Client Chronicles

Shiraz Sugarwala

Penn State Electric Supply, Lancaster

Four loans totaling $169,000

Penn State Electric SupplySHIRAZ SUGARWALA OWNS AND OPERATES THE LARGEST MINORITY-OWNED ELECTRICAL SUPPLY BUSINESS IN CENTRAL PENNSYLVANIA.

 

Mr. Sugarwala, fondly known as Raz, is a testament to hard work and determination: following the 9/11 tragedy, many businesses were adversely affected by the construction slump.  Penn State Electric Supply was among those that suffered.  Yet Shiraz approached the company’s downturn in sales as an opportunity to diversify the store’s inventory in anticipation of the eventual construction growth.

Shiraz came to Community First Fund in 2003 for a loan of $25,000 to be used for inventory.  Since that time, Shiraz has returned for three more loans.  One of his loans was used for remodeling purposes, enabling Penn State Electric Supply to attract a larger client base.  Shiraz projects a $5 million increase in sales from 2007 to 2008.

Project Profile

Business type:
Retail

 

Amount : $169,000

 

Purpose of loan :
Inventory & working capital

“Community First Fund knew I could be a success with a small [infusion] of cash.  That seed money is key.  I am where I am today thanks to Community First Fund.”

Shiraz Sugarwala, Owner,
Penn State Electric Supply