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.
According to the Florida Chamber's 2016 Quarter 1 Small Business Index Survey, 54% of Florida's small businesses expect to hire over the next six months. However, challenges remain with growing concerns about the economy and limited access to a skilled workforce.
Top Issues Facing Florida Small Businesses:
• Economic Uncertainty - 19%;
• Workforce Quality - 15%;
• Access to Capital - 13%;
• Government Regulations - 10%;
• Healthcare Costs - 8%; and
• Lawsuit Abuse - 6%.
Economic conditions continue to show increased uncertainty, especially from the international sector, including recession in Brazil, the strong dollar, and weakening international demand. However, a majority of respondents expect increased sales during the upcoming year.
According to respondents, demand appears to be softening with only 53% indicating sales were up over the same period last year, compared to 65% during the past survey. As respondents look forward to the near-term future, 63% expect their company's sales to improve during the upcoming 12 months, however that is down from 79% in the previous survey.
Small Business Employment Outlook:
• 54% of respondents expect to hire in the next six months - that includes those that plan to hire either a few (48%) or many (6%).
• Only 1% expect to lay off employees in the next six months, which is the same percentage as the last survey.
• 87% said economic uncertainty and lack of sales are the leading obstacles preventing their small business from hiring new employees, the same as indicated in the last survey.
An indicator of further business expansion in Florida, 53% of businesses plan to increase investments in plants or equipment, up from 50% in the previous survey.
Of those respondents that indicated they needed financing during the past 6 months, 80% were able to obtain it. Looking forward to the next 6 months, 62% of respondents that use financing indicate that they expect financing to be more difficult to obtain.
Another concern of Florida small businesses is that 12% of respondents indicate that they expect their sales to drop over the next year, which is higher than the 8% from the previous survey.
“There is still optimism in Florida's small business community, but the overall outlook is less positive than it was in the last quarterly survey. Certainly there are concerns in the international economy that may affect economic uncertainty for all Florida businesses,” said Dr. Jerry Parrish, Chief Economist and Director of Research, Florida Chamber Foundation.
View the Complete Small Business Index Survey
The Florida Chamber's Small Business Index Survey was conducted electronically March 8-24, 2016. For more information about the Florida Chamber of Commerce, visit www.flchamber.com.
