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FOR IMMEDIATE RELEASE:
Florida First Capital Announces SBA “504” Loan Interest
Rate Falls to Record Low Again This Year
Tallahassee, Fla. (July 12, 2010) – The 20-year fixed interest rate on U.S. Small Business Administration (SBA) “504” loans for the purchase of commercial real estate fell to 5.21% for July, edging out June as the lowest rate for the loan program so far this year.
This is continued good news for small business owners looking to purchase or renovate their existing properties, especially during a time when long-term, affordable small business credit is hard to obtain.
“This is truly an extraordinary time for the 504 loan program and ultimately for borrowers looking to invest in their small business for the long haul,” said Todd Kocourek, president and CEO of Florida First Capital Finance Corporation, Florida’s statewide 504 certified development company. “Credit is readily available and 504 rates continue to fall to some of the lowest levels ever in the program’s 24-year history.”
The 504 interest rate had been at 5.29% in June and 5.52% in May, and reached its peak at 5.79% in January. Last year, 504 interest rates reached historic record lows four times, with the lowest rate ever at 4.86% in October 2009.
SBA 504 loans offer access to low interest, long-term and fixed-rate financing with only 10% down payment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.
“Business owners who understand the benefits of owning rather than leasing their space and equipment will recognize there may never be a better opportunity to invest in growing their business,” said Kocourek.
Florida First Capital promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses. Florida First Capital lends under the SBA 504 loan program as well as the Florida Recycling Loan Program and other small business assistance programs. Additionally, Florida First Capital was recently selected by the State of Florida to administer the Deepwater Horizon Oil Spill Florida Small Business Emergency Bridge Loan Program.
For information on SBA or State of Florida loans, call 888-320-5504, email info@ffcfc.com or visit www.ffcfc.com. For information about the Oil Spill Emergency Bridge Loan Program, visit www.floridaoilhelp.com.
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 U.S. SENATE EXTENDS 504 FEE ELIMINATIONS
March 3, 2010 - Small Business Administration (SBA) 504 loan recipients will benefit from the elimination of most up-front program fees for at least another month, thanks to a move yesterday by the U.S. Senate.
The temporary extension, which expires on March 28, eliminates both the bank participation fee of 0.5% and the certified development company (CDC) processing fee of 1.5%.
This is again great news for small business owners looking to purchase owner-occupied commercial real estate and/or long-life machinery and equipment through the 504 loan program. The fee relief will save borrowers approximately $10,000 in upfront, out-of-pocket costs on a typical loan.
A longer extension is currently in the works in Congress as part of the Jobs Bill, which contains an additional $354 million to extend the program fee eliminations through Sept. 30, 2010. That bill also contains provisions that would increase the cap on 504 loans (SBA portion) to $5 million for standard small businesses and $5.5 million for small manufacturing businesses as well as allow for the refinancing of owner-occupied commercial real estate loans under the 504 program.
If the Jobs Bill does not pass by March 28, lenders can expect the SBA to re-activate its Recovery Act Loan Queue, as it has done twice previously. Once this occurs, loans are placed into the queue awaiting the availability of funds.
According to the SBA, program enhancements thus far have accounted for an additional $18.2 billion in lending to more than 40,000 small businesses with small businesses reporting that the provisions will save or create more than 500,000 jobs.
For more information about 504 loans in Florida, contact Florida First Capital by visiting www.ffcfc.com, emailing us at insider@ffcfc.com or calling 888.320.5504.
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504 PROGRAM HIGHLIGHTS
* Up to 90% commercial financing.
* Below market, fixed interest rates.
* Long amortization terms (up to 20 years).
* Loans are assumable by qualified, acquiring businesses.
* Projects from $125,000 to $20 million.
* Temporary elimination of most up-front program fees.
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ELIGIBLE USE OF 504 PROCEEDS
* Buy land and construct new building.
* Buy land and existing building.
* Remodel, convert, expand or renovate existing building.
* Green initiative projects.
* Purchase of long-life machinery and equipment.
* Associated fees and soft costs.
