2016 Was Great and 2017 is Off to a Strong Start!
As we get well underway with 2017, we would like to take a moment and again thank all of our small business borrowers and commercial lending partners across the state for working with us to become Florida’s #1 Small Business Administration (SBA) lender statewide for 2016.
Florida First Capital, a nonprofit Certified Development Company (CDC), approved loan projects resulting in $156,333,000 in SBA dollars for the 2016 fiscal year. We also finished the fiscal year ranked #3 nationally among all CDCs.
And our momentum continues. For the first three months of the new fiscal year, Florida First Capital led the state of Florida among all CDCs in SBA 504 loan production, both in dollar totals and number of loans.
According to the SBA, as of Dec. 31, Florida First Capital produced 58 SBA 504 loan projects resulting in $53,268,000 of approved 504 dollars. The SBA also ranked the company #2 nationally for the period.
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms for the purchase of major fixed assets, such as owner-occupied commercial real estate and/or fixed heavy duty machinery and equipment.
SBA 504 Loans are provided in partnership between CDCs like Florida First Capital and commercial lenders. Typically, a commercial lending partner provides financing for 50% of the 504 loan and takes a first lien position; Florida First Capital/SBA provides 40% of the project financing and takes a second lien position; and the borrower provides a down payment of just 10% in most cases.
504 loans provide up to $5 million for standard and public policy projects (aggregate limit) and up to $5.5 million per green initiative and small manufacturer projects. These limits apply to SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
Florida First Capital is driven by providing excellent customer service. We have assembled one of the best and most experienced small business lending teams of professional loan officers and underwriting, closing and servicing professionals the SBA 504 loan industry has to offer. And we also provide a level of convenience unequaled by our competitors with full service offices located statewide from Pensacola to Miami.
We will continue working hard as Florida’s top SBA lender and at earning your business each and every day. And again, thank you for a great 2016!
For more information about SBA 504 loans in Florida, contact a Florida First Capital Loan Officer or email us at email@example.com. Phone: 850.681.3601 or toll-free at 888.320.5504.