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.
Small business owners and citrus growers located throughout Florida that were economically impacted and/or physically damaged as a result Hurricane Irma have through Nov. 30, 2017, to apply for expedited, short-term interest-free financial help under the Florida Small Business Emergency Bridge Loan Program and the Citrus Emergency Loan Program, a subset program.
The emergency bridge loan program, which is administered by Florida First Capital on behalf of the Florida Department of Economic Opportunity, assists in re-establishing business during the interim period following a disaster and before other aid and insurance claims are processed.
Qualified Applicants: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida OR citrus businesses who maintain a citrus grove in production in the state.
All qualified applicants must have been established prior to Sept. 4, 2017, and suffered physical damage and/or economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with a minimum of two (2) and maximum of one hundred (100) employees.Note: The employee requirementdoes not apply to citrus businesses.
Loan Amounts: Between $1,000 and $50,000 for eligible small businesses; and up to $150,000 for eligible citrus businesses.
Terms: 90 or 180 days based on individual business circumstances for eligible small businesses; and one (1) year for eligible citrus businesses.
Applications will be accepted by qualified Florida citrus businesses under this program through Nov. 30, 2017, contingent on the availability of funds.
Applications can be downloaded at www.floridadisasterloan.org. For submission instructions, contact the appropriate Florida Small Business Development Center (SBDC) for your county at www.floridasbdc.org/locations. Applicants may also contact the SBDC for free help with completing the application.
The Florida Small Business Emergency Bridge Loan Program was first activated in the aftermath of Hurricane Andrew in 1992. Since then, Florida First Capital has proudly administered the program on behalf of the state of Florida and has helped more than 2,670 small businesses statewide to receive more than $63 million in assistance - all at zero cost to the state.
For more information about the Florida Emergency Bridge Loan Program, visit www.floridadisasterloan.org.
