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SMALL BUSINESS PROGRAMS

  • SBA Working Capital Loan

  • Bank Term Loans

Economic Injury Disaster Loan (EIDL)

 
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If your small business suffered substantial economic injury as a result of COVID-19, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL). Substantial economic injury means the business is unable to meet its obligations and is unable to pay its ordinary and necessary operating expenses. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster.

 

Following the activation of a presidential disaster declaration, impacted businesses, small agricultural cooperatives, and private nonprofit organizations may apply for low-interest loans through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. All counties within the State of Florida have been declared a disaster area. As a result, your small business may qualify for an EIDL.

 

EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.

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Loan Size

Loan Description

Use of Proceeds

Interest Rates

 

  • up to $2 million

  • SBA 5(c) Loan

 

  • Working Capital

  • Fixed Debts

  • Payroll

  • Accounts payable

  • Other bills that can't be paid as a result of the disaster's impact

  • 3.75% for small businesses

  • 2.75% for non-profit organizations

  1. Prime Rate as published by the Wall Street Journal

  2. Fees are capped by the SBA at 4% and partners are prohibited from charging additional points or fees

  3. This is an estimate and actual costs may vary

Loan Terms

 

 

 

Payment

 

 

Geographic

Coverage 

  • up to 30 years

  • Terms are determined on a case-by-case basis, depending on the borrower's ability to repay

  • Monthly payments are debited from checking account 

  • Nationwide

Florida Emergency Bridge Loan

 
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The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.  The Florida Small Business Emergency Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources.

 

Note:

Loans made under this program are short-term debt loans made by the state of Florida using public funds – THEY ARE NOT GRANTS. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant from longer term financial resources.

Loan Size

Loan Description

 

Use of Proceeds

  • up to $50,000

  • Florida Small Business

  • Emergency Bridge Loan

 

  • A borrower will be required to sign an agreement that proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.

Interest Rates

 

Loan Term

 

Payment

 

 

Geographic

Coverage 

  • Interest Free

  • 1 Year

  • Monthly payments are debited from checking account 

  • Florida

  1. Prime Rate as published by the Wall Street Journal

  2. Fees are capped by the SBA at 4% and partners are prohibited from charging additional points or fees

  3. This is an estimate and actual costs may vary

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SBA Working Capital | Debt Refinance Loans

Loan Size

Loan Description

Use of Proceeds

Time to Funding

Interest Rates

 

Loan Term

  • $30,000 to $350,000

  • SBA 7(a) Loan

 

  • Working Capital

  • Debt Refinance

  • New Equipment purchase

 

  • Pre-qualify in 5 minutes

  • Funding as fast as 7 days after application is complete

 

  • $30K to $49K Prime Rate  plus 3.75% 

  • $50K to $350K Prime Rate plus 2.75%

  • 10-year term with no prepayment penalty

Payment

 

 

Fees

 

 

 

 

 

 

Security

 

 

Geographic

Coverage 

  • Monthly payments are debited from checking account 

  • 4% referral and packaging fee

  •  Approximately $450 in bank closing costs

  • Loans from $30K to $150K require a 1.7% guarantee fee

  • Loans above $150K require a 2.25% SBA guarantee fee 
     

  • Blanket lien on business assets

  • Personal guarantee by all 20% owners 

  • Nationwide

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  1. Prime Rate as published by the Wall Street Journal

  2. Fees are capped by the SBA at 4% and partners are prohibited from charging additional points or fees

  3. This is an estimate and actual costs may vary

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SBA Commercial Real Estate (CRE) Loan

Loan Size

Loan Description

Use of Proceeds

Time to Funding

Interest Rates

 

Loan Term

  • $500,000 to $5 Million

  • SBA 7(a) Loan

 

  • Commercial Real Estate Refinance or purchase

  • Pre-qualify in 5 minutes

  • Conditional approval in 30 minutes

  • Fund as fast as 30 days after credit approval

 

  • Prime Rate plus 1.5%  to 2.75%

  • Fixed and varialbe rates 

  • 25-years, fully-amortizing CRE loan with no prepayment penalty after 3 years:

  • Year 1 = 5% | Year 2 = 3% | Year 3 = 1%

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Financing

 

Payment

 

 

Fees

 

 

 

 

Security

 

 

 

Geographic

Coverage 

  • Up to 90%

  • Monthly payments are debited from checking account 

  • 1% referral and packaging fees plus bank closing costs

  • 2.25% to 2.76% SBA Guaranty fee depending on loan size

 

  • First lien on subject property

  • Best available lien on business assets

  • Personal Guarantee

  • Nationwide

  1. Prime Rate as published by the Wall Street Journal

  2. Fees are capped by the SBA at 4% and partners are prohibited from charging additional points or fees

  3. This is an estimate and actual costs may vary

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