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September 21, 2017

CEO Sounding Board

Florida CEOs answer: Is credit available from lenders?

Mike Vogel | 10/4/2011

Manufacturing
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."


Tags: Trendsetters, Banking & Finance

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920th at PAFB thanked for hurricane recovery effort
920th at PAFB thanked for hurricane recovery effort

Under Secretary of the Air Force Matthew Donovan and the Vice Chief of Staff of the Air Force General Stephen Wilson paid a visit to PAFB to thank members of the 920th Rescue Wing for their hurricane recovery efforts.

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