Since January 2023, FloridaCommerce and the Florida Opportunity Fund have provided over $250 million in loans and venture capital investments to 220 small businesses through the State Small Business Credit Initiative (SSBCI) 2.0 program. This funding has generated more than $948 million in matching private investment, with every dollar loaned or invested resulting in nearly four dollars of immediate private sector return on investment.
FloridaCommerce collaborates with partners such as Florida First Capital Finance Corporation and the Florida Small Business Development Center Network to administer this program.
“Under Governor DeSantis’ leadership, small and emerging businesses have become the new benchmark in Florida’s economic success—fostering entrepreneurship and accelerating business growth,” said Florida Secretary of Commerce J. Alex Kelly. “The nearly 6,867 jobs created or retained through the SSBCI 2.0 program reflects the Governor’s continued commitment ensuring Florida remains the #1 state for small and emerging businesses.”
The SSBCI capital programs aim to expand access to funds for small businesses that may not otherwise qualify for traditional financing. Eligible industries include sectors such as accommodation and food services, agriculture, arts and entertainment, construction, health care, manufacturing, professional services, real estate, transportation, wholesale trade, among others.
Funds from the program can be used for purposes including start-up costs, working capital, franchise fees, equipment upgrades, inventory expansion, business acquisition or refinancing needs. They can also be used for property-related expenses like purchase or renovation of eligible business locations.
In September 2022, FloridaCommerce announced that its application for $488 million in federal SSBCI funding had been approved by the U.S. Department of Treasury. The funding is being distributed in three tranches: In 2023, $142 million was made available to small businesses and startups; an additional $167 million was announced as available in January 2025.
SSBCI is administered by FloridaCommerce with assistance from its venture capital partner, the Florida Opportunity Fund. For every dollar invested from SSBCI funds through this partnership, seven dollars are generated from private sources.
More than 3.7 million businesses have been formed in Florida since 2019—more than any other state—with over 99% classified as small businesses contributing to local economies across the state.
Eligibility requirements specify that participating companies must be based in Florida and generally employ fewer than 500 people for most programs or up to 750 employees for certain loan programs.
For more information about eligibility requirements or how to participate in these programs visit https://www.floridajobs.org/FloridaSSBCI.
