Kristen Tackett has been a vice president with Florida First Capital Finance Corp., an SBA-certified development company, since it opened a Jacksonville office in May 2004.
WHERE WERE YOU BEFORE?
She was a business development officer for the Jacksonville Economic Development Company for two years.
WHAT DO YOU DO?
“I make long-term fixed-rate real estate loans for businesses via the SBA 504 Loan Program. Businesses can buy, build or remodel commercial and industrial buildings with minimum investment. With my program, businesses enjoy the benefits of a fixed, below-market interest rate, 20-year term, and low down payment of only 10 percent. “Growing businesses have big plans, big ideas and big needs. Often, however, they are unable to qualify for traditional financing because of the difficulty of coming up with down payments of 25 percent or more.”
WHO IS FFCFC?
FFCFC is a certified development company licensed and regulated by the Small Business Administration. FFCFC was founded by the state of Florida in 1984 and is now a self-supporting not-for-profit organization. FFCFC is a charter member of the Florida Finance Network, an alliance of the state of Florida-founded economic development agencies. The other four members are Florida Aerospace Finance Corporation, Florida Black Business Investment Board, Florida Development Finance Corporation and Florida Export Finance Corporation. “We’re not just a CDC; we’re a big family of economic development activity throughout the state.”
HOW ARE REALTORS AND BUILDERS IMPORTANT TO YOU?
“They utilize our program. Anyone who is selling commercial real estate or developing commercial real estate and will ultimately sell it to an end-user. Those are the people we work with.”
DO YOU MAKE A LOT OF LOANS?
“Yes and the numbers keep climbing. Last year, we made 221 loans with projects totaling $222 million and created 2,086 jobs in the process. This year, the numbers are more promising. The loan program has long been relatively obscure, but demand is rising since the government raised the loan limits last year and as the local real estate market booms.”
HOW DID YOU GET INTO COMMERCIAL REAL ESTATE LENDING?
After graduating the University of North Florida and finishing up an internship at Northwestern Mutual Financial Network, she learned of an opportunity through a contact about an open business development position with JEDCO and was hired after interviewing. “Although my background was not in finance or commercial real estate, I had a real desire to succeed. Having owned my own company during college, I possessed certain skills but it required a lot of hard work on my part to learn my product. I developed a real passion for what I do and owe a lot of credit to my boss and mentor Jim Taylor, FFCFC’s current senior vice president and 40 year veteran in commercial lending, who has taught me a lot about the business. As Charles Schwab says, one can succeed at almost anything for which he has enthusiasm.”
ADVICE TO SMALL BUSINESSES?
“Owning a business is a good way to make a living, but real estate provides your retirement.”
COLLEGE?
She has two bachelor’s degrees, one in marketing and one in management from University of North Florida.
FAVORITE THING ABOUT YOUR JOB?
“Helping businesses grow. Helping commercial lenders make loans that benefit their customers, themselves and their lending institutions [an SBA 504 loan needs a bank participant]. Helping commercial Realtors and developers sell their properties for little out of pocket to a client. Helping the community in general by creating jobs, expanding the tax base, etc. I love what I do.”
MOST CHALLENGING THING ABOUT MAKING AN SBA LOAN?
“Overcoming misconceptions about SBA loans in general. First, I always point out that the SBA 504 loan is strictly for real estate and/or heavy machinery and equipment and made through certified development companies. Hands down, it is one of the best commercial real estate loans out there.
“The other SBA loans are made though banks and have different guidelines all the way around. We just make the 504 loan. Some business owners, however, view SBA financing as cumbersome, requiring more paperwork and additional fees. Yet trading a little paperwork for a strong set of financing advantages, including locked-in rates for much of the financing, lower equity requirements, an up to 20-year term for a large part of the balance and a long window of secure financing can make sense.
“Favorable financing can be well worth a little pencil-pushing, plus I alleviate much of the paperwork by completing it for the borrower. I like to make things easy on them. I go to their business and will do whatever it takes to help them complete a package.”
LESSONS LEARNED?
“Take time to do it right the first time.”
ADVICE FOR NEW LENDERS?
Tackett said it is very important for lenders to learn their product and get out there and sell it. “Each situation is different and you learn more each time.”
PROFESSIONAL ASSOCIATIONS?
National Association of Industrial and Office Properties, Commercial Real Estate Women of Jacksonville, Southside Businessmen’s Club, Small Business Resource Network, C. H.A.S.E. Alliance Task Force, Downtown Council of the Jacksonville Regional Chamber of Commerce, Clay County Chamber of Commerce, Jacksonville Regional Chamber of Commerce, Cornerstone, and several other committees and groups that focus on economic development and lending.
BIRTHPLACE
She was born in Madison, Wis. and moved to Jacksonville in 1990 with her family.
SECRETS TO SUCCESS?
“The only reason one will respect you is because of your integrity. Your integrity is based on your credibility. Your credibility comes from your truthfulness. My dad has always told me that when you complete something and that you want to finish what you start. You want to hypothetically be able to sign your name to it just like an artist would a work of art. In other words, be proud of the work you do and do the best job that you can. Other secrets include having a good attitude and always striving to be the best that you can both personally and professionally.”
PERSONAL SIDE
She has had the same boyfriend, Richard, for nine years. She owns a house in Intracoastal West and has a Persian cat named Merritt. Tackett also is a sports car enthusiast who just sold her Ford Mustang GT a bought a Corvette. She enjoys bike riding, going to the beach and spending time with her parents. Tackett recommends reading, “Freakonomics,” by Steven D. Levitt. “An economist explores the hidden side of everything. Economics is, at root, the study of incentives including how people get what they want, or need, especially when other people want or need the same thing. I’ve heard it’s interesting.” When she’s relaxing at home, she enjoys tuning into reality shows including “Hell’s Kitchen” and “American Idol.” “I love reality shows.” A place she enjoys visiting is the Bahamas. When dining out, she enjoys Sticky Fingers.
-by Michele Newbern Gillis