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Financing for Businesses

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page of this summary.

Name of Program

Maximum

Loan Amount

Maturity

Interest

Rate

Owner’s

Equity

Requirements

Eligible Uses

Local Agency

U.S. Small Business Administration Basic 7(a) Loan Guarantee Program SBA will guarantee up to 75% or $3,750,000, whichever is less (Average loan amount: $337,730)

10 or 25 yrs Fixed Rate or Variable Rate, maximum rates pegged to Prime Rate plus 2-3%

Varies All owners of 20% or more of the business are required to personally guarantee the loan. Size standards apply as adopted by the SBA.

Acquisition of land, building (including renovations), capital equipment, inventory, machinery, furniture, fixtures, working capital or to refinance business debt. Con-tact local SBA office to determine specific eligibility requirements based on the nature of the specific business.

Various Commercial Lenders

U.S. Small Business Administration 504 Loan Guaranty Program $5 million (40% of asset financed) 10 or 20 yrs Pegged to an increment above the current mar-ket rate for 5 & 10-year US Treasury is-sues.

10% minimum

Business must create 1 new job for every $65,000 bor-rowed. Requirement may be waived if project advances an SBA public policy goal. Size standards apply as adopted by the SBA.

Acquisition of land, building (including renovations) and the purchase of capital equipment. NOTE: Loans are financed through a public/private structure: 50% financed by private lenders, 40% financed by GulfCoast Business Finance (up to $1M), and 10% provided by owner’s equity.

GulfCoast Business Finance (GBF)

U.S. Small Business Administration MicroLoan Program $50,000 (Average loan amount: $13,000)

6 yrs Varies Varies Each intermediary lender has its own lending and credit requirements. Gener-ally, intermediaries require some type of collateral.

Loans are made to startup, newly established or growing small busi-nesses for working capital, machin-ery and equipment, and inventory or supplies.

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Name of Program

Maximum

Loan Amount

Maturity

Interest

Rate

Owner’s

Equity

Requirements

Eligible Uses

Local Agency

U.S. Small Business Administration Express Loan

$350,000 Up to 7 yrs Varies, Prime Rate plus 4.5%

10% mini-mum

Available to all small busi-ness owners.

Equipment, inventory, and working capital.

Various Lenders

U.S. Small Business Administration Community Advantage

$250,000 10 or 25 yrs Prime Rate plus 6%

Varies Businesses in underserved markets that meet SBA’s size standards

Acquisition of land, building (including renovations), capital equipment, inventory, machinery, furniture, fixtures, working capital or to refinance business debt.

GulfCoast Business Finance (GBF)

State Small Business Credit Initiative (SSBCI) 504 Bridge Loan Program

Covers the SBA’s 50% portion of 504 Loan Guar-anty Program for up to 6 months.

NA NA NA For use in conjunction with SBA 504 Loan Guaranty Program.

NOTE: Addresses the timing differ-ence between the initial closing and the SBA-guaranteed note “take-out.” Not eligible for transactions involving ground-up construction.

Enterprise Florida, Inc. (EFI) Microfinance Guarantee Program $50,000 - $250,000

NA NA NA Borrowers must be entrepre-neurs or small businesses with up to 25 employees and gross annual revenues of up to $1.5 million.

Start-up costs, working capital, ma-terials, furniture, fixtures, supplies, and equipment. Enterprise Florida, Inc. (EFI) Florida Community Loan Fund $600,000 - $1,200,000 Up to 10 years Fixed rate from 6.00% to 8.00 % None, secured with collateral Community-based 501c3 non-profits for affordable housing, essential social ser-vices, and community eco-nomic development services

NOTE: Loan-to-Value on collateral as high as 95%.

Florida Community Loan Fund, Tampa area

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Name of Program

Loan Amount

Maturity

Rate

Equity

Requirements

Eligible Uses

Local Agency

Industrial Revenue

Bond

$10,000,000 Negotiable Negotiable Negotiable Facility being financed must be for manufacturing pur-poses or be a 501c(3) non-profit organization; demon-strate job creation.

Acquisition of land, buildings (new or existing), and new equipment.

Pinellas County Economic Development Authority SBA Community Advantage Loan Program $50,000 - $150,000 Up to 10 years Prime +4% 10% minimum Located in a Low-to-Moderate Income Commu-nity, an Empowerment Zone, or HUBZone; Veteran -owned; 50% workforce low-income; and/or business is 2 years old or less

Working capital, expansion or modernization of facilities, inven-tory, equipment, furniture, fixtures; debt refinance. GulfCoast Business Finance (GBF) (Temporarily on hold) Neighborhood Lending Partners (NLP) - Various Loan Programs Varies, depend-ing on program Varies, depending on program Varies, depending on program Varies, depending on program Varies, depending on program

Construction, acquisition, develop-ment and rehabilitation of single and multi-family projects.

