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]]> http://fscfirst.net/specials-2/feed/ 0 http://fscfirst.net/fsc-first-hosts-its-2011-crab-feast/ http://fscfirst.net/fsc-first-hosts-its-2011-crab-feast/#comments Sat, 07 Jan 2012 04:00:05 +0000 admin http://fscfirst.net/?p=1143 ]]> http://fscfirst.net/fsc-first-hosts-its-2011-crab-feast/feed/ 0 http://fscfirst.net/fsc-first-post-one/ http://fscfirst.net/fsc-first-post-one/#comments Sat, 07 Jan 2012 04:00:04 +0000 admin http://fscfirst.net/?p=192 ]]> http://fscfirst.net/fsc-first-post-one/feed/ 0 http://fscfirst.net/2011-annual-meeting-2/ http://fscfirst.net/2011-annual-meeting-2/#comments Tue, 13 Dec 2011 22:29:30 +0000 admin http://fscfirst.net/?p=1214 Thank you to all who attended our 2011 Annual Meeting which was a wonderful opportunity to highlight some of FSC First’s key accomplishments and upcoming initiatives for 2012. For your convenience, we have made the minutes from our Annual Meeting available for download from our News & Events page. 

"This survey is a fantastic tool that we can use to support and grow our small and minority-owned business community," said County Executive Rushern L. Baker, III. "Gathering in-depth, first-hand accounts of what local businesses need will help FSC First target and enhance its support for those businesses. I encourage all of our small and minority-owned businesses to take the time to respond to these questions."

The online survey will be available for two weeks — from July 8 thru July 22, 2011 and is accessible via http://www.fscfirst.com as well as the Prince George's County website, http://www.princegeorgescountymd.gov  All qualified survey respondents will be entered into a drawing and the winner will receive a free electronic notebook. Survey results will be announced at a business networking event to be held in August.

Click here to take the online survey

FSC First was founded in 1978 as a non-profit corporation and is a certified development company authorized to issue both SBA 504 and non-SBA loans. In the history of the organization, more than 500 companies have received direct funding assistance to develop and grow their local businesses and is currently managing approximately $30 Million in financial assets.

FSC First's mission is to provide access to creative and innovative financing solutions for small and minority-owned businesses that may not qualify for traditional or bank financing. These solutions include but are not limited to SBA 504 commercial real estate financing and machinery & equipment loans; as well as working capital, acquisition of inventory, leasehold improvements, facility modernization, contract financing, and accounts receivable financing – to name just a few. The direct loan amounts typically range from $25,000 to $250,000 and the SBA 504 commercial real estate and machinery & equipment loans may be up to $5 million.

For additional information, call (301) 883-6900 or visit the FSC First website at www.fscfirst.com. FSC First is located at 1100 Mercantile Lane, Suite 115-A, in Largo, MD.
 
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Release Date: Feb. 4, 2011

Contact: David J. Hall  (202) 205-6697

Release Number: 11-10

Internet Address: http://www.sba.gov/news

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WASHINGTON – A pilot loan program aimed at increasing access to inventory financing for auto, boat, RV and other dealerships will be re-launched Tuesday (2/8) and will be effective through Sept. 30, 2013, the U.S. Small Business Administration announced today.

The Small Business Jobs Act of 2010 included a provision for re-launching SBA’s Dealer Floor Plan (DFP) Pilot Loan program, which first became available in July 2009.  The pilot is part of the SBA’s overall 7(a) loan guarantee program. The Jobs Act also increased the maximum size for 7(a) loans to $5 million, up from $2 million, which includes loans made through the DFP pilot program.

“As a result of the credit crunch in late 2008 and early 2009, dealerships saw a significant decline in the availability of this type of inventory financing,” SBA Deputy Administrator Marie Johns said. “SBA’s original DFP pilot program was launched as a way to expand the availability of floor plan financing and the Jobs Act added further enhancements to that program, including allowing for larger loan sizes.

“Dealerships are a cornerstone of local business communities,” Johns continued. “As we continue to see our economy recover, the re-launch of this pilot provides another tool, alongside SBA’s other programs, to help them succeed and create jobs in their local communities.”

The rules and regulations for the pilot will be available Tuesday on the website of The Federal Register, and in print editions on Wednesday.  A procedural guide to the program will be posted on the SBA website at: http://www.sba.gov/content/dealer-floor-plan-financing-program-0.

Floor plan financing is a revolving line of credit that allows a dealership to obtain financing through SBA’s 7(a) program for inventory that can be titled, such as autos, RVs, manufactured homes, boats and trailers.  As each piece of collateral is sold by the dealer, the loan advance against that piece of collateral is repaid. As the loan is repaid, the dealer can borrow against the line of credit to add new inventory.

The program is available to qualifying small businesses, including new and used automobile, motorcycle, RV, manufactured homes and boat dealers.  SBA has issued a new maximum alternative size standard to allow businesses with $15 million net worth and $5 million in net income measured over two years to have access to the program.

All SBA-approved lenders may make DFP loans.  Lenders with more than $1 billion of floor plan lines of credit in their current portfolios may apply for delegated authority, which would expedite the lending process.

Borrowers interested in obtaining a DFP loan should contact their lender or their nearest SBA field office to get a list of SBA-approved lenders in their area who may be participating in the program.  Local district offices and contact information, as well as information on this and other SBA programs and resources, can be found at www.sba.gov or by calling the SBA Answer Desk at 1-800-U-ASK-SBA or TDD 704-344-6640.