Financing for Businesses

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1 Financing for Businesses The following overview of financing programs is for reference purposes only and is not presented as all inclusive. Obtain complete program guidelines from the respective program provider. Most programs will require a business plan, an application, fees and/or a amount of owner investment. Because most lenders are familiar with Administration Basic 7(a) Loan Guarantee Administration 504 Loan Guaranty Administration MicroLoan SBA will guarantee up to 75% or $3,750,000, whichever is less (Average loan amount: $337,730) $5 million (40% of asset financed) $50,000 (Average loan amount: $13,000) 10 or 25 yrs Fixed or Variable, maximum rates pegged to Prime plus 2-3% 10 or 20 yrs Pegged to an increment above the current market rate for 5 & 10-year US Treasury issues. Varies 10% All owners of 20% or more of the business are required to personally guarantee the loan. Size standards apply as adopted by the SBA. Business must create 1 new job for every $65,000 borrowed. Requirement may be waived if project advances an SBA public policy goal. Size standards apply as adopted by the SBA. 6 yrs Varies Varies Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral. (including renovations), capital equipment, inventory, machinery, furniture, fixtures, working capital or to refinance business debt. Contact local SBA office to determine specific eligibility requirements based on the nature of the specific business. (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 Business Finance (up to $1M), and 10% provided by owner s equity. Loans are made to startup, newly established or growing small businesses for working capital, machinery and equipment, and inventory or supplies. Various Commercial Lenders Various

2 provider. Most programs will require a business plan, an application, fees and/or a amount of owner investment. Because most lenders are familiar with Administration Express Loan $350,000 Up to 7 yrs Prime plus 4.5% 10% Available to all small business owners. Equipment, inventory, and working capital. Various Lenders Administration Community Advantage $250, or 25 yrs Prime plus 6% Varies Businesses in underserved markets that meet SBA s size standards (including renovations), capital equipment, inventory, machinery, furniture, fixtures, working capital or to refinance business debt. State Small Business Credit Initiative (SSBCI) 504 Bridge Loan Covers the SBA s 50% portion of 504 Loan Guaranty for up to 6 months. NA NA NA For use in conjunction with SBA 504 Loan Guaranty. NOTE: Addresses the timing difference between the initial closing and the SBA-guaranteed note takeout. Not eligible for transactions involving ground-up construction. Enterprise Florida, Inc. (EFI) Microfinance Guarantee $50,000 - $250,000 NA NA NA Borrowers must be entrepreneurs or small businesses with up to 25 employees and gross annual revenues of up to $1.5 million. Start-up costs, working capital, materials, furniture, fixtures, supplies, and equipment. Enterprise Florida, Inc. (EFI) Florida Community Loan Fund $600,000 - $1,200,000 Up to 10 Fixed rate from 6.00% to 8.00 % None, secured with collateral Community-based 501c3 non-profits for affordable housing, essential social services, and community economic development services NOTE: Loan-to-Value on collateral as high as 95%. Florida Community Loan Fund, Tampa area

3 provider. Most programs will require a business plan, an application, fees and/or a amount of owner investment. Because most lenders are familiar with Industrial Revenue Bond $10,000,000 Negotiable Negotiable Negotiable Facility being financed must be for manufacturing purposes or be a 501c(3) nonprofit organization; demonstrate job creation. s (new or existing), and new equipment. Pinellas County Economic Development Authority SBA Community Advantage Loan $50,000 - $150,000 Up to 10 Prime +4% 10% Located in a Low-to- Moderate Income Community, an Empowerment Zone, or HUBZone; Veteran -owned; 50% workforce lowincome; and/or business is 2 old or less Working capital, expansion or modernization of facilities, inventory, equipment, furniture, fixtures; debt refinance. (Temporarily on hold) Neighborhood Lending Partners (NLP) - Various Loan s depending depending depending on program depending depending on program Construction, acquisition, development 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% 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 $50,000 Negotiable Negotiable 10% 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)

4 provider. Most programs will require a business plan, an application, fees and/or a amount of owner investment. Because most lenders are familiar with Section 108 Loan Guarantee U.S. Citizenship and Immigration Services EB-5 City s total 108 program cannot exceed 5 times City s CDBG allocation Up to 20 Negotiable Negotiable Projects must comply with U.S. Department of Housing and Urban Development (HUD) guidelines. NA NA NA NA Invest required amount ($1M or $500,000) in new commercial enterprise; create or preserve at least 10 full-time jobs within 2 Large-scale physical development projects, where the project would not be economically feasible at current conventional interest rates. Equipment, inventory, other tangible property owned by the immigrant investor City of St. Petersburg USCIS Tampa New Market Tax Credit (Community Development Financial Institutions Fund) $6 million NA NA NA NMTC distressed census tract, high impact to lowincome population, generate construction jobs and some new permanent jobs New or substantial rehabilitation of commercial projects Florida Community Loan Fund SBA 7(a) Loan Wells Fargo Bank Chase Bank SunTrust Home Banc USAmeriBank Florida Traditions Bank Top Lenders in Tampa Bay (2014) BayCities Bank C1 Bank Live Oak Bank Celtic Bank SBA 504 Loan Florida Business Development Corp. Florida First Capital Finance Corp., 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 potentially 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, including Fundera, Biz2Credit, and Lendio. As with any new product or service, potential clients must fully understand the company and process.

5 provider. Most programs will require a business plan, an application, fees and/or a amount of owner investment. Because most lenders are familiar with City of St. Petersburg - Greenhouse: 440 2nd Ave North, St. Petersburg, Florida 33701, (727) website - City of St. Petersburg - Economic Development Department: One 4th Street North, St. Petersburg, Florida 33701, (727) website - Clearwater Neighborhood Housing Services, Inc.: 608 North Garden Avenue, Clearwater, Florida 33755, (727) , Enterprise Florida, Inc., Capital Development: 390 North Orange Avenue, Suite 1300, Orlando, Florida 32801, (407) website - Florida Community Loan Fund: 501 North Magnolia Ave, Suite 100, Orlando, Florida 32801, (407) website - : th Street North, Suite 1206, Clearwater Florida 33762, (727) , Neighborhood Lending Partners, Inc.: 3615 W. Spruce St., Tampa, Florida 33607, (813) , Pinellas County - Economic Development Department: th Street North, Suite 1-200, Clearwater, Florida 33760, (727) website Tampa Bay Black Business Investment Corporation: 1920 E. Hillsborough Avenue, Ste. 222, Tampa, Florida (813) website - Administration - South Florida District Office: 100 S. Biscayne Blvd. - 7th Floor, Miami, FL (305) website - Source: City of St. Petersburg Economic Development Department, Updated March 2015

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