April SBA Lenders Update Highlights:
SBA 504 Rates: 5.19% - 6.23%
20-year Fixed Rate
Effective April 15 – May 14, 2003.
Effective Rate: 6.23%, (1st 5 years: 6.10%)
Note Rate: 4.86%
Debenture Rate: 4.76%
10-year Fixed Rate Effective March 11 – May 14, 2003.
Effective Rate: 5.19%, (1st
5 years: 5:00%)
Note Rate: 3.54%
Debenture Rate: 3.39%
Pilot
Program Speeds South Florida Loan Applications
Florida First
Capital recently began participating in a SBA pilot program that speeds up 504
loan processing and underwriting for South Florida applications. 504 loans are now
being processed and underwritten by SBA in as little as 24 hours. Full text.
504
Loans in High Demand, FFC Rises to 12th Busiest CDC
Despite
uncertainty in the U.S. economy, 504 loan approvals are
on the rise throughout the country, and Florida First Capital is no
exception. Through the first six months of the fiscal year, FFC loan
approvals are up more than 44%, and we are now the 12th most active CDC in
the country. Full Text.
Return of
7(a) Cap “Inevitable”
Though SBA recently removed the cap on 7(a) loans, a projected shortfall in
next year’s budget could force the agency to reinstate a cap during
fiscal year 2004. A prominent Congresswoman calls such a cap
“inevitable.” Full Text.
SBA News
SBA Warns About
Callers Seeking Data, Fees
SBA is cautioning small businesses across the country to be wary of telephone
callers who imply that they are connected with the agency and ask for
privileged financial or personal data, and solicit fees for products or
membership. Link to
SBA News Release
SBA Economic
Injury Loans Available for Freeze Damage in Florida
According to SBA, loans of up to $1.5 million are available to small
businesses and small agricultural cooperatives in 13 counties throughout the
state that were damaged by freezing temperatures between November 2002 and
February 2003. Link to
SBA News Release
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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