The Office of Small Business Innovation at the Florida Department of Commerce offers business owners in the Sunshine State several options for financing business creation or expansion. According to information on the agency’s website, the programs promote economic prosperity for Florida’s small businesses through economic development programs to further diversify Florida’s economy and create future resiliency.

“These programs provide newly established or growing small businesses with access to capital, technical assistance and business management training to foster vibrant and healthy communities,” the agency said.

The programs offer several advantages to businesses, including increased access to affordable long-term capital without the high down payment requirements often associated with conventional financing programs; eligibility for newly established or growing small businesses; flexible use of funds – startup costs, working capital and the acquisition of real estate and other major fixed assets; and business management training and technical assistance.

Business lenders can also benefit from these programs through expansion of their business portfolios; minimization of collateral risk; ability to make credit decisions with their own loan documentation; ability to earn fees and interest income on interim loans related to the project; help with managing lending limits and industry exposure; and streamlining procedures with quick responses to project loan requests, according to the agency.

The state offers several loan programs including:

The Rebuild Florida Business Loan Fund, which provides financing to assist businesses with resiliency efforts. The funds will address the current gap in available, affordable capital for businesses that can be used for inventory purchases, construction, working capital, equipment financing and more.

The Florida Small Business Emergency Bridge Loan, which provides short-term, interest-free working capital loans that are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources.

The Rural Community Development Revolving Loan Program, which provides financial assistance to local governments in the form of a loan or loan guaranty for projects that will maintain or create new jobs and increase the economic vitality and diversification of Florida’s rural counties and communities.

The Microfinance Guarantee Program that is designed to improve the ability of entrepreneurs and small businesses to access capital offering loan guarantees to lenders that extend credit.

The Black Business Loan Program, which offers alternative lending solutions to Florida-based Black-owned small businesses by providing short-term loans and technical assistance.

SOURCE: Florida Department of Commerce