State Small Business Credit Initiative

The state of Florida was allocated more than $97.6 million by the U.S. Department of Treasury to implement the State Small Business Credit Initiative (SSBCI), a federal initiative that encourages states to establish or strengthen state programs that support lending to small businesses. States can use SSBCI funds for programs that leverage private lending to help finance small businesses that are creditworthy, but are not getting the loans they need to expand and create jobs.  Florida was required to demonstrate a minimum return of 10 dollars in new private lending for every dollar in federal SSBCI funding. Accordingly, the SSBCI funds are expected to leverage close to $1 billion in private lending to Florida small businesses.  

Florida's SSBCI Programs

• Florida Capital Access Program - $10,896,116
  The Florida Department of Economic Opportunity is administering the Florida Capital Access Program. The Florida Capital Access Program is a loan portfolio insurance program enabling lenders to make loans to small businesses that are creditworthy, but are not getting the loans they need to expand and create jobs. Small businesses benefit from CAP by securing capital through lenders.
  
  
• Florida Venture Capital Program - $43,500,000
  Enterprise Florida, Inc., through a contract with Florida Department of Economic Opportunity is administering a partnership with Florida Opportunity Fund to manage the Florida Venture Capital Program, which provides equity investments and convertible debt instruments to emerging Florida companies and companies locating in Florida with perceived long-term growth potential. 
  
  
• Small Business Loan Support Program - $43,266,233
  The Enterprise Florida, Inc., through a contract with Florida Department of Economic Opportunity is administering The Small Business Loan Support Program, which is designed to provide Florida small businesses with credit enhancement and other tools to better access commercial bank and export financing. 

For information about the SSBCI program in Florida, please feel free to contact one of the SSBCI Regional Representatives or Statewide Contacts, whose information is located in the SSBCI Regional Representative Map.