SBA to Honor Minnesota Veteran Business during Small Business Week

Release Date: 
Wednesday, April 25, 2018
Release Number: 
18.13.MN
Contact: 
Sarah Swenty, 612-370-2316, sarah.swenty@sba.gov

MINNEAPOLIS  – The U.S. Small Business Administration (SBA) has named Preferred Electric, Inc. the Minnesota 2018 Veteran-owned Small Business of the Year. A certified Service Disabled Veteran Owned Company, Preferred Electric is a commercial and industrial electrical contracting company serving local government and private industries, including the printing industry, food industry, schools, counties, state and federal government.

Owner Clint Kruger started Preferred Electric in February, 2008 after consulting a friend over lunch and writing his very first business plan on a restaurant napkin. His decision came during a time when the economy forced many electrical contractors to scale back, making it difficult to be hired. Clint’s original plan was to purchase ownership in an existing company, but the buyout fell through and he decided to start his own business in the basement of his home.

Since those humble beginnings, he has grown the business significantly and currently has 38 employees. Part of his business strategy has involved reinvesting profits into the company which allowed him to expand through the purchases of Commercial Electric of the Twin Cities in 2010 and Metro Electric in 2015. Preferred Electric hires people, fellow vets included, who fit the company’s core values: loyalty, integrity, resilience and strong work ethic. These core values are what the company has been built on and allowed it to have continued successful growth year after year. 

Helping make that success possible was help from the SBA and the Minnesota Procurement Technical Assistance Center (MnPTAC). MnPTAC helped Preferred Electric, Inc. get all paperwork in place to become a Service Disabled Veterans Owned Business. Clint Kruger also took part in SBA’s Emerging Leaders program in 2016, which helped him create a three year plan for continued growth.  He has also benefitted from an SBA loan guarantee, which allowed for the purchase of their current, and much larger, building in Minneapolis. 

Preferred Electric, Inc. gives back to the community including with donated labor and material to a kitchen remodel for Ace Hoops House in 2017, it has also participated in supporting several families through Adopt a Family Angels program and continues to do work for local churches.

Preferred Electric was nominated by Tim Connelly, a government contract lawyer and owner of Tim Connelly Law PLLC.

The SBA Minnesota District Office, along with the SCORE Association, will honor all the 2018 winners at the Minnesota Small Business Week Awards Luncheon on May 11, 2018, at the Doubletree by Hilton Park Place in Minneapolis, Minn.

Registration is open for the event until May 8 at https://conta.cc/2uCnW5b.

For more information on Small Business Week, which is April 29 through May 5 this year, please visit www.sba.gov/NSBW.

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