Interest Rate Lowest For Small Business

To start or expand small businesses is a challenge. To start, many small businesses is difficult today because the tightening of bank credit loan guidelines resulting from the sub-prime meltdown is safe.

One popular choice among small businesses - and commercial lenders - is the Small Business Administration (SBA) 504 loan program offered by Florida First Capital Finance Corporation. And this week the program more attractive as 504 in February is still effective rate of 6.13% was announced, the lowest level in more than one year.
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The program provides up to 504 with 90% for most commercial financing for small business-profits who want to buy real estate and improvements, new construction or renovating existing facilities, and / or purchase of machinery and equipment longevity.

"This program is ideal for small businesses strong and they are not able to obtain a low deposit interest financing or financing on desirable terms," said Lamar Nash, Senior Vice President, Florida First Capital.

Under typical 504 loan, Florida First Capital provides SBA guaranteed financing at fixed, long-term interest rate of 40% of the project. A commercial lender finances 50% of the project. Small businesses to close only 10% (in most cases) verses 25% to 30% below conventional loans.

504 loan interest rates lower than offered below, and conventional loan maturity is set to 10 or 20 years. Fees and other costs associated with the loan to loan. The average loan is about $ 500,000, but projects can range from $ 125,000 to $ 20 million.

"With this loan structure, the small entrepreneurs to get capital to save more in the company. And commercial banks are willing participants because they get a 50% loan-to-value first lien on assets purchased, making them a credit guarantee risk" Nash said .

Florida First Capital, a non-profit certified development company licensed by the SBA, guides the borrower through the entire loan process. Organization to prepare documents and handle all the details, including loan processing, approval, closing and servicing of loans.

Florida First Capital Finance Corporation to promote jobs in Florida by working with SBA lenders and the private sector to provide financing for small businesses.