We can provide simple, hassle free, Commercial Loans that are guaranteed by the US Government (U.S. Small Business Administration).
FirstBank, in partnership with the U.S. Small Business Administration, performs the origination, processing and servicing of SBA Loans under the Preferred Lender Program (PLP). We are committed to serving small businesses by obtaining the financing you need to grow. We specialize on the basic and most popular SBA loan programs, which can be used for a variety of business purposes. With a SBA loan from FirstBank Florida you will have the money you need.
The SBA–guaranteed loans we currently offer are:
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7(a) Loans
Provides financing for a variety of business functions. To qualify, your business must be for profit and meet SBA size standards, show good character, credit management and maturity is based on your ability to repay.
- Use of proceeds include:
- Expansion, renovation, new construction
- Purchase land or building1
- Purchase equipment1 & fixtures
- Lease-hold improvements
- Working capital1
- Refinance debts for compelling reason
- Inventory
- Starting a business
- Advantages include:
- Maximum loan amount: Up to $5 million
- 85% guaranty for loan up to $150,000
- 75% guaranty for loan greater than $150,001
- Loan term financing
- Improved cash flow
- No balloons
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SBA Express
Designed to simplify, streamline and expedite the application process for loans up to $350,000.
- Use of proceeds include:
- Working capital
- Purchase of inventory, machinery & equipment
- Furniture & fixtures
- Purchase of fixed assets
- Working capital
- Financing of trading assets among other business–related purposes
- Advantages include:
- Up to $350,000 with variable interest rates
- Revolving option (up to 7 years) or as a term loan
- SBA provides up to 50% guarantee
- Short–term and/or long–term financing available
- Low documentation loans
- Quick approvals and closings
- Fast turnaround
- Easy-to-use line of credit
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Export Express
With South Florida as a hub of International trade, your business can expand with exporting. Export Express is the simplest export loan product offered by SBA.
- Finance any export development activity such as:
- Participation in foreign trade shows
- Purchase of real estate and equipment
- Expand production facilities
- General lines of credit for export purposes
- Standby letters of credit
- Advantages include:
- Financing up to $500,000 with variable interest rates
- Revolving option or as a term loan
- Short–term and/or long–term financing available
- SBA provides up to 90%2 guarantee
- Increased access to capital
- Fast turnaround
- Use your own forms and procedures
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504 Loans
The 504 Loan Program will help a small business purchase the assets needed to take it to the next level. It allows businesses to purchase owner-occupied commercial real estate and equipment while retaining working capital.
- Provides long–term financing of fixed assets such as:
- Commercial real estate
- Equipment with a useful life exceeding 10 years
- Other uses include construction and/or property improvements
- Advantages include:
- Up to $5 million loan
- Low down payments as low as 10% on multi–purpose properties
- Full amortization and no balloons (CDC portion)
- Low Fixed and variable rates available
- Quick approvals and closings