The 7 Critical Facts About Florida First Capital Finance Corporation (FFCFC) That Drive Florida’s Economy

Florida First Capital Finance Corporation (FFCFC) stands as a pivotal, non-profit engine for economic growth across the Sunshine State, acting as a crucial intermediary for the U.S. Small Business Administration (SBA). As of late 2025, FFCFC continues its dedicated mission to foster job creation and economic development by providing long-term, fixed-rate financing to growing small businesses through the flagship SBA 504 Loan Program. This specialized financing is essential for businesses looking to acquire major fixed assets, such as commercial real estate or heavy machinery, which are the foundational building blocks for expansion and increased operational capacity. The corporation, operating as a federally regulated Certified Development Company (CDC), is not a traditional bank but a specialized lender focused exclusively on the SBA 504 program, making them true experts in this complex area of small business financing. Their recent activities, including strategic partnerships and expansion into new markets like Miami and Jacksonville, highlight their commitment to serving a broader range of Florida's diverse business community and ensuring that vital capital reaches small business owners statewide.

Executive Leadership and Core Mission of FFCFC

While Florida First Capital Finance Corporation is a non-profit entity, its success is driven by a professional team of experienced finance and economic development experts. The organization's structure ensures a focus on its core mission: to advance the economic development and general welfare of Florida citizens through small business growth.

Key Leadership and Corporate Entities

• Todd G. Kocourek: President & CEO
• Scott Radway: Business Development Officer (BDO)
• Corporate Headquarters: Tallahassee, FL
• Expanded Offices: Miami and Jacksonville (as part of recent growth)
• Board of Directors Members (Entities): Gary Bliss, Keith Bowers, James DeGennaro, Fausto Gómez, Malcolm Riddell, Jacqueline Sousa, James Hosman

The Economic Development Mission

The primary goal of FFCFC is straightforward: to create and retain jobs by facilitating access to capital for small businesses. Unlike traditional commercial loans that often require higher down payments and offer shorter terms, the SBA 504 program, administered by CDCs like FFCFC, is designed to reduce the financial barriers to owning commercial property and essential equipment. This approach stabilizes local economies by promoting business ownership and long-term investment.

The Power of the SBA 504 Loan Program: A Deep Dive

The SBA 504 Loan Program is the cornerstone of Florida First Capital’s operations. It is a highly structured partnership between a commercial lender (a bank), the CDC (FFCFC), and the small business borrower. This unique structure is what makes the 504 program so attractive for significant fixed-asset purchases.

1. The Advantageous Loan Structure

The standard SBA 504 loan is structured to minimize the borrower's upfront capital requirement, freeing up working capital for other business needs.

• First Mortgage (Commercial Lender): 50% of the total project cost. The commercial lender takes the first lien position.
• SBA/CDC Loan (FFCFC): 40% of the total project cost. FFCFC administers this portion, which is backed by a 100% SBA guarantee and takes a second lien position.
• Borrower Down Payment: Only 10% of the total project cost.

In specific scenarios, such as for start-up businesses or those purchasing special-purpose properties, the borrower’s injection may increase to 15% or 20%.

2. Long-Term, Fixed-Rate Security

One of the most compelling features of the 504 loan is the long-term, fixed interest rate on the CDC portion (the 40%). This rate is tied to the U.S. Treasury bond rate, offering small businesses protection against future interest rate volatility. The loan terms are typically 10, 20, or 25 years, providing predictable monthly payments over a significant period.

3. Eligible Use of Funds

The funds from the SBA 504 program are strictly for the acquisition of fixed assets. Eligible uses of funds include:

• Purchasing land or existing buildings.
• Constructing new facilities or renovating existing ones.
• Acquiring fixed heavy-duty machinery and equipment with a useful life of at least 10 years.
• Refinancing existing debt that was originally used to acquire fixed assets, subject to certain conditions.

Recent Initiatives and Strategic Partnerships (2023-2025)

Florida First Capital is consistently involved in state-level initiatives and key partnerships that extend its reach beyond the standard SBA 504 program, demonstrating its role as a vital partner to Florida's government and other economic development organizations.

4. Fueling Florida's Aerospace and Space Industry

In a significant move to support a high-growth sector, FFCFC announced a strategic partnership with Space Florida in March 2023. This collaboration is designed to help develop and grow the aerospace and space industry within the state by ensuring that companies in this sector have access to the necessary capital for infrastructure and equipment acquisition. This initiative highlights FFCFC’s commitment to specialized, high-impact economic development.

5. State-Level Disaster and Resource Programs

FFCFC acts as a key administrative partner for several state-run financing and resource programs, which are crucial for business continuity and specialized development.

• Emergency Bridge Loan Program: FFCFC serves as the fiscal administrator for this program, which provides short-term, interest-free working capital loans to small businesses physically impacted by disasters. This role places FFCFC at the forefront of post-disaster recovery efforts, a frequent necessity in Florida.
• Rebuild Florida Business Loan Fund: A program designed to assist businesses impacted by hurricanes and other declared disasters with long-term recovery financing.
• Florida Recycling Loan Program: A targeted program to finance equipment and facility upgrades for businesses involved in recycling, furthering the state's environmental and economic goals.

6. Partnerships for Rural and Small Business Outreach

The corporation actively collaborates with other government and non-profit entities to maximize its outreach. In late 2025, FFCFC was noted for its participation alongside FloridaCommerce and the Florida SBDC Network (Small Business Development Center) in the Florida’s Rural Business Resource Tour. Such efforts are vital for ensuring that rural and underserved businesses have access to expert guidance and financing options, thereby balancing economic development across all regions of the state.

7. FFCFC’s Commitment to Growth and Expertise

The recent expansion of FFCFC’s physical footprint, including the addition of new offices in major metropolitan areas like Miami and Jacksonville, underscores the organization's commitment to growth. By adding staff, including new underwriters and business development officers, FFCFC is positioning itself to handle a higher volume of SBA 504 loan applications and provide more localized, expert service to small businesses. This focus on building a robust, knowledgeable team ensures that Florida's small businesses receive the most accurate and efficient financing assistance available.

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