FFCFC Insider Extra
 
U.S. CongressCONGRESS EXTENDS 504 FEE ELIMINATIONS THROUGH APRIL
 

March 26, 2010 -- Most up-front 504 program fees will continue to be eliminated through April, thanks to legislation passed yesterday by the U.S. Congress.

 

Up to $40 million is made available for both 504 and 7(a) fee reductions.  The source of the money is funding for 7(a) guarantees that was included in the Small Business Administration's (SBA) regular appropriation last year.

 

Additional legislation is currently in the works which contains $560 million to extend the program fee eliminations until either Dec. 31, 2010, or whenever the funds are exhausted.  This legislation also would provide both the $5 million debenture limit ($5.5 million for manufacturers; SBA portions) and the ability to refinance existing debt through the 504 program.

 

If the additional legislation is not passed by the end of April, lenders and borrowers can expect the SBA to re-activate its Recovery Act Loan Queue. Once this occurs, loans are placed into the queue awaiting the availability of funds.

 

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.

 
 
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.
 
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.
 
 
CONTACT AN FFCFC LOAN OFFICER
 
Northwest & Florida Panhandle                   Northeast Florida
Stacy Thorrington.  Phone: 850.393.0496                               Kristen Tackett.  Phone: 904.861.2270
Email: stacy@ffcfc.com                                                                  Email: kristen@ffcfc.com
 
Central Florida                                                 Tampa/St. Petersburg
John Hanrahan.  Phone: 407.276.4961                                     Deborah Petrell.  Phone: 561.756.1745
Email: john@ffcfc.com                                                                    Email: deborah@ffcfc.com  
 
Southwest Florida                                           Southeast Florida
Loretta Mathushek.  Phone: 239.877.4794                               Dana Albury.  Phone: 561.400.2084
Email: loretta@ffcfc.com                                                                 Email: dana@ffcfc.com
 
Southeast Florida                                            South Florida  
Bruce Boddie.  Phone: 561.289.8410                                        Carlos Calero.  Phone: 786.229.4688                  
Email: bb@ffcfc.com                                                                       Email: carlos@ffcfc.com 
  
 
Sales & Marketing Manager
Deborah Petrell.  Phone: 561.756.1745
 
 
FFCFCABOUT 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. 
 
   Phone: 888.320.5504                Email: info@ffcfc.com                Internet: www.ffcfc.com   
 
         
Florida First Capital Finance Corporation | 1351 N. Gadsden Street | Tallahassee | FL | 32303