Small businesses in the state could get a boost with an allocation of close to $100 million from the federal government, following approval of Florida’s State Small Business Credit Initiative (SSBCI) application.
U.S. Senator Bill Nelson in making the announcement said, the state’s planned use of funds from the SSBCI will help create new private sector jobs and spur more than $977 million in additional small-businesses lending in the state.
The SSBCI program, which supports state-level, small-business lending programs, is one component of the Small Business Jobs Act President Barack Obama signed into law last fall.
“Investing in small businesses is good for the economy and creates jobs,” said Nelson, a key supporter of the bipartisan-passed Small Business Jobs Act. “That’s why we must keep doing everything we can to help businesses thrive and stay afloat.”
Under the Small Business Jobs Act, Florida can access $97.7 million in SSBCI funds. Florida expects to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, this $97.7 million allocation for Florida is expected to support more than $977 million in new private lending in that state.
Florida’s Office of Tourism Trade and Economic Development will partner with Enterprise Florida, Inc., a public-private economic development partnership, to launch the Venture Capital Program, which will make equity investments in small businesses, and the Florida Small Business Loan Support Program.
The Office of Tourism Trade and Economic Development will also launch the new Florida Capital Access Program to spur small business lending by private sector lenders.
