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Tallahassee, FL – The Florida Department of Economic Opportunity (DEO) announced that $142 million in new capital is available for small businesses and startups through Florida’s State Small Business Credit Initiative (SSBCI). SSBCI, administered by DEO in partnership with Enterprise Florida, Inc., has five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses, including very small businesses and sole proprietors. This multi-year initiative is part of Governor Ron DeSantis’ large-scale effort to prioritize workforce development, cultivate a business-friendly environment, and stimulate aggressive economic growth.
To be eligible, businesses must be Florida-based and have 500 employees or less. Funding through Florida’s SSBCI programs may be used to fund start-up costs, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business. DEO encourages Florida-based small businesses to sign up for updates on funding opportunities through SSBCI
“Florida’s SSBCI program connects Florida’s small businesses with opportunities for new capital that they may not otherwise be able to access,” said DEO Acting Secretary Meredith Ivey. “DEO is proud to support the Governor’s mission by enabling local lenders to put funds into the hands of deserving small business owners in underserved communities and stimulate their local economies.”
“Enterprise Florida is proud to partner with DEO to provide Florida’s small businesses with the resources they need to succeed,” said Florida Deputy Secretary of Commerce Laura DiBella. “Florida’s small businesses are the heartbeat of our communities and are crucial to our state’s success, and we are honored to continue supporting them through Florida’s SSBCI program.”
In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million – is ready for deployment.
Funding through the SSBCI program can be used serve small businesses of all sizes and stages of development. Available programs include:
To provide lenders and statewide partners with more information on SSBCI programs, DEO is hosting a series of roundtable discussions.Lenders and investment managers interested in partnering with the SSBCI program to serve local businesses can email SSBCI@deo.myflorida.com or reach Enterprise Florida at firstname.lastname@example.org.