What does Enterprise Florida offer to small businesses?
Enterprise Florida, Inc.’s (EFI) Minority & Small Business, Entrepreneurship and Capital (MaSBEC) division partners with outside organizations to provide small, minority and entrepreneurial companies with training, development and financing options. EFI has an extensive network of state, federal and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation.
Three programs are particularly relevant to this respect:
- Florida Development Finance Corporation (FDFC). FDFC offers tax-exempt, low interest bond financing to qualified, financially sound, manufacturing and 501(c) 3 non-profit organizations. This program was designed to improve low cost capital availability to Florida’s manufacturers and non profit companies that qualify for tax exempt finance under IRS rules.
- SBIR/STTR Phase “0” Pilot Program. The SBIR/STTR “Phase 0″ Pilot Program is being implemented through a partnership between Enterprise Florida, Inc., and participating Technology Incubators, University Technology Transfer Offices, Economic Development Organizations, and Small Business Development Centers. It is intended to help Florida companies increase their chances of submitting a successful Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) proposal.
- State Small Business Credit Initiative (SSBCI). The primary objective of Florida’s SSBCI Program is to leverage private capital for Florida’s small businesses, which are defined as businesses with 500 employees or less. After five years, Florida must show that, taken together, $10 in new small business lending or investment was generated by every $1 in SSBCI funding. Therefore, Florida’s SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Florida’s small businesses.