December 2017
Commercial Lending
Florida First Capital Repeats as Overall Top Lender in Statewide SBA Loan Production

Florida First Capital, an SBA Certified Development Company founded by the state of Florida in 1983, has achieved the top lender position for SBA loan production for FY 2017 among all SBA lenders in Florida for a second year in a row.

Florida First Capital Repeats as Overall Top Lender in Statewide SBA Loan ProductionAccording to the SBA, Florida First Capital approved loan projects resulting in $193,857,000 in SBA dollars for the fiscal year that ended Sept. 30 in partnership with a list of prominent banks, credit unions and non-bank lenders.

“This achievement represents the enduring commitment and hard work of our entire professional lending team here at Florida First Capital and our large and ever increasing network of commercial lending partners across Florida,” said Todd Kocourek, President and CEO of Florida First Capital.

A Certified Development Company’s main directive is economic development and job creation, which Florida First Capital works tirelessly to achieve primarily through the SBA 504 Loan Program.  But in a state like Florida that’s prone to hurricanes and other disasters, economic recovery and job loss prevention for small businesses impacted by a tragedy are critical to the survival of local communities and the state’s economy.

So in addition to administering the SBA 504 Loan program for almost 35 years, Florida First Capital has served on a pro bono basis as the state appointed fiscal administrator of the Florida Small Business Emergency Bridge Loan Program since that program’s inception in 1992.

The Emergency Bridge Loan Program provides small business owners that sustain physical damage and/or economic injury as a result of a disaster with short-term, interest-free working capital loans to help expedite the critical reestablishment of business during the interim period following a tragedy and before other aid and insurance claims are processed.

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 and up to $5.5 million for 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 almost 35 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  Phone: 850.681.3601 or toll-free at 888.320.5504.