The Florida Department of Economic Opportunity (DEO) announced this week that already more than $40 million in loans to 14 Florida small businesses have been obligated through the Florida State Small Business Credit Initiative 2.0 (SSBCI 2.0), stimulating more than $137 million in private capital lending and creating or retaining more than 340 jobs for Floridians.
SSBCI 2.0 is a reauthorization and an expansion of the State Small Business Credit Initiative, which was originally created through the Small Business Jobs Act in 2010 to help states strengthen and/or create new capital programs that support the financing of small businesses.
Earlier this year, DEO announced the availability of $142 million in new capital for small businesses and startups through Florida’s SSBCI program. In September 2022, DEO announced the approval of the state’s SSBCI 2.0 application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding – $142 million – is ready for deployment.
“Under Governor DeSantis’ leadership, Florida continues to work urgently to deliver small business and job creation resources into the hands of small businesses, communities and economic development partners,” said DEO Acting Sec. Meredith Ivey . “For many of Florida’s nearly 550,000 small businesses – the employers of more than 5.1 million Floridians – programs like SSBCI 2.0 can help employers expand operations and jobs.”
“Florida’s small businesses employ more than 5.1 million Floridians, nearly 60 percent of our workforce,” said Florida Sec. of Commerce Laura DiBella, the president and CEO of Enterprise Florida. “I’m grateful to partner with DEO, lenders, and other small business networks like the Florida Small Business Development Center Network to connect with new and expanding small businesses, help them scale, leverage resources and ultimately elevate Florida’s workforce.”
Through SSBCI, lenders are able to serve eligible small businesses of all shapes and sizes. Eligible businesses may use funds for start-up costs, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business.
SSBCI connects businesses with access to capital they may not otherwise be able to obtain. This multi-year initiative is part of Gov. Ron DeSantis’ large-scale effort to prioritize workforce development, cultivate a business-friendly environment, and stimulate aggressive economic growth.
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