TALLAHASSEE, Fla.--(Business Wire)--
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.
For Florida First Capital Finance Corp.
John P. David, 305-255-0035
john@davidgarciapr.com
Copyright Business Wire 2009
