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.
Tropical Recycling is the only recycling business in Palm Beach County, Florida, to provide specialized solutions for paper recycling. As recycling efforts have increased in the area, owner Brian Katz recently sought expansion capital and turned to the Florida Recycling Loan Program, which is administered by Florida First Capital.
The program is designed to assist companies like Katz's that manufacture products from recycled materials or convert recyclable materials into raw materials for use in manufacturing. The long-term goal of the Florida Recycling Loan Program is to divert solid waste from landfills by helping companies to expand their recycling businesses or retrofit manufacturing operations to recycle secondary materials.
Operating since 2009, Tropical Recycling combines extensive experience with state-of-the-art technology and equipment to source and process several different grades of paper commodities from a variety of customers, including municipalities, schools, businesses and the general public. The company has a customer base of 4,000+ and has successfully processed more than 30,000 tons of recyclables that most likely would have otherwise ended up in a landfill.
In 2012, Katz used the Florida Recycling Loan Program to refinance an existing piece of equipment. He recently returned to the program to finance the purchase of additional equipment in order to meet increased demand for the company's product.
Traditionally, recyclers lease their purchases and often pay extremely high interest rates over the long term. Not so under the Florida Recycling Loan Program.
The program offers fixed interest rates loans as low as 2% below Prime with repayment terms up to 10 years and only a 10% down payment requirement in most cases. Loan amounts range from $20,000 to $200,000.
Loan funds may be used for the purchase and installation or refinancing of specialized machinery and equipment; conversion of existing machinery or equipment for the manufacture of products that contain recyclable materials or final processing of secondary materials; and equipment costs, including installation and other equipment preparation expenses. Funds may not be used to finance working capital.
“The Florida Recycling Loan Program has continued to help us save a significant amount of money in monthly payments while also making it possible to expand our processing capacity and serve our customers more efficiently,” Katz said.
Over its 18 year existence, the Florida Recycling Loan Program has helped a wide range of recycling businesses, from processors of recycled materials to manufacturers of recycled products, to grow and expand efficiently and affordably.
For companies seeking to expand their recycling businesses or retrofit manufacturing operations to recycle secondary materials, the Florida Recycling Loan Program is by far their best possible financing option.
The Florida Recycling Loan Program is administered by Florida First Capital under a partnership with theFlorida Department of Environmental Protection.
For a Florida Recycling Loan Program application or additional information, contact Guillermo “Gui” Gutierrez, program manager. Email: gui@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504. Website: Florida Recycling Loan program.
