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.
Following are news items of interest relating to small business lending and economic recovery in Florida.
Florida Gov. Rick Scott recently unveiled his 2012 Job Creation and Economic Growth Agenda while visiting Metal Essence Inc., a precision metals and plastics fabricator and two-time Florida First Capital 504 loan recipient in Orlando, and member of the Florida Chamber of Commerce Small Business Council.
Gov. Scott's plan focuses on removing barriers to beginning, relocating and growing a business in Florida.
“Unlike our elected leaders in Washington, D.C., I realize that it is Florida's families and businesses, taking risks with their ideas, capital and time, that create jobs and grow an economy,” Gov. Scott said during the unveiling. “We will continue to attract new jobs by consistently letting businesses know through our actions that we want Florida to be their home.”
Gov. Scott is clearly laser focused on job creation and economic development. Free enterprise has created more wealth and private sector jobs than any other economic system in history and the Florida Chamber shares Gov. Scott's agenda to remove regulatory burdens, keep taxes low and put Floridians back to work.
“By unveiling his job creation and economic growth agenda at Metal Essence, Inc., Gov. Scott sent a loud and clear message that Florida's manufacturing base will play a strong role in strengthening our state's economic future,” said David Hart, executive vice president of the Florida Chamber. “Removing barriers that stifle job growth will reinforce Florida's manufacturing base, which ultimately plays a critical role in our efforts to double Florida-origin exports over the next five years and secure Florida's future.
Highlights of Gov. Scott's 2012 Job Creation and Economic Growth Agenda include:
Source: Florida Chamber of Commerce
FFCFC President Todd Kocourek is featured in the October 2011 issue of Florida Trend Magazine's CEO Sounding Board. Kocourek was asked, “Is credit available from lenders? “
His response: "We work with excellent business bankers and community bankers throughout Florida. We are partners and allies in trying to solve these problems, but they're big problems. It is still tight. It's certainly better than last year. Until the credit supply and demand rebalances, Florida businesses are going to be creating fewer jobs than they otherwise would."
Go here to see the article: http://www.floridatrend.com/article.asp?page=3&aID=55667.
Source: Florida Trend
Larry Strain has been named the 2011 Florida Star by the National Association of Small Business Development Centers for his outstanding leadership and contributions in response to the 2010 Deepwater Horizon Oil Spill.
Strain, regional director and certified business analyst of the Florida Small Business Development Center at the University of West Florida in Pensacola, quickly mobilized resources to assist economically impacted small businesses throughout the state following the April 20, 2010, oil spill.
Working with Florida First Capital, administer of the State of Florida Small Business Emergency Bridge Loan Program, Strain's tireless efforts accounted for 163 emergency bridge loans worth $4.3 million which resulted in more than 1,700 jobs.
“Businesses in our region have had a rough go of it in the last couple of years, and I am proud to have been able to play a part in helping them to survive and grow despite the many obstacles they have faced,” Strain said.
The purpose of the Small Business Emergency Bridge Loan Program is to provide a source of expedient cash flow to Florida small businesses impacted by a disaster. These short-term, interest-free working capital loans are intended to "bridge the gap" between the time a major catastrophe hits and when a business has secured longer term recovery resources.
The Bridge Loan Program was first activated following Hurricane Andrew. It has been activated 12 additional times following disasters and has helped more than 950 small businesses in 56 counties to receive more than $27 million in assistance. The Florida Small Business Development Center Network and Florida First Capital are long time partners in administering the program and assisting small businesses in times of crisis.
“Larry exemplifies the Florida SBDC program's guiding principles of providing customer-driven excellence, focusing on value-added results, upholding societal responsibility, and valuing our workforce members and partners,” said Jerry Cartwright, state director of the Florida Small Business Development Center Network.
Congratulations Larry on a job well done.
Go here for more information on the Florida Small Business Development Center Network:http://floridasbdc.org/main.php.
Go here for more information on the State of Florida Small Business Emergency Bridge Loan Program: http://www.floridadisasterhelp.org/.
Coastal Recycling Services recently opened an $11 million state-of-the-art construction and demolition material recovery facility in Jacksonville, Florida, with financing provided by Florida First Capital and the 504 loan program. The company is featured on the cover of the September/October 2011 issue of Construction & Demolition Recycling Magazine.
Coastal Recycling Services utilized the 504 loan for construction of the new facility as well as to purchase specialized recycling equipment required to meet stringent local and state recycling goals.
According to the Small Business Administration, the Coastal Recycling Services deal is one of the largest 504 loans ever approved in the Southeast in the history of the program.
“We are extremely excited and honored to be able to provide financing that will allow for a major business expansion and job creation here in Jacksonville,” said Kristen Tackett, Florida First Capital vice president and loan officer for Northeast Florida.
The recycling center separates construction and demolition materials and then prepares and ships recycled product to processing facilities and end-users throughout the Southeast. Additionally, the new facility includes a solar power system capable of providing about 10% of the recycling equipment's power needs.
“The costs associated with recycling at this level are significant,” said Charlie Latham, co-managing partner of Coastal Recycling. “We are spending substantially more money on specialized recycling equipment because of (Jacksonville's) aggressive recycling rate requirements. Of course, we support the city's recycling goals and look forward to contributing to the state's new recycling goal of 75% by 2020,” said Latham.
Go here to read about Coastal Recycling Services' operation in Construction & Demolition Recycling Magazine (pp. 24-30): http://cdrecycler.texterity.com/cdrecycler/20110910#pg1
For more information, contact Florida First Capital by visiting www.ffcfc.com, emailing at info@ffcfc.com or calling 888.320.5504.
