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Earlier this year, the State of Florida secured nearly half a billion dollars in loan funding specifically targeted for Florida small businesses and entrepreneurs. Approximately $142 million dollars of the total $488 million is currently available to fuel small business growth.
The Florida State Small Business Credit Initiative (SSBCI) is administered by the Florida Department of Economic Opportunity with the goal of promoting small business lending, supporting small business growth within Florida, and creating jobs that support families and build strong economies. SSBCI can help businesses in any industry access credit for any business purpose even if they don’t have much collateral, are in a rural area, are very small, or new. There are several loan options available to meet the needs of the individual businesses, including:
Collateral Support Program: Enables financing that otherwise might be unavailable due to collateral shortfall.
Loan Participation Program: Supports a private loan by either acting as a companion loan or purchasing a portion of a loan already made by the private lender.
Loan Guarantee Program: Guarantees a loan or line-of-credit for eligible small businesses.
For more information, please click here.
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