Florida First Capital Tops Statewide SBA 504 Loan Production
Florida First Capital is pleased to announce that it has earned the top lender position for Small Business Administration (SBA) 504 loan production for the 2017 fiscal year in both number of loans and dollar totals among all Certified Development Companies in Florida.
According to the SBA, Florida First Capital, a nonprofit Certified Development Company (CDC), approved 229 loan projects in state resulting in $193,857,000 in SBA dollars ($436,178,250 in total project dollars) for the fiscal year that ended Sept. 30 in partnership with a list of prominent banks, credit unions, and non-bank lenders. Florida First Capital also finished the fiscal year ranked #4 nationally in dollar totals among all CDCs.
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 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.
For over 30 years, Florida First Capital has worked diligently to provide available and affordable financing to Florida’s growing and expanding small businesses. Helping Florida small businesses create jobs and strengthen the Florida economy – that’s our bottom line.
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 firstname.lastname@example.org. Phone: 850.681.3601 or toll-free at 888.320.5504.