SBA 504 Loan Helps Light Up the Night Sky on Independence Day
One of the great American traditions every 4th of July are the fantastic displays of fireworks that take place all across the nation. Here in Florida, there is a recognized leader in this industry that makes their home in Orange Park, just outside of Jacksonville.
Superior Fireworks is the brainchild of Matthew Pappas, founded in 2001 as an e-commerce retail fireworks store. An important facet of the operation involves business-to-business sales. This wholesale aspect allows for year-round operations into what Pappas likes to call Superior Celebrations Packages that can be used for any special occasion.
In 2016, along with introducing their own brand of premium fireworks called SFX, the company realized that in order to continue expanding they would need an entirely new facility to house the company’s headquarters, distribution and retail operations. The expansion project included the ground-up construction of a 32,000 square-foot building on a 1.86 acre parcel of land.
With a total project cost of $3.3 million, Pappas teamed up with another industry leader.
Florida First Capital provided Pappas a financing package through the Small Business Administration (SBA) 504 Loan Program that would allow his company to take full advantage of significant cost saving benefits offered by the program. Key among these are a low down payment structure, below-market fixed interest rates and long amortization terms that keep out-of-pocket expenses low and enable the crucial preservation of working capital.
“Superior Fireworks has come full-circle with our program. From ground-up construction to permanent financing, they are reaping the benefits of this indispensable financial tool,” said Kristen Tackett, Florida First Capital Vice President and Business Development Officer for Northeast Florida.
Visit Superior Fireworks online at www.superiorfireworks.com.
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and amortization terms now up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate and/or heavy duty machinery and equipment.
504 loans are paired with private-sector commercial loans and provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
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 800.504.LOAN.