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.
North Florida small businesses that were physically damaged by the Spring 2014 North Florida Severe Storms and Flooding now have until the end of July to apply for short-term, interest-free financial help under the Florida Small Business Emergency Bridge Loan Program.
The Florida Small Business Emergency Bridge Loan Program is available to impacted small businesses located in Escambia, Santa Rosa and Okaloosa counties, and now also in Bay, Calhoun, Gadsden, Holmes, Jackson, Liberty, Walton, and Washington counties.
The program, which is administered by Florida First Capital on behalf of the state, provides an expedient cash flow to businesses physically damaged by a disaster. The short-term loans help bridge the gap between the time damage is incurred and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
Owners of small businesses with two (2) to 100 employees in counties impacted by the Spring 2014 North Florida Severe Storms and Flooding may apply for short-term loans of $1,000 to $25,000 through July 31, 2014. Loans are granted in terms of 90 or 180 days and are interest-free for that time period.
To be eligible, a business must have been established prior to the issue of Executive Order# 14-144 that was signed by Governor Scott on April 30, 2014, and demonstrate physical damage as a result of this event.
Loan applications may be downloaded at www.floridadisasterloan.org. Complete eligibility and loan development details as well as additional disaster resources may also be found on this website.
Once the loan application is completed, applicants should contact the Florida Small Business Development Center (SBDC) at UWF for submission instructions. Phone: (850) 474-2528. Email: kmassey@uwf.edu. Website: www.sbdc.uwf.edu. Applicants may also contact the SBDC Network for free help with completing the application.
Please note: this program provides a short-term loan of State of Florida public funds, not a grant, with the expectation that repayment will be made out of receipts from other sources of longer term disaster recovery assistance. Businesses or individuals that have not fully repaid previous Florida Small Business Emergency Bridge Loan Program loans are not eligible.
The Florida Small Business Emergency Bridge Loan Program was first activated in 1992 in the aftermath of Hurricane Andrew. Since then, the program has helped minimize the economic impacts of the Winter Storm of 1993, the Northwest Florida Floods of 1994, Hurricanes Opal, Georges, Charley, Frances, Ivan, Jeanne, Dennis and Wilma, the Central Florida Tornados of 2007, the Deepwater Horizon oil spill in 2010 and Tropical Storm Debby in 2012.
The emergency bridge loan program, which Florida First Capital has administered on behalf of the state since 1992 for every disaster except three, has helped more than 2,670 small businesses statewide to receive more than $63 million in assistance.
For more information about the Florida Small Business Emergency Bridge Loan Program, visit www.floridadisasterloan.org.
