Finance Resources

Resources: Learn about the Florida SSBCI loan program and whether your small business is eligible

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On GrowBiz from time to time we bring you the lowdown on programs and services available to eligible small businesses. Here is information on one of them: The State Small Business Credit Initiative.

WHAT IT IS: The State Small Business Credit Initiative, or SSBCI, has  been allocated more than $488 million dollars to support small business lending, grow Florida small businesses, and create jobs to support families. It is a federal program through the US Department of Treasury and it supports minority-owned, women-owned, veteran-owned, rural, or very small businesses across the state.

USE OF FUNDS: Funds can be used for any business purposes and thi includes business procurement, startup costs and working capital, franchise fees, equipment, inventory, and the purchase, construction, renovation or tenant improvement of an eligible place of business.

CREDIT HELP: SSBCI can help your business with credit if your business doesn’t have much collateral, or hasn’t been around for a very long time, or it’s very small, or it’s in a rural area.

ELIGIBILITY: Most Florida small businesses with 750 employees or fewer are eligible. And this includes corporations, partnerships, sole proprietors, independent contractors, nonprofits, and cooperatives.

LENDER PARTICIPATION: Partnering banks, credit unions, certified development companies and community development financial institutions.

THE PROGRAMS:

  1. Collateral Support Program: Enables financing that might otherwise be unavailable due to a collateral shortfall.
  2. Venture Capital Program: FloridaCommerce will secure partnerships with public entities and investment managers.
  3. Loan Participation Program: SSBCI funds are used alongside private funds to support a loan to a borrower.
  4. Loan Guarantee Program: Provides a private lender with a short-term, partial guarantee to support a loan or line of credit for eligible small businesses.
  5. Capital Access Program: This program helps businesses in obtaining credit to grow and expand their business by offering pooled loan insurance to lenders.

HOW TO APPLY: The program is administered through partner lenders.

LOCAL PARTNER: In Miami-Dade County, the state has partnered with Miami Bayside Foundation, which has been trained on the program and can answer any question.

FIND OUT MORE:  https://floridajobs.org/FloridaSSBCI. View this webinar for more information:

 

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