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.
When Ron Gamble heard about Florida First Capital's new 504 VetLoan Advantage Program, which offers special fee discounts on Small Business Administration (SBA) 504 loans to veteran-owned small businesses in Florida, the former Naval Flight Officer recognized a unique opportunity too good to pass up.
Gamble worked with Florida First Capital to obtain a 504 loan complete with VetLoan Advantage fee discounts to finance his dream of starting a craft brewery serving the greater Jacksonville area.
Gamble is utilizing 504 proceeds from a 10-year equipment loan to purchase the latest brewing equipment and technologies for his new venture, Veterans United Craft Brewery.
Under the VetLoan Advantage Program, Florida First Capital will waive a portion of the loan processing fee and reduce loan closing costs on SBA 504 loans to veteran-owned small businesses in Florida (complete details here). The VetLoan Advantage Program was created to support the SBA's goal for a 5% per year increase in small business loans to veterans over the next five years.
Veterans United Craft Brewery will initially produce three main styles of beer and supplement these with "seasonal" and limited releases. Each of the company's beers will be handcrafted in small batches under the close personal attention of brew master Gamble, who has significant brewing and business experience stemming from his naval career and also as a professional brew master at several prominent New England breweries.
The brewery will package its beers in a variety of containers that will either be sold at the brewery or via its distribution channel to local retail stores, restaurants and bars.
“Mr. Gamble was able to not only take advantage of the great rates and terms under the 504 Loan Program, but he also benefitted from our New VetLoan Advantage Program saving him and the company money on the associated loan fees,” said Kristen Tackett, Florida First Capital Loan Officer and Vice President for Northeast Florida.
Gamble's goal, with the help of Florida First Capital and his fellow military veteran employees, is to establish Veterans United Craft Brewery as one of the finest craft breweries in the greater Jacksonville area and the state of Florida and ultimately become a prominent regional brewery in the southeastern United States.
Veterans United Craft Brewery is scheduled to open in early 2014.
Contact one of our 504 loan experts for more information about the Florida First Capital VetLoan Advantage and 504 Loan Program.
