Thanks for a successful 2018-2019 in SBA, Tampa Bay!
Dec. 20, 2019
By Kevin Riffey, SVP, SBA Director at The Bank of Tampa
As we close out 2019—and move past another government fiscal year—our team is reflecting on the growth and opportunity we’ve experienced throughout 2019. During the 2018-2019 government fiscal year, The Bank of Tampa’s SBA team helped a total of 18 companies in the greater Tampa Bay area obtain nearly $20 million in SBA 7(a) financing. Additionally, The Bank of Tampa is now ranked as the second largest SBA 7(a) lender in Tampa Bay!
That means $20 million in SBA 7(a) funds have gone back to businesses in the greater Tampa Bay community. These funds are used in a myriad of ways from funding startup costs, purchasing equipment or land, refinancing debt and everything in between. The Bank of Tampa is the largest community bank based in the Tampa Bay area. Our leadership team is local and our decisions are made locally. At The Bank of Tampa, we support our local business community.
We have worked with businesses like these over the last year:
- Office Equipment Distributor
- Business acquisition
- $961,000; 90% financing provided
- Auto Mechanic
- Business expansion/commercial real estate purchase
- Six months interest only, followed by 25-year fully amortizing SBA 7(a) loan
- The Bank of Tampa provided 90% financing of construction, equipment and real estate acquisition to move to a larger location.
- Electrical Contractor
- Business acquisition
- 14-year fully amortizing SBA 7(a) loan with a fully fixed rate
- The Bank of Tampa provided 86% financing for the acquisition
The 7(a) program offers flexibility, longer terms and potentially lower down payments when compared with other financing options. Repayment terms can vary between fixed and variable-rate, but are paid via monthly payments of principal and a market rate of interest. Loans through this program can mature anywhere from seven to 25 years, depending on, for example, the purpose of loan proceeds.
I’d be remiss if I didn’t take a moment to recognize our team. As we always say, “It takes team work to make the dream work!” Amanda Sodano, SBA Operations Manager and Kevin Gilligan, VP, SBA Relationship Manager….THANK YOU both for all your hard work to help support our business community. It’s an honor to work with you!
If you’re interested in learning more about SBA lending and what The Bank of Tampa can do for you, please feel free to reach out to me directly at KRiffey@bankoftampa.com.
We are committed to working with small businesses in the Tampa Bay area. Partially guaranteed by the Small Business Administration, SBA loans provide an alternative when conventional financing does not fit the needs of a small business. Our SBA loan specialists help you select, apply for, and quickly process the right loan to fit your needs. We offer extended terms and lower equity requirements to improve cash flow and business efficiency.