# PPP loan: ALBERT LEA ELECTRIC COMPANY
> **$557K** approved 04/04/2020 · Paid in Full · Loan `4694447010`
## Borrower
- **Name:** ALBERT LEA ELECTRIC COMPANY
- **Address:** 1410 OLSEN DR, ALBERT LEA, MN, 56007-6305
- **NAICS:** 238210
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $557K
- **Initial approval:** $557K
- **Forgiven:** $560K (101%)
- **Forgiveness date:** 02/12/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $446K
- **Rent:** $40K
- **Mortgage interest:** $40K
- **Utilities:** $20K
- **Debt interest:** $11K
- **Jobs reported:** 26
## Lender
- **Originating:** Arcadian Bank
- **Servicing:** Arcadian Bank (MN)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*