October 22, 2016

CEO Sounding Board

Florida CEOs answer: Is credit available from lenders?

Mike Vogel | 10/4/2011

Al Stimac
President - Machining Solutions and Metal Essence Manufacturers Association of Florida - Altamonte Springs

Al Stimac
[Photo: Gregg Matthews]
"I just recently went through SBA. I'm doing a new building, and I wanted to move and expand. We wanted to create some jobs. The big problem is SBA 504. It's a great program if you can survive the whole process. The way it works, the business owner puts in a minimum equity of 10%. The first mortgage does 50% and then a certified development company finances the remaining 40%. The problem becomes during the interim period, the primary lender is fully exposed to the loss on the 90%. That is the portion that is very difficult. Thank goodness in my own case I had good credit. Even then it was extremely difficult. I almost quit three times. I finally ended up closing on it. I worked with Florida First Capital. They did really an outstanding job of supporting me."

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