It’s Official! Florida First Capital Expands Its SBA 504 Lending Operations Statewide in Alabama
Florida First Capital is pleased to announce that the Small Business Administration (SBA) has approved the company’s multi-state expansion request to offer the SBA 504 Loan Program to all eligible small businesses throughout the state of Alabama.
The SBA had previously authorized Florida First Capital to initially expand into a few South Alabama counties as well as Camden, Charlton, Seminole and Thomas counties in South Georgia. The company is looking next at statewide expansion in Georgia.
Florida First Capital is a nonprofit, SBA regulated Certified Development Company with a primary mission of economic development and job creation. For almost 35 years, Florida First Capital has assisted thousands of small businesses throughout Florida to grow and expand their operations by providing available and affordable commercial financing through the SBA 504 Loan Program. The full state expansion in Alabama allows us to carry forward that mission into the Southeast.
“We have been successful in our existing markets by emphasizing our partnerships with lenders as we strive to be a creative, responsive and cost-effective resource for SBA 504 lending,” said Todd Kocourek, President & CEO of Florida First Capital. “As one of the top SBA 504 lenders in the nation, we bring a wide-ranging depth of knowledge and experience to the process and look forward to providing a competitive avenue for financing while promoting business growth and job creation in local communities throughout Alabama.”
The SBA 504 Loan Program provides up to 90% below-market, fixed interest rate financing with repayment terms up to 25 years to construct new facilities or purchase existing ones (including green energy projects); renovate and modernize existing owner-occupied properties; refinance commercial mortgage and other business debt; and/or purchase long-life machinery and equipment.
The 504 Loan Program is a partnership program between Florida First Capital and a commercial lender. Typically, a commercial lender provides financing for 50% of the 504 loan project 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%.
SBA 504 loans 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.
To get started on a SBA 504 Loan project in Alabama, please contact the following:
Alabama – Statewide
Angie Sweatman, BDO. Office: 334.610.5010. Cell: 334.318.8064. Fax: 877.551.1731. Email: firstname.lastname@example.org. Counties Served: All counties except Mobile.
South Alabama – Mobile
Stacey Green, BDO. Office: 850.393.0496. Fax: 877.445.8102. Email: email@example.com. Counties Served: Mobile.
For more information about SBA 504 loans in Florida, 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.