Florida First Capital Announces SBA Real Estate Loans Nearly Double

TALLAHASSEE, Fla.--(BUSINESS WIRE)--In one of the first signs of economic recovery for small businesses in Florida, U.S. Small Business Administration (SBA) loans for real estate and equipment statewide nearly doubled from April through June over the first quarter of 2009.

According to the most recent figures from the SBA, 113 small businesses in Florida took advantage of the agency’s “504” loan program for real estate and equipment financing from April through June, representing more than $126 million in total projects.

During the first quarter, 65 loans totaling approximately $84 million were issued.

“While overall SBA lending for 2009 remains below 2008, the recent uptick in Florida’s 504 loans is a good indication that small businesses are starting to see opportunities for growth and expansion,” said Todd Kocourek, (top right photo) president & CEO of Florida First Capital Finance Corporation, Florida’s statewide certified development company.

“Commercial real estate and some business equipment have become more affordable during the economic downturn, and smart business owners are taking advantage of this SBA loan program to buy and expand their facilities.”

SBA 504 loans offer low interest, long-term and fixed-rate financing with only 10 percent downpayment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.

The program recently got a boost via federal Stimulus legislation which eliminated most program fees and allows for a limited amount of refinancing of existing debt if there is a business expansion.

To boot, the 20-year fixed interest rate for 504 loans now stands at 5.24 percent, the lowest in the program’s history.

Florida First Capital Finance Corporation is a statewide non-profit certified development company that promotes economic development and job creation by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses.

Florida First Capital lends to small businesses under the SBA 504 loan program for real estate and equipment as well as via the Florida Recycling Loan Program and other small business assistance programs.

For information on the SBA or State of Florida loans, call Florida First Capital at 888-320-5504, email info@ffcfc.com

Contact: John P. David, 305-255-0035, john@davidgarciapr.com