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Florida First Capital Finishes FY 2020 as America's # 1 SBA 504 Lender

Oct 2020

Florida First Capital Finance Corporation is pleased to announce the company has accomplished several significant achievements this fiscal year. Thanks to all of our excellent small business borrowers and commercial lending partners, not only did we remain Florida’s # 1 Small Business Administration (SBA) lender for the 5th year in a row, but we are now the #1 SBA 504 lender in the nation!

According to the SBA, Florida First Capital – a multi-state nonprofit Certified Development Company (CDC) operating in Florida and Alabama and South Georgia dba First Capital Finance – produced the following results for FY 2020, which ran from Oct. 1, 2019, through Sept. 30, 2020:

• Our total 504 loan production was 362 authorizations resulting in $343,717,000 of approved 504 dollars and $773,363,250 in total project financing – a company best eclipsing our former record of 324 total authorizations back in 2007. September also marked the company’s highest monthly loan production total in its 37-year history with 43 deals.
• Compared to FY 2019 total 504 loan production, that’s a 32% increase in projects and a 40% increase in dollars.
• Of the total for FY 2020, 347 SBA 504 loan projects were authorized in Florida resulting in $329,375,000 of approved 504 dollars and $741,093,750 in total project financing.
• Additionally, 12 SBA 504 loan projects were authorized in Alabama and 3 deals were authorized in Georgia, Tennessee and Maryland, resulting in $14,342,000 of approved 504 dollars and $32,269,500 in total project financing.
• An estimated 3,430 jobs were created/retained.
• The company was the #1 504 loan producer in the SBA’s Region IV area of operation, serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee.
• We also were the #1 national producer of SBA 504 refinance loans.
• The SBA recognized Florida First Capital as Florida’s #1 CDC in 2020 for total 504 loans and dollars in both the SBA’s North and South Districts.

Additionally, we have been actively expanding our professional staff of loan officers and processing, credit underwriting, closing and servicing personnel to handle our production growth and expansion outside of Florida, and to ensure we continue to provide excellent customer service and strong bottom line results for our lending partners and customers.

“Our continued success is the direct result of the unwavering commitment and hard work of our entire professional lending team and volunteer Board of Directors,” said Todd Kocourek, President and CEO of Florida First Capital/First Capital Finance. “Helping small businesses grow their local economies and create jobs is reward enough, but we appreciate the recognition!”

At Florida First Capital, helping small business owners achieve their dreams is personal. It’s been our mission for over 37 years and growing.

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, renovations, new construction, energy efficient “green” initiatives and/or fixed heavy duty machinery and equipment, as well as the refinance of commercial mortgage and other business debt with or without a cash-out option.

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.