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Florida small business loans

Small businesses play an important role in the growth of an economy as they not only contribute financially but also socially by providing employments to aspirants. The case is not different with florida and the state government has initiated several loan programs to support and encourage small businesses. At present florida have as many as seven programs that are intended to provide finance and loan guarantees to small businesses in florida. They have so far provided loans in excess of $60 m to more than 500 small businesses through loans as well as loan guarantees.

 

Small business loan programs supported by the state government in florida

 

1. Black business Investment Board program: This program has been designed to monitor the investment made by the state in black investment corporations which provide loans to those small businesses owned by black. This program has been provided $8 m as investment capital by the state. Through this program, more than 330 small businesses in florida have benefited, thereby creating more than 2000 jobs since it was initiated in 1995.

 

2. U.S. Economic Development Administration Revolving Loan Fund: This program provide finance to manufacturing businesses in Tampa Bay which is impacted by the defense downsizing. This program doesn't have the administrative support of the state government. Federal grant of $2m is provided for the program along with the state fund of $667,000 allocated by Enterprise florida.

 

3. Energy Loan Program: This program is designed with the intention of providing loans with low interest to small businesses which take active steps to conserve energy. The program has a state funding of $3m through the allocation of PVE3 funds. The program is also provided staff support from the state department of commerce. Under this program 62 small business loans have been sanctioned amounting up to a total of $1.5m since it was initiated in 1996.

 

4. Florida Export Finance Corporation: Under this program, technical, consulting as well as financial help are provided to small scale exporters in order to better their export businesses. It has received $3.9m as capital investment from the state and $250,000 as administrative expenses. Since its initiation, the program has realized more than 100 loan guarantees which include $21m as loans and $30m in exports. It has an additional support of $119m in exports together with the Federal Export-import bank.

 

5. Florida Development Finance Corporation: This program aims at providing long-term loans to small manufacturing businesses. It has received nearly $50,000 from Enterprise florida.

 

6. Florida First Capital Finance Corporation: This is a development company which approves mortgage loans for small businesses, together with managing the energy Loan program and Recycling Development Fund. It has received administrative support from the Department of commerce ; has realized 34 loans amounting to $11m and has helped in creating more than 800 jobs so far.

 

7. Recycling Development fund: This program is designed to help small businesses in purchasing conversion machinery and related tools. This program has a state funding of $2.4 m thru the department of commerce; and has so far realized one loan of $85,000.

 

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