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There are many options for financing your business. Two of the most common are conventional and Small Business Administration (SBA) loans. In some cases, borrowers apply for a conventional loan, but don’t meet the lender’s criteria. When that happens, it doesn’t mean the borrower can’t obtain financing, it just means the borrower needs an alternative source of financing.
Bank of Central Florida is aware of the impact COVID-19 has had on local businesses. To help meet the growing need of an SBA 7(a) lending program, Bank of Central Florida has brought on Kevin Riffey to lead the development efforts.
A wise banker once said, "Profits don't pay loans back – cash does." While that comment is somewhat cryptic, it does make a point. Namely, that profits result from an accounting formula that often includes accruals, depreciation, and other items that do not change a company's cash position. On the other hand, cash flow is truly what a company has available on any given day or month to meet its obligations.
What a journey these past six months have been as we have navigated together the updates and processes around PPP to support you and your business. Our Bankers strive to listen and understand the questions you have and, in doing so, relay what information will best serve you. Please find information below in regards to PPP.
Bank of Central Florida is an approved SBA lender for the PPP loans as outlined in the CARES Act.
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Lakeland, FL 33801
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Orlando, FL 32801
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