Clearwater Neighborhood Housing Services Guaranteed Loan $50,000 or 50% of the loan, whichever is less Negotiable Negotiable 10% minimum

Business must be at least 51% owned and operated by an African-American citizen

Equipment, inventory, working capital, and real estate.

NOTE: TBBBIC provides a loan guarantee, the actual loan is made by a local bank.

Tampa Bay Black Business Investment Corp. (TBBBIC) Direct Loan Program $50,000 Negotiable Negotiable 10%

minimum

Business must be at least 51% owned and operated by an African-American citizen

Equipment, inventory, working capital, and real estate.

Tampa Bay Black Business Investment Corp. (TBBBIC)

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Name of Program

Loan Amount

Maximum

Maturity

Interest

Rate

Owner’s

Equity

Requirements

Eligible Uses

Local Agency

Section 108 Loan Guarantee Program City’s total 108 program cannot exceed 5 times City’s CDBG allocation Up to 20 years

Negotiable Negotiable Projects must comply with U.S. Department of Hous-ing and Urban Development (HUD) guidelines.

Large-scale physical development projects, where the project would not be economically feasible at cur-rent conventional interest rates.

City of St. Petersburg

U.S. Citizenship and Immigration Services EB-5 Program

NA NA NA NA Invest required amount

($1M or $500,000) in new commercial enterprise; cre-ate or preserve at least 10 full-time jobs within 2 years

Equipment, inventory, other tangi-ble property owned by the immi-grant investor

USCIS Tampa

New Market Tax Credit (Community Development Financial Institutions Fund) $6 million minimum NA NA NA NMTC distressed census

tract, high impact to low-income population, generate construction jobs and some new permanent jobs

New or substantial rehabilitation of commercial projects

Florida Community Loan Fund

Top Lenders in Tampa Bay (2014)

SBA 504 Loan SBA 7(a) Loan

Wells Fargo Bank Chase Bank

SunTrust Home Banc USAmeriBank Florida Traditions Bank

BayCities Bank C1 Bank Live Oak Bank

Celtic Bank

Florida Business Development Corp. Florida First Capital Finance Corp.

GulfCoast Business Finance, Inc.

New Concepts in Financing for Small Business

As with many other industries, the traditional small business bank lending model has provided opportunities for technology companies to provide new funding models. This may benefit small businesses who, despite poten-tially having to deal with higher interest rates, could find more transparency in product and pricing options, lower search costs, and better speed and customer service. Currently, several companies operate in this space, includ-ing Fundera, Biz2Credit, and Lendio. As with any new product or service, potential clients must fully understand the company and process.

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(727) 893-7146 website - www.stpetegreenhouse.org

City of St. Petersburg - Economic Development Department: One 4th Street North, St. Petersburg, Florida 33701,

(727) 893-7100 website - www.stpeteshines.com

Clearwater Neighborhood Housing Services, Inc.: 608 North Garden Avenue, Clearwater, Florida 33755,

(727) 442-4155, www.clearwater-fl.com

Enterprise Florida, Inc., Capital Development: 390 North Orange Avenue, Suite 1300, Orlando, Florida 32801,

(407) 316-4646 website - www.eflorida.com

Florida Community Loan Fund: 501 North Magnolia Ave, Suite 100, Orlando, Florida 32801,

(407) 246-0846 website - www.fclf.org

GulfCoast Business Finance: 14141 46th Street North, Suite 1206, Clearwater Florida 33762,

(727) 895-2504, www.gulfcoastbiz.com

Neighborhood Lending Partners, Inc.: 3615 W. Spruce St., Tampa, Florida 33607,

(813) 879-4525, www.nlp-inc.com

Pinellas County - Economic Development Department: 13805 58th Street North, Suite 1-200, Clearwater, Florida 33760,

(727) 464-7332 website www.pced.org

Tampa Bay Black Business Investment Corporation: 1920 E. Hillsborough Avenue, Ste. 222, Tampa, Florida 33610

(813) 425-2043 website - www.tampabaybbic.com

U.S. Small Business Administration - South Florida District Office: 100 S. Biscayne Blvd. - 7th Floor, Miami, FL 33131

(305)536-5521 website - www.sba.gov

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