The purpose of the Direct Loan Fund is to provide small businesses with a source of gap financing otherwise not available through conventional lending sources. Loans will be made to 504 loan eligible recipients.
The business should be at least 2-3 years old with proven performance and growing cash flow. Management must be knowledgeable, experienced and financially committed to the business.
Loans will range from $50,000 to $250,000.
Fixed for the term of the loan.
Borrower will be responsible for out of pocket closing costs to include, but not limited to, attorney fees, title insurance, recording fees, etc.
Loans will require a subordinate lien on non-504 project real estate. 20% or greater owners will provide guarantees.
5-10 days to receive commitment.
Source of Capital
Florida Business Development Corporation Direct Loan Fund.
To find out how FBDC can assist your business please contact us.