ALBERT LEA ELECTRIC COMPANY (MN) - 2020 PPP Loan Borrower Profile (# 4694447010)

Updated on April 18, 2025.

See below the business details and the detail of the 2020 PPP loan given to ALBERT LEA ELECTRIC COMPANY. The Paycheck Protection Program (PPP) loan was intended to provide incentives for small businesses to keep their workers on payroll.

You can see similar information for other borrowers in Minnesota.

Loan Detail

Loan Number

4694447010

SBA Office Code

0508

Processing Method

PPP

Curent Loan Amount

$556,900

Date Loan was Approved

Apr 4, 2020

Amount Forgiven

$560,294.66

Date Loan was Forgiven

Feb 12, 2021

Loan Status

Paid in Full

Loan Term

24 Months

Utilities Proced

20,000

Payroll Proced

446,000

Mortgage Interest Proceed

40,000

Rent Proceed

40,000

Debt Interest Proceed

10,900

Lender

Arcadian Bank

Business Detail

Business Type

Subchapter S Corporation

NAICS

238210

Borrower Location

ALBERT LEA, MN

Project Location

ALBERT LEA, MN

Rural/Urban

Rural

Hubzone

Yes

Labor Market Information (LMI)

Yes

Jobs Reported

Business Age Description

Existing or more than 2 years old

Data Source: SBA.