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Florida SBDC Network and Florida First Capital Execute Strategic Agreement to Cultivate State Economic Development

Sep 2014

The Florida Small Business Development Center (SBDC) Network has signed a Memorandum of Understanding (MOU) with Florida First Capital in an effort to advance economic development in Florida.

According to the Florida SBDC Network's most recent survey of nearly 20,000 entrepreneurs and small business owners, access to capital remains a pressing need.

Florida First Capital is a non-profit organization certified by the U.S. Small Business Administration (SBA) to provide financing to small businesses through the Certified Development Company (CDC) Economic Development Loan Program, also known as the SBA 504 Loan Program. The 504 Loan Program provides financing for the purchase of major fixed assets, such as owner-occupied commercial real estate and long-life machinery and equipment, by distributing the loan among the business owner, a conventional lender and a CDC. This mitigates the risk of the primary lender and encourages additional loans.

Photo: Florida SBDC CEO and Network State Director Michael Myhre (left) and Florida First Capital President and CEO Todd Kocourek (right) sign a MOU solidifying a partnership between the two organizations.

Advancing Florida's Economic Development

Through this agreement, the Florida SBDC Network and Florida First Capital will work in conjunction to help small businesses obtain the necessary financing to expand and grow. The Florida SBDC Network will provide technical assistance to clients with SBA 504 Loan program application packages.

“A key strategy for our organization is to build strategic partnerships that expand and enhance our ability to serve our client businesses with organizations who share our mission,” said Michael Myhre, CEO and Network State Director for the Florida SBDC. “I am pleased to execute this MOU that formalizes our two organizations working together in the best interest of Florida and Florida's small businesses."

Collective Focus

The Florida SBDC Network and Florida First Capital have nourished a longstanding partnership. In appreciation of Florida First Capital President and CEO Todd Kocourek's advocacy and support, he was named the Florida SBDC Network's 2014 Outstanding Resource Partner of the Year during the network's annual conference in Tampa in June.

“This alliance greatly strengthens both organizations' core mission of economic development and job creation. It expands the Florida SBDC Network's ability to provide expert guidance and technical assistance for growing small businesses coupled with Florida First Capital's 30-year history of providing accessible low-cost and long-term expansion capital through the SBA 504 Loan Program, which has resulted in the delivery of over $2 billion in total project financing and the creation of more than 15,000 jobs that support Florida's economy,” said FFCFC's Kocourek.

The MOU was signed by Myhre and Kocourek during the network's annual conference.

About the Florida SBDC Network

For nearly 40 years, the Florida SBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state.

In 2012, the Florida SBDCs served approximately 38,000 entrepreneurs and small business owners through consulting and training, resulting in 47,845 jobs created, retained and saved at a significantly low cost of $112 per job; $6.3 billion in sales growth; $235.2 million in capital accessed; $588.4 million in government contract awards; and 744 new businesses started. For every $1 of Florida public and private sector investment in the FSBDC program, $40 was returned to the state in tax revenue.

A statewide service network of over 40 centers with 60 outreach locations, the Florida SBDC Network is funded in part by the U.S. Small Business Administration (SBA), Defense Logistics Agency, State of Florida and other private and public partners, with the University of West Florida serving as the Network's designated lead host institution. The Florida SBDC Network is state designated as Florida's principal provider of business assistance and is nationally accredited by the Association of SBDCs.

To learn more about the Florida SBDC Network or to find a FSBDC near you, visit www.FloridaSBDC.org.

About Florida First Capital Finance Corporation

Florida First Capital is a statewide, non-profit SBA certified development company that promotes economic development and job creation throughout Florida. Under the SBA 504 Loan Program, Florida First Capital works with private-sector lenders to provide Florida small businesses with low-cost, fixed interest rate, long-term financing for the purchase of capital assets. Florida First Capital also lends under the Florida Recycling Loan Program and other small business assistance programs.

For more information about SBA 504 loans in Florida,contact a Florida First Capital Loan Officer hereor email us atinfo@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504.