SBA 7(a) Loans up to $500k Now Available

Business Insights

Meet Lincoln Baker – LabCo Electric

Julia Lukicheva
5 Minutes to read
“NEWITY is filling a void in the marketplace for small businesses like mine, yes, absolutely.”
Lincoln Baker
Owner of Labco Electric Contracting Corporation in New York City, NY

A family business where the owner’s moto is ‘I show up for work daily because my people are depending on me and so are their families.’ Labco Electric Contracting Corp. is a company that puts their customers and employees first. Labco management takes pride in ensuring each employee is trained and equipped with the knowledge, skills, and tools to perform at the highest standards to provide first-in-class comprehensive electrical contracting services.

Lincoln Baker is the president and owner Labco Electric Contracting Corp. It is a licensed electrical firm, servicing commercial, residential and industrial clients. Lincoln is a union electrician who has been in business for 12 years. He has cultivated a reputation of superior, top-rated service and cost-effective. His highly experienced, skilled, and reliable team of electricians are dedicated to completing every project efficiently, on time, and within budget.

Lincoln shows up for work every day knowing that his people depend on him. Like many business owners during the pandemic, Lincoln placed tremendous pressure on himself to keep his employees onboard. He was looking for capital to keep the business open since the pandemic significantly impacted his ability to operate, but a this was difficult to find.

Lincoln learned that he may be eligible for the Employee Retention Credit (ERC) after responding to a NEWITY email regarding the program. Lincoln completed the application online through NEWITY’s portal and a member of the NEWITY team reached out almost immediately. It was the first time he heard about the ERC program and was surprised that he almost let the opportunity slip away when he desperately needed capital. Although the Pandemic is over, funds were still necessary to recover from the hardships small businesses faced during that time. Lincoln filed for the ERC credit and is now awaiting funds.

In addition to the ERC credit, Lincoln received an email from NEWITY outlining the SBA 7(a) loan program it offers. He quickly applied through NEWITY’s portal with his partner Nadine. Lincoln stated that “from the start, the entire application process went very well and smooth.” NEWITY’s personal touch stood out as the relationship manager, Brenda C., assisted Lincoln every step of the way. He remembers her as being “just incredibly helpful with telling us exactly what we needed to provide for the documentation, responding to every question within five minutes, and just making 7(a) loan process easy.” Lincoln received his SBA 7(a) loan and was finally able to focus on new projects that would allow the company to grow.

To qualify for an SBA 7(a) small business loan, your business must be:

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business