FloridaCommerce has announced the availability of an additional $167 million for small businesses in Florida through the State Small Business Credit Initiative 2.0 (SSBCI). Since January 2023, the state has facilitated over $202 million in loans and venture capital investments to 149 small businesses, which have generated more than $769 million in private capital and created or retained nearly 4,967 jobs.
"Under Governor DeSantis’ leadership small business has become FloridaCommerce’s new benchmark, and the rapid deployment of capital and other supports to small, emerging businesses is critical to meeting that benchmark," said Florida Secretary of Commerce J. Alex Kelly. He added that Governor DeSantis' policies have positioned Florida as a financially prepared state with 3.3 million businesses formed since 2019, most of which are small enterprises.
The SSBCI capital programs aim to expand funding access for small businesses that might otherwise struggle to secure financing. These funds can be used for various purposes including start-up costs, franchise fees, equipment upgrades, inventory expansion, business acquisition, refinancing, and improvements to eligible business premises.
Eligibility for these programs requires businesses to be based in Florida with fewer than 500 employees for certain programs like the Capital Access Program and Loan Guarantee Program. The Collateral Support Program allows participation from companies with up to 750 employees.
Last year saw the announcement of $142 million in new capital through SSBCI by FloridaCommerce. In September 2022, their application for $488 million was approved by the U.S. Treasury Department. The first tranche of funding amounting to $142 million was received in December 2022; now followed by this second tranche of $167 million.
FloridaCommerce administers SSBCI alongside its venture partner, the Florida Opportunity Fund. This partnership reportedly generates seven dollars in private investment for every dollar invested from SSBCI funds.
Since August 2024 alone, nearly $93 million has been approved through various partnerships including CareerSource Florida and others for more than 2,340 small businesses affected by hurricanes Debby, Helene, and Milton via the Florida Small Business Emergency Bridge Loan program.
For further details on program eligibility requirements or more information about SSBCI initiatives visit www.FloridaJobs.org/SSBCI.