SBA 504 Loan Interest Rates
Official monthly SBA 504 effective interest rate tables can be found at Eagle Compliance LLC. 25- and 20-year term loans fund every month; 10-year term loans fund every other month. Effective interest rates are inclusive of servicing fees, which are subject to credit risk of the applicant.
504 projects enable small businesses to provide vital services not only on a local level, but at times globally. There is till profit to be made by refurbishing and exporting used equipment and the right entrepreneur doesn't need glasses to see that.
A case in point is Optimetrics, Inc., located in Hialeah, Florida. Established in 1987 by Amado Diaz, Optimetrics, Inc., is Florida's largest Hispanic-owned purveyor of ophthalmic equipment. The company offers high quality new and used ophthalmic equipment and supplies to ophthalmologists, optometrists and optical retailers. It also exports ophthalmic products to Latin America and many other countries around the world.
And like many successful and expanding small business owners, Diaz recently faced two problems: he ran out of commercial space and he was tired of leasing when he could own. Thanks to an FFCFC 504 loan, Diaz was able to purchase and renovate an existing 4,653 sq. ft. commercial office condo - and with only a 10% down payment. Problems solved.
“The 504 was the best financing option to afford Diaz the opportunity to conserve as much cash (working capital) as possible to continue to expand his wholesale operation,” said Carlos Calero, Florida First Capital's loan officer and vice president for the South Florida area.
When small businesses grow their operations via exporting, many times their requirements for available physical space also grow exponentially. These are excellent candidates to take advantage of the maximizing effects on working capital the 504 program is specifically designed to address. In addition, special incentives are in place to make exporters lead candidates for the 504 program.
You can check out Optimetrics, Inc., at www.optimetrics.com.
For more information about 504 loans in Florida, contact Florida First Capital by visiting www.ffcfc.com, emailing us at insider@ffcfc.com or calling 888.320.5504.
