June SBA Lenders Update Highlights:
SBA 504 June Effective Rates:
5.31% - 5.51% (New Record Lows)
20-year Fixed Rate
Effective June 10 – July 15, 2003.
Effective Rate: 5.51%, (1st
5 years: 5.38%)
Note Rate: 4.13%
Debenture Rate: 4.07%
10-year Fixed Rate Effective May 14 – July 15, 2003.
Effective Rate: 5.31%, (1st
5 years: 5:12%)
Note Rate: 3.66%
Debenture Rate: 3.53%
Record Low
Rates Continue
Effective rates
for 20-year 504 loans hit an all-time low this month, marking the fifth
record-setting drop in the past 12 months. At 5.51%, 504 rates have never been lower. In fact, the 20-year rate
one year ago was 7.24%. Full Text
New FFC
Underwriter To Be Based In Orlando
Douglas E. Teten has joined FFC as our newest
loan underwriter. Beginning next month, Teten will be based in our Orlando office, giving us both sales
and underwriting staff in Central Florida. Full Text.
SBA: 2003 the "Year
of the 504;" Program Gaining in D.C.
The 504 loan program continues to gain ground in Washington as legislators and SBA
officials alike see its potential and vow to improve the program. At a recent
meeting, SBA Commissioner Hector Barreto called 2003 the “Year of the
504.” Full text.
Florida Finance Network Promotes
State’s Financing Programs
Florida First
Capital recently co-sponsored the Broward County launch of the Florida Finance
Network, an organization that unifies Florida’s economic development
financing programs. The Network is actively seeking opportunities to educate Florida business owners about the many
Florida-based business financing programs. Full text
FFC Events
Lender
Training at NEC in Orlando June 25
FFCFC VP and 16 year SBA veteran Vincent LoPresti will be conducting lender
training from 1 p.m. to 3 p.m. on June 25 at the National Entrepreneur Center
in Orlando. More
information
SBA News
Disaster Loans
Available For Last Fall’s Wet, Cold Weather in N. Fla.
Disaster loans are available for small businesses in North Florida that were adversely affected by
unusually wet and unseasonably cool fall weather that occurred Sept.
1, 2002,
through Jan. 14, 2003. Full text.
Florida First Capital, the State of Florida's Certified Development
Company, provides financial assistance to small businesses in conjunction
with the U.S. Small Business Administration and private sector lenders. From Pensacola to Key West, Florida First Capital provides new and
growing businesses with long-term, fixed-rate financing for major fixed
assets, such as real estate and equipment. For more information visit our
website at ffcfc.com or call us at
1-888-320-5504 or email us at: info@ffcfc.com
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