Florida
Help--both state and private--is on the way for a variety of financial needs.
Entrepreneurs with operations in Florida can turn to several
programs designed to help them grow.
The Variable Rate Enterprise Bond Program is aimed at smaller
manufacturers who can't take advantage of the low-cost,
tax-exempt financing available to larger corporations. Coordinated
by the public-private partnership Enterprise Florida, the program
enables participating firms to obtain financing of $500,000 to $2
million backed by a bank-issued letter of credit and funded by
industrial revenue bonds. The loans are typically 30 percent below
the prevailing interest rate and can be used for fixed-asset
expansion, real-estate improvements or equipment purchases. Contact
(407) 316-4646 for information.
Florida is also the only state to sponsor a network of
investment corporations specifically targeting African Americans.
Overseen by the Florida Black Business Investment Board, the
purpose of the regional Black Business Investment Corporations
(BBICs) is to close the financing gap African American
entrepreneurs often encounter.
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Most of the BBICs provide loan guarantees ranging from 50 to 75
percent, and all companies--including start-ups--with viable ideas
are eligible for assistance. The amount available depends on the
BBIC's capitalization. In addition to guarantees, the Fort
Lauderdale, Jacksonville, Miami, Orlando and Tampa corporations
offer direct loans. To find the nearest BBIC, call the main office
at (850) 487-4850.
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