Yesrerday, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Florida’s State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding.
Additionally, on Friday, Florida’s Legislative Budget Commission approved the plan to distribute the first tranche of funding totaling $142 million for an existing small business loan program and venture capital investment program.
Once the federal government disburses the funding, the approval of Florida’s application gives DEO the ability to administer various capital access, credit support, and venture capital programs designed to help Florida’s small businesses grow and thrive.
Who is Eligible :
Any Florida-based small business, or small business that will be located in Florida, with 500 employees or less are eligible for the program. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. Borrowers may include state-designated charitable, religious, or other nonprofit or philanthropic institutions; government-owned corporations; consumer and marketing cooperatives; and faith-based organizations, provided the loan is for a “business purpose.”
For more information and to sign up to receive updates on the program & when the application portal is available:
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