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Florida Finance Network Promotes State's Financing Programs

Jun 2003

Florida First Capital recently co-sponsored the Broward County launch of the Florida Finance Network, an organization that unifies Florida's economic development financing programs. The Network is actively seeking opportunities to educate Florida business owners about the many Florida-based business financing programs.

The Florida Finance Network builds awareness of state and federal small business and economic development financing programs available to Florida businesses. Member organizations are:

Enterprise Florida Inc. (EFI) is the public-private partnership responsible for leading Florida's statewide economic development efforts. EFI was formed in July 1996, when Florida became the first state in the nation to close its Commerce Department and place principal responsibility for economic development, international trade and statewide business marketing in the hands of a public-private partnership organization. Enterprise Florida's job is jobs. EFI's mission is to increase economic opportunities for all Floridians through the creation and retention of quality jobs and the active support of strong and growing businesses.

The Florida Black Business Investment Board (FBBIB) was created by the 1985 Small and Minority Business Act to strengthen the economy of the state by increasing the number of qualified black business enterprises, which in turn will increase competition in the marketplace and improve the welfare of economically depressed neighborhoods; increase opportunities for the employment of blacks, as well as the population in general; provide role models and establish business networks for the benefit of future generations of aspiring entrepreneurs; and take measures to increase access of black businesses to both debt and equity capital.

The Florida Commercial Space Financing Corporation was created in 1999 to provide financing for aerospace and aviation businesses in the state of Florida. The corporation can provide loan guarantees for small to medium sized Florida companies as well as act as a loan facilitator for larger financings.

The Florida Export Finance Corporation(FEFC) was created by the State of Florida as a not-for-profit corporation, with a mandate to expand employment and income opportunities by supporting the export of goods and services from the State. FEFC offers information, technical and consulting assistance to exporters throughout the State of Florida. FEFC will guarantee a lender's revolving line up to a maximum of $500,000, and make direct loans for a single transaction up to a maximum of $50,000. Applicants for a direct loan or a loan guarantee must be exporters based in Florida who have been turned down by at least one potential lender.

Founded by the State of Florida in 1983,Florida First Capital Finance Corporation (FFCFC)is Florida's Original statewide Certified Development Corporation (CDC). Its mission is to strengthen the economic development of the state and provide financial assistance to small businesses in conjunction with SBA and private sector lenders. From Pensacola to Key West, Florida First Capital provides growing businesses with long-term, fixed-rate financing for fixed assets and expansion costs.

The Florida Finance Network is seeking speaking opportunities to educate lenders, business owners, and economic development officials about financing programs available to small businesses. For more information, call 888-320-5504.