March 2017
Borrower Profile
SBA 504 Loan Helps B&B Flourish in Nation’s Oldest City

Beginning its life as a charming 1920s boarding house, today 44 Spanish Street Inn in St. Augustine operates as a bed & breakfast offering its guests comfortable and affordable accommodations and amenities in a prime location where visitors can experience all the historic city has to offer from right outside the inn’s front door.

The 44 Spanish Street Inn in St. Augustine FloridaThe B&B’s new owners, Brian Funk and Emery McClune, are veterans of the hospitality industry with over 31 years of combined experience.  When the two decided to purchase the B&B recently, they turned to the Small Business Administration (SBA) 504 Loan Program administered by Florida First Capital in order to secure financing for the $1.3 million project, which included purchase of the facility and renovations.

Although Funk and McClune didn’t have previous ownership experience, their extensive industry experience was sufficient for the SBA not to deem the project a start-up (less than two years in operation) and they were able to obtain 85% financing for the acquisition.  Normally, a down payment for this type of project would be 25%-40%.

“This is the type of story we love.  Two hospitality industry veterans get a chance to realize a long time dream of purchasing their own inn,” said Kristen Tackett, Florida First Capital Vice President and Business Development Officer for Northeast Florida.  “The SBA 504 Loan Program provided a minimum down payment that could not have been done with any other conventional finance product.”

Visit 44 Spanish Street Inn online at

For more information about SBA 504 loans in Florida, South Alabama or South Georgia, contact a Florida First Capital Loan Officer or email us at  Phone: 850.681.3601 or toll-free at 888.320.5504.