Florida First Capital Finance Corporation (FFCFC) is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida.
FFCFC carries out its work through the administration of various government and private small business capital access programs. Most significant of these is the U.S. Small Business Administration (SBA) 504 Loan Program.
The 504 loan program in Florida specifically exists to help small to mid-sized business owners acquire commercial property without the financial hassles and high cash outlay requirements often associated with conventional loans.
The 504 program does not provide financing for working capital, inventory and such; however, its sister program, the 7(a) loan program, does and can be packaged with a 504 loan. More information on the 7(a) program can be found at www.sba.gov.
| OIL DISASTER LOAN PROGRAM |
Stressed Small Businesses Urged to Apply Now As Funds Are Limited
Editor's note: If you know of a small business impacted by the oil spill and would benefit from an emergency bridge loan to meet immediate financial obligations,
please share the following information with them or have them visit
www.floridaoilhelp.com.
Florida small business owners who have lost income due to the Deepwater Horizon oil spill and are struggling with the BP claims and payment system can apply for an expedited interest-free, short-term loan through the Florida Small Business Emergency Bridge Loan Program.
The program is administered by Florida First Capital on behalf of the state.
| RECENT 504 NEWS |
504 Interest Rate Drops Below 5%
The 20-year fixed interest rate on Small Business Administration (SBA) 504 loans for the purchase of commercial real estate fell to an astounding 4.93% for August, marking the second lowest interest rate in 504 program history. The lowest 504 rate on record was set at 4.86% in October 2009.
504 Helps Advanced Surgery Center
According to recent loan data, a large and growing percentage of 504 borrowers are professional practices that realize owning their building to fix their business occupancy costs is a very savvy financial move. Ricardo Estape, MD, of Miami is one such borrower.