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 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.
Katz used the program to refinance an existing piece of recycling equipment and is further authorized under the program to purchase additional recycling machinery to help the company grow.
The Florida Recycling Loan Program was originated as means to incentivize small businesses like Katz's to acquire equipment that would help the state reach higher recycling levels. Florida First Capital acts as the program administrator under contract with the Florida Department of Environmental Protection.
The recycling loan program allows for the purchase or refinance of commercially viable, tested technologies and equipment that will divert materials from the state's landfills. Borrowers may obtain low fixed interest rate loans ranging from $20,000 to $200,000 with a 10-year repayment term.
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 3,000 tons of recyclables that most likely would have otherwise ended up in a landfill.
“The Florida Recycling Loan Program not only gave us the ability to recapitalize in order to expand and serve our customers more efficiently but also saved us a significant amount of money in reduced monthly payments,” Katz said.
For an application or more information about the Florida Recycling Loan Program, contact Guillermo “Gui” Gutierrez, program manager, at Florida First Capital. Email: gui@ffcfc.com. Phone: (850) 681.3601 or toll-free at 888.320.5504. Website: Florida Recycling Loan Program.
