Revitalizing Florida’s Economy: SSBCI 2.0 Sparks Small Business Expansion
The Florida Department of Economic Opportunity (DEO) has made a significant announcement regarding the success of the Florida State Small Business Credit Initiative 2.0 (SSBCI 2.0) in supporting small businesses in the state. With over $40 million in loans already allocated to 14 Florida small businesses, the program has stimulated more than $137 million in private capital lending and resulted in the creation or retention of over 340 jobs. SSBCI 2.0 represents an expansion and reauthorization of the State Small Business Credit Initiative, which was established in 2010 to assist states in strengthening their capital programs and facilitating small business financing.
Earlier this year, the DEO made an announcement regarding the availability of $142 million in new capital for small businesses and startups through Florida’s SSBCI program. The United States Department of the Treasury (U.S. Treasury) approved the state’s SSBCI 2.0 application in September 2022, granting $488 million in funding. The funding is being provided in three installments, with the first tranche of $142 million already allocated for deployment.
Under the leadership of Governor DeSantis, Florida remains committed to delivering essential resources to small businesses, communities, and economic development partners. For the nearly 550,000 small businesses in Florida, which employ over 5.1 million Floridians, programs like SSBCI 2.0 provide valuable support for expanding operations and creating jobs.
Florida Secretary of Commerce, President, and CEO of Enterprise Florida, Inc., Laura DiBella, expressed gratitude for the partnership between the DEO, lenders, and small business networks like the Florida Small Business Development Center Network. By working together, they can connect with both new and expanding small businesses, helping them scale, leverage resources, and contribute to the growth of Florida’s workforce.
SSBCI facilitates access to capital for eligible small businesses, regardless of their size or industry. These businesses can utilize the funds for various purposes, including start-up costs, business procurement, franchise fees, equipment, inventory, and building-related expenses such as construction, renovation, or tenant improvements.
The SSBCI initiative plays a crucial role in Governor Ron DeSantis’ overarching vision of prioritizing workforce development, fostering a business-friendly environment, and driving aggressive economic growth in Florida. By empowering small businesses and providing them with the necessary financial resources, the state is paving the way for increased job creation, industry expansion, and economic prosperity.
Florida’s State Small Business Credit Initiative 2.0 has demonstrated its effectiveness in supporting small businesses, fostering economic growth, and creating jobs. Through strategic partnerships, accessible financing, and a commitment to workforce development, the program serves as a catalyst for success. As the initiative continues to evolve and distribute additional funding, it will contribute to the resilience and vitality of Florida’s small business ecosystem, ultimately propelling the state toward a prosperous future.