Introduction
(www.FloridaJobs.org/BBLP)

The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.

Loan Administrator Opportunity for the Black Business Loan Program

The application period is now open to all eligible corporations interested in becoming a Loan Administrator for the Black Business Loan Program for Fiscal Year (FY) 2017 - 2018. To be eligible to administer funds to provide loans, loan guarantees, or investments under this program, a recipient must:

  1. Be a corporation registered in Florida.
  2. Agree to maintain its books and records relating to funds received by the Department of Economic Opportunity (DEO) according to Generally Accepted Accounting Principles and in accordance with the requirements of Section 215.97(7), Florida Statutes, and to make its books and records available to DEO for inspection upon reasonable notice.
  3. For existing recipient(s), annually submit to the department a financial audit performed by an independent certified public accountant. The most recent fiscal year audit should not reveal any material weaknesses or instances of material noncompliance.
  4. For a new recipient:
    1. Demonstrate that its board of directors includes citizens of the state experienced in the development of black business enterprises.
    2. Demonstrate that it has a business plan that allows the recipient to operate in a manner consistent with this section and the rules of the department.
    3. Demonstrate that it has the technical skills to analyze and evaluate applications by black business enterprises for loans, loan guarantees, or investments.
    4. Demonstrate that it has established viable partnerships with public and private funding sources, economic development agencies, and workforce development and job referral networks.
    5. Demonstrate that it can provide a private match equal to 20 percent of the amount of funds provided by the department.

Requirements

Each eligible recipient must meet the requirements of Section 288.7102, Florida Statutes, the terms of the contract between the recipient and DEO, and any other applicable state or federal laws. An entity may not receive funds unless the entity meets annual certification requirements.

Award Information

  • Posting Date: May 1, 2017
  • Application Deadline: June 1, 2017
  • Award Program: Pursuant to Section 288.7102(3), Florida Statutes
  • Anticipated Appropriation Amount: $2.25 million (subject to appropriation by the Legislature)
  • Anticipated Number of Awards and Anticipated Award Amounts: The total amount of appropriated funds will be distributed equally among all certified recipients.
  • Anticipated Award Date: July 31, 2017
  • Period of Performance: July 1, 2017 – June 30, 2018

Reporting

Pursuant to Section 288.714, Florida Statutes, within fifteen (15) calendar days after the end of the quarter following the execution of the Agreement, the Recipient shall provide Quarterly Reports of Program activities. Reports must account for all funds received by the Recipient under the Program in FY 2017/2018 and in all prior years since FY 2006/2007.

Payment Terms

This will be a cost reimbursement Agreement. Recipient must agree to enroll in Electronic Funds Transfer (EFT), offered by the State's Chief Financial Officer within thirty (30) days of the effective date of the Agreement. In accordance with the funding requirements of Section 215.971, Florida Statutes, to be eligible for reimbursement, cost must be in compliance with laws, rules, and regulations applicable to expenditures of State funds, including, but not limited to, the Reference Guide for State Expenditures.

Administrators cannot exceed nine (9) percent of funds to provide technical support and twelve (12) percent for direct administrative costs.

Submission Information

Subject to the requirements of Section 288.7102, Florida Statutes, and Chapter 73C-1, Florida Administrative Code, late or incomplete applications will not be eligible for FY 2017/2018 funding.

All applicants should carefully review and prepare their applications according to the requirements found on this webpage.

  1. Paper submissions: Paper submissions must be postmarked and mailed, shipped, or sent overnight no later than June 1, 2017, to be eligible for FY 2017/2018 funding. Mail paper application to the Florida Department of Economic Opportunity, Division of Strategic Business Development, 107 East Madison Street, MSC 80, The Caldwell Building, Tallahassee, Florida 32399.
  2. Electronic submissions: Electronic submissions must be received no later than the close of business June 1, 2017, to be eligible for FY 2017/2018 funding. Late or incomplete applications will not be eligible for FY 2017/2018 funding. Submit electronic applications to Kechia Dean at: Kechia.Dean@DEO.MyFlorida.com

Additional Information

Contact Kechia Dean, Black Business Loan Program Contract Manager, Division of Strategic Business Development, at (850) 717-8533.

Black Business Investment Corporations - Contact Information

Small Black Business Enterprises interested in receiving capital through this program may contact a Loan Administrator to find out how to apply:

  • Florida Black Business Support Corporation
  • Tampa Bay Black Business Investment Corporation
    • 1920 East Hillsborough Avenue, Suite 220
    • Tampa, Florida 33610
    • Phone: (813) 425-2043
    • Fax: (813) 425-2308
    • www.tampabaybbic.com

Additional Resources

Contacts

  • Kechia Dean

     
    (850) 717-8533
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