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CONTACT AN FFCFC LOAN OFFICER
Northwest & Florida Panhandle Northeast Florida
Stacy Thorrington. Phone: 850.393.0496 Kristen Tackett. Phone: 904.861.2270
Central Florida Tampa/St. Petersburg
John Hanrahan. Phone: 407.276.4961 Deborah Petrell. Phone: 561.756.1745
Southwest Florida Southeast Florida
Loretta Mathushek. Phone: 239.877.4794 Dana Albury. Phone: 561.400.2084
Southeast Florida South Florida
Bruce Boddie. Phone: 561.289.8410 Carlos Calero. Phone: 786.229.4688
Sales & Marketing Manager
Deborah Petrell. Phone: 561.756.1745
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 ABOUT FLORIDA FIRST CAPITAL
FFCFC is the state's largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses. FFCFC lends under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.
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Florida First Capital Finance Corporation | 1351 N. Gadsden Street | Tallahassee | FL | 32303
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Florida First Capital Offers All-time Low Interest Rate for
Equipment Loans through SBA "504" Loan Program
Tallahassee, Fla. (Nov. 12, 2009) -- Small business owners and manufacturers who need financing to purchase new or used equipment can turn to the U.S. Small Business Administration's (SBA) "504" loan program and take advantage of historically low rates on its 10-year equipment loan. The current interest rate for a 10-year equipment loan is 4.15 percent for financing up to $2 million ($4 million for manufacturers). These loans are paired with private sector commercial loans to support manufacturing projects of up to $20 million.
To be eligible, the equipment must be fixed and have an economic life of at least 10 years. Examples include heavy and highly calibrated machines, manufacturing equipment, commercial printing and binding machines, and laundry/dry cleaning equipment, to name a few. Rolling stock is not eligible.
“This is the type of program that can help jump start a business in these tough economic times by allowing it to purchase new equipment," said Todd Kocourek, president and CEO of Florida First Capital Finance Corp., Florida’s statewide certified development company. "Small business owners need to be aware that this is available, as these low interest rates may not be seen again for a long time."
SBA “504” loans offer small business owners and manufacturers access to low interest, long-term and fixed-rate financing with only 10 percent down payment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.
Florida First Capital Finance Corp. is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide financing to small businesses. Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.
For information on the SBA or State of Florida loans, call 888-320-5504, email info@ffcfc.com or visit www.ffcfc.com.
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| Florida First Capital Finance Corporation October 2009
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BREAKING NEWS
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Obama Supports 150% Increase in Maximum 504 Loan -- to $ 5 Million
Oct. 21, 2009 -- President Obama today announced his support of legislation that will increase the cap on Small Business Administration (SBA) 504 loans to $5 million for standard small businesses and $5.5 million for small manufacturing businesses. 504 loan caps are currently set at $1.5 million ($2 million if a public policy is met) and $4 million, respectively.
The shift to $5 million for standard small business borrowers would support a total project of $12.5 million, and to $5.5 million for small manufacturers would support a total project of $13.75 million, according to the White House and the SBA. While the legislation is pending Congressional approval, this is huge news for small business owners looking for financing who were unable to obtain a 504 loan due to $1.5 million cap. In many cases, these small businesses had already used a 504 loan, they were ready to expand, but were denied the chance to borrow again through the SBA due to the $1.5 million limit.
SBA data shows an increase in the demand for the larger loans currently available. In the 504 program, the percentage of loans for more than $1.5 million has grown, from 15% of total dollars approved in 2005 to 28% in 2009. Obama made his announcement at the offices of Metropolitan Archives, a 504 loan recipient in Hyattsville, Maryland. With this kind of support from the president for the 504 industry, it is certainly hoped the legislation will be fast tracked and put into place by the SBA as soon as possible. The 504 loan program is reserved exclusively for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets. It offers below market, fixed interest rates with long amortization terms (up to 20 years). Over 115,000 savvy, small business owners have taken advantage of 504 loans to grow their businesses since the program began in 1986. In fact, the 504 loan program has funded over $45 billion in loans to growing small businesses over the past 23 years. Click here for the White House release. Click here for President Obama's speech transcript. For more information about 504 loans in Florida, contact Florida First Capital by visiting www.ffcfc.com, emailing us at
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 FFCFC is a state-founded, nonprofit certified development company that promotes economic development and job creation throughout Florida. Under the SBA 504 loan program, FFCFC works with private-sector lenders to provide Florida small businesses with affordable, fixed-rate and long-term financing for the purchase of fixed assets. FFCFC also lends under the Florida Recycling Loan Program and other small business assistance programs.
