the full term. It leaves out fees, including the SBA guaranty fee.

On a variable-rate loan, a 1 percentage point move in Prime changes this payment by about $85 a month. Prime is 7.00% as of Nov 10, 2026. For a payment at today's rate, use the [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

How to read this

Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Industry is the NAICS code recorded on each loan. This page covers NAICS 238210, Electrical Contractors and Other Wiring Installation Contractors. Express share counts SBA Express and Export Express loans. Lines of credit are loans the file marks as revolving. The median rate is the initial rate on loans with a rate on file. The spread is that rate minus Prime on the approval date, for variable-rate loans only. [How we build these pages](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) loan file, June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SOP 50 10 8.1: App. 19, Para. A (p. 404); Sec. B, Ch. 2, Para. C.2 (Para. C begins p. 127); App. 19, Para. B.3 (Para. B begins p. 408); App. 16, Para. B.2 (Para. B begins p. 388); Sec. B, Ch. 2 (p. 125); App. 17, Para. B.3 (Para. B begins p. 391); Sec. B, Ch. 2, Para. B.1 (p. 126); Sec. A, Ch. 5, Para. A.1 (p. 93); Sec. A, Ch. 1, Para. D.1 (p. 14); Sec. A, Ch. 1, Para. D.2 (p. 14); App. 17, Para. A.2 (p. 390); App. 17, Para. A.1 (p. 390); SBA Procedural Notice 5000-876777; 13 CFR § 120.160(a); 13 CFR § 121.301](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.100](https://www.ecfr.gov/current/title-13/section-120.100)
- [SOP 50 10 8.1: App. 18, Para. A.2 (p. 395); 13 CFR § 120.214(d)(2)](https://www.ecfr.gov/current/title-13/section-120.214)
- [SOP 50 10 8.1: Sec. A, Ch. 1, Para. D.1 (p. 14); 13 CFR § 121.301(b)(2)](https://www.ecfr.gov/current/title-13/section-121.301)
- [91 FR 53741 (Aug. 20, 2026)](https://www.govinfo.gov/content/pkg/FR-2026-08-20/pdf/2026-17042.pdf)
- [13 CFR § 121.201](https://www.ecfr.gov/current/title-13/section-121.201)