Sign of Florida Small Businesss Recovery?

In one of the first signs of economic recovery for small businesses in Florida, SBA 504 loans statewide nearly doubled from April through June over the first quarter of 2009.

According to the most recent figures from the Small Business Administration (SBA), 113 small businesses took advantage of the 504 program for real estate and equipment financing from April through June, representing more than $126 million in total projects. During the first quarter, 65 loans totaling approximately $84 million were issued.

Overall, combined 504 loan volume in Florida for the first six months of the year (January through June) shows 178 loans, representing more than $210 million in financing.

“While overall SBA lending for 2009 remains below 2008, the recent uptick in Florida’s 504 loans is a good indication that small businesses are starting to see opportunities for growth and expansion,” said Todd Kocourek, president & CEO of Florida First Capital.

“Commercial real estate and some business equipment have become more affordable during the economic downturn, and smart business owners are taking advantage of the 504 program to buy and expand their facilities,” he said.

For more information, contact the Small Business Development Center at the University of North Florida at 904-620-2429

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