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Florida First Capital Announces First-Ever Dip below Five Percent Interest for
SBA Commercial Real Estate, Equipment Loans
Tallahassee, Fla. (Oct. 9, 2009) – For the first time ever, the 20-year fixed rate for commercial real estate and equipment loans from the U.S. Small Business Administration’s (SBA) “504” loan program has fallen below the five percent threshold to a historic low of 4.86 percent. This is one of the lowest rates that have ever been widely available in the country for the acquisition and enhancement of commercial space and equipment by small- and mid-size businesses.
“Such a rate may never be seen again, and small business owners can now also save substantial sums on most program fees, which have largely been waived or eliminated under the American Recovery and Reinvestment Act,” said Todd Kocourek, president and CEO of Florida First Capital Finance Corp., Florida’s statewide certified development company.
The SBA 504 loan program is reserved exclusively for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.
“Business owners who understand the benefits of owning rather than leasing their space and equipment will recognize that there may never be a better opportunity to invest in growing their business.” concluded Kocourek.
Florida First Capital Finance Corp. is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide financing to small businesses. Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.
For more information on the SBA or State of Florida loans, call 888-320-5504, email us at info@ffcfc.com or visit http://www.ffcfc.com.
Click here for a listing of FFCFC business development officers and regional office locations.
Florida First Capital Announces Lowest Interest Rate Ever for SBA “504” Loans
Tallahassee, Fla. (Sept. 8, 2009) – The 20-year fixed interest rate on U.S. Small Business Administration (SBA) “504” loans for commercial real estate fell to 5.14 percent for September – the lowest in history. This is very good news for small businesses owners seeking available and affordable financing in an otherwise tightened commercial credit market.
SBA 504 loans offer small business owners access to low interest, long-term and fixed-rate financing with only 10 percent downpayment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.
September’s record 504 interest rate isn’t the first time this year the program has seen historic lows. In April, the rate fell to 5.25 percent and in July to 5.24 percent.
“There has never been a better time for small business owners to take advantage of the 504 program than right now,” said Todd Kocourek, president and CEO of Florida First Capital Finance Corp., Florida’s statewide certified development company.
Between the historically low interest rates coupled with a temporary reduction in most of the 504 program’s fees, borrowers stand to save thousands of dollars both in up front costs and reduced monthly real estate payments.
The temporary reduction of program fees, which will save borrowers about $10,000 on an average loan, is part of the American Recovery and Reinvestment Act and is expected to last until December or until the funds are exhausted.
Florida First Capital Finance Corp. is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide financing to small businesses. Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.
For more information on Florida First Capital and its 504 loan program, visit www.ffcfc.com, email us at insider@ffcfc.com or call 888.320.5504.
Florida First Capital Announces SBA Real Estate Loans Nearly Double
Tallahassee, Fla. (July 2009) -- In one of the first signs of economic recovery for small businesses in Florida, U.S. Small Business Administration (SBA) loans for real estate and equipment statewide nearly doubled from April through June over the first quarter of 2009.
According to the most recent figures from the SBA, 113 small businesses in Florida took advantage of the agency’s “504” loan program for real estate and equipment financing from April through June, representing more than $126 million in total projects. During the first quarter, 65 loans totaling approximately $84 million were issued.
“While overall SBA lending for 2009 remains below 2008, the recent uptick in Florida’s 504 loans is a good indication that small businesses are starting to see opportunities for growth and expansion,” said Todd Kocourek, president & CEO of Florida First Capital Finance Corporation, Florida’s statewide certified development company. “Commercial real estate and some business equipment have become more affordable during the economic downturn, and smart business owners are taking advantage of this SBA loan program to buy and expand their facilities.”
SBA 504 loans offer low interest, long-term and fixed-rate financing with only 10 percent downpayment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.
The program recently got a boost via federal Stimulus legislation which eliminated most program fees and allows for a limited amount of refinancing of existing debt if there is a business expansion. To boot, the 20-year fixed interest rate for 504 loans now stands at 5.24 percent, the lowest in the program’s history.
Florida First Capital Finance Corporation is a statewide non-profit certified development company that promotes economic development and job creation by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses. Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.
For more information on Florida First Capital and its 504 loan program, visit www.ffcfc.com, email us at insider@ffcfc.com or call 888.320.5504.
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