Tallahassee, FL – Nov. 13, 2019 – For the 4th consecutive year, Florida First Capital has again earned the top lender spot for Small Business Administration (SBA) loan production among all SBA lenders in Florida.
In FY 2019, Florida First Capital – a multi-state nonprofit Certified Development Company operating in Alabama, Florida and South Georgia – produced 266 SBA 504 loan projects in Florida resulting in $240,136,000 of approved 504 dollars and $540,306,000 in total project financing, according to SBA data.
The company’s total 504 loan production for FY 19 was 275 projects resulting in $246,137,000 of approved 504 dollars and $553,808,250 in total project financing. In terms of Florida 504 deals, Florida First Capital accounted for 56% of the total projects and 59% of the total SBA dollars among the four active Certified Development Companies in the state.
The company also finished FY 19 ranked 3rd nationally among all active Certified Development Companies and experienced significant growth over last year with a 28.5% increase in the number of authorized loans and a 21.6% increase in dollar amounts. Those increases were also the highest in both units and dollars among the nation’s top 5 Certified Development Companies.
For the beginning of FY 20 through Oct. 31, Florida First Capital is currently ranked as the #1 504 lender nationally as well as in Florida and Alabama. October also marked the company’s highest monthly loan production total in its 36-year history at 41 deals totaling $44,122,000 of approved 504 dollars and $99,274,500 in total project financing. Of course, one month does not make a year, but the company is poised for another strong year of SBA loan production.
“The entire Florida First Capital professional lending team and volunteer Board of Directors are committed to the success of small businesses and work diligently to provide exemplary lending assistance,” said Todd Kocourek, President and CEO of Florida First Capital. “This achievement, and our exciting multi-state growth, are the direct result of these dedicated individuals and our expanding network of commercial lending partners that include prominent banks, credit unions and non-bank lenders.”
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or heavy duty machinery and equipment.
SBA 504 Loans are provided in partnership between Certified Development Companies 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 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 over 36 years, Florida First Capital has helped small business owners achieve their dreams. For Florida First Capital, small business is personal.
In addition to posting another top year of SBA loan production, Florida First Capital continued its service as the state appointed fiscal administrator of the Florida Small Business Emergency Bridge Loan Program, a critical mission the company has performed on a pro bono basis since the program’s inception in 1992 following Hurricane Andrew.
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.
In the aftermath of Hurricane Michael, Florida First Capital closed and serviced 590 emergency bridge loans totaling $34.4 million for small businesses impacted by the disaster. Since its inception in 1992, the Florida Small Business Emergency Bridge Loan Program has been activated 26 additional times following disasters and has helped more than 4,750 small businesses statewide to receive more than $157.5 million in assistance.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN. For more information about the Florida Small Business Emergency Bridge Loan Program, email email@example.com.