5/21/2004

BankFIRST Launches SBA Express Loan Center To Stimulate Economic Development

BankFIRST, a Winter Park-based, community owned commercial bank, has opened its SBA (Small Business Association) Express Loan Center, which will serve as an economic development resource for the Central Florida community by offering borrowers access to one of the widest arrays of government-guaranteed loans available at any bank in Florida.

BankFIRST was recently awarded the Small Business Administration's most trusted designation, and is now recognized as an "SBA Preferred Lender." This enables BankFIRST to provide one-day SBA loan approvals, since they are permitted to complete all underwriting traditionally executed by the SBA.
BankFIRST also offers its clients the benefit of paying the mandatory guaranty fee, a charge imposed by the SBA that can be up to 3.5% of the total guaranteed amount (maximum of $53,750). BankFIRST is the only bank in Florida that pays the guaranty fee for its clients. Plus, BankFIRST packages SBA loans at no charge for its clients, which represents an additional savings of between $1,500 and $2,000.

"The SBA Express Loan Center was developed to stimulate the Central Florida economy by providing funding for new and existing small businesses," BankFIRST CEO Don McGowan said. "Small businesses are a vital part of the national and local economy- responsible for approximately 75% of all new jobs created each year across the country."

BankFIRST offers the following SBA and government guaranteed loans:

  • SBA 7(a) Provides flexible guaranteed financing for working capital, equipment, furniture, land and building, or debt refinancing. Offers a loan maturity of up to 25 years for real estate. 
  • SBA 504 Delivers long-term, fixed-rate financing for real estate, machinery or equipment for expansion or modernization. 
  • SBA Express Loans Allow for revolving lines of credit for up to seven years, with maturity extensions permitted at the outset. 
  • SBA LowDoc Loans Streamline the process of making $150,000-and-under SBA 7(a) guaranteed loans to eligible small businesses. 
  • USDA B&I Provided by the U.S. Department of Agriculture, this program is used to stimulate rural economies. Many communities throughout Central Florida fall within the USDA's "rural" classification. 
  • Farm Service Agency Loan This government guaranteed loan program is provided for the purchase of farmland, construction and repair of buildings, financing of operating expenses, or debt refinancing.