Florida First Capital Offers Low Interest SBA Equipment Loans

SBA "504" Loans at 4.15% Cover Commercial Printing and Binding Equipment

Source: FFCFC -- Graphic Arts Online, November 15, 2009

TALLAHASSEE, Fla.--Small business owners and manufacturers who need financing to purchase new or used equipment can turn to the U.S. Small Business Administration's (SBA) "504" loan program and take advantage of historically low rates on its 10-year equipment loan. The current interest rate for a 10-year equipment loan is 4.15 percent for financing up to $2 million ($4 million for manufacturers). These loans are paired with private sector commercial loans to support manufacturing projects of up to $20 million.

To be eligible, the equipment must be fixed and have an economic life of at least 10 years. Examples include heavy and highly calibrated machines, manufacturing equipment, commercial printing and binding machines, and laundry/dry cleaning equipment, to name a few. Rolling stock is not eligible.

“This is the type of program that can help jump-start a business in these tough economic times by allowing it to purchase new equipment," said Todd Kocourek, president and CEO of Florida First Capital Finance Corp., Florida’s statewide certified development company. "Small business owners need to be aware that this is available, as these low interest rates may not be seen again for a long time."

SBA “504” loans offer small business owners and manufacturers access to low interest, long-term and fixed-rate financing with only 10 percent down payment requirements for the purchase, construction or renovation of owner-occupied commercial real estate and/or the acquisition of industrial equipment or other fixed assets.

Florida First Capital Finance Corp. is the state’s largest non-profit certified development company that promotes economic development and job creation throughout Florida by working with the SBA and private-sector lenders to provide 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 888-320-5504, email info@ffcfc.com or visit www.ffcfc.com.