Florida First Capital Announces Lowest Interest Rates Ever for SBA 504 Loans

TALLAHASSEE, Fla.--(BUSINESS WIRE)--For the first time in program history, both the 20-year and 10-year fixed interest rates on U.S. Small Business Administration (SBA) “504” loans fell in September to their lowest levels yet.

“Strong, healthy small businesses may not find a more opportune time than now to invest in and expand for in their future, given the emerging opportunities in the commercial real estate market and record low 504 interest rates”

For small business owners seeking to purchase or enhance commercial property, the current 20-year interest rate is just 4.62%. The previous record was set at 4.86% in October of 2009. Additionally, the current interest rate for a 10-year industrial equipment loan is only 3.68%, edging out the prior record of 4.15% set in November of 2009. Both rates are fixed for the term of the loan with as little as 10% down payment requirements.

504 loans are paired with private-sector commercial loans, providing up to $2 million of small business project financing and up to $4 million for eligible manufacturer projects (SBA loan portions only; there is no limit on the private-sector commercial lenders portion).

“Strong, healthy small businesses may not find a more opportune time than now to invest in and expand for in their future, given the emerging opportunities in the commercial real estate market and record low 504 interest rates,” said Todd Kocourek, president and CEO of Florida First Capital Finance Corporation, Florida’s original statewide 504 certified development company.

504 loan proceeds may be used for the purchase of fixed assets only, including the purchase, construction, expansion or renovation of commercial property and/or the acquisition of industrial equipment or other fixed assets that have a useful life span of at least 10 years.

Florida First Capital promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses. Florida First Capital lends under the SBA 504 loan program as well as the State of Florida Recycling Loan Program and other small business assistance programs.

For information on SBA or State of Florida small business loans, call 888-320-5504, email [e-mail] or visit www.ffcfc.com.