This week, FloridaCommerce announced $101 million in approved loans and investments to Florida small businesses through the State Small Business Credit Initiative 2.0 (SSBCI).
Through SSBCI, FloridaCommerce has obligated over $101 million in loans and investments to 64 Florida small businesses, stimulating more than $340 million in private capital and creating or retaining more than 1,617 jobs for Floridians. SSBCI facilitates and expands access to capital for small businesses that would otherwise not be able to receive funding and provides businesses with additional resources to facilitate growth and economic development.
SSBCI funds have been approved for businesses in manufacturing, hospitality, construction, health care, retail, transportation, and many other industries. Program funds can be used for:
Start-up costs and working capital
Franchise fees
Upgrading equipment
Expanding inventory
Purchasing another business
The purchase, construction, renovation, or tenant improvements of an eligible place of business
To be eligible, businesses must be Florida-based and have less than 750 or 500 employees depending on the loan type. If you are interested in participating in the program, contact one of our participating lenders.
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.
FloridaCommerce has undergone an extensive outreach and marketing campaign to educate and encourage lender and business participation in key industries including:
Facilitating 887 outreach events with:
(691) Community organizations
(3) Faith-based organizations
(85) Financial institutions
(99) Small businesses
Outreach events include:
Virtual roundtables
Meeting with financial institutions
Meeting with other targeted institutions such as: Florida Bankers Association, economic development centers and Community Development Financial Institutions.
Earlier this year, FloridaCommerce announced the availability of $142 million in new capital for small businesses and startups through Florida’s SSBCI program. In September 2022, FloridaCommerce 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 in deployment.
Since 2019, more than 2.4 million businesses of all sizes have been formed in Florida, more than any other state in the nation. More than 99 percent of businesses in Florida are small businesses, supporting their local economies and bringing jobs and innovative ideas to every corner of our state. According to the Florida Small Business Development Center’s 2023 survey, access to capital is among the top challenges faced by small business owners in Florida.
Author
