startup costs, working capital and the acquisition of real estate and other major fixed assets; and business management training and technical assistance.
Business lenders can also benefit from these programs through expansion of their business portfolios; minimization of collateral risk; ability to make credit decisions with their own loan documentation; ability to earn fees and interest income on interim loans related to the project; help with managing lending limits and industry exposure; and streamlining procedures with quick responses to project loan requests, according to the agency. The state offers several loan programs including: h The Rebuild Florida Business Loan Fund, which provides financing to assist businesses with resiliency efforts. The funds will address the current gap in available, affordable capital for businesses that can be used for inventory purchases, construction, working capital, equipment financing and more. h The Florida Small Business Emergency Bridge Loan, which provides short-term, interest-free
$
working capital loans that are intended to“ bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources. h The Rural Community Development Revolving Loan Program, which provides financial assistance to local governments in the form of a loan or loan guaranty for projects that will maintain or create new jobs and increase the economic vitality and diversification of Florida’ s rural counties and communities. h The Microfinance Guarantee Program that is designed to improve the ability of entrepreneurs and small businesses to access capital offering loan guarantees to lenders that extend credit. h The Black Business Loan Program, which offers alternative lending solutions to Florida-based Black-owned small businesses by providing short-term loans and technical assistance.
SOURCE: Florida Department of Commerce
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