FloridaCommerce offers up $167M for extended small-business incentive program

Hundreds of millions of additional dollars are now available to help small businesses throughout Florida.

FloridaCommerce officials announced this week they are enacting the “Florida Small Business Credit Initiative 2.0.” The initiative will make $167 million available for small businesses in Florida, a news release said.

The additional funding comes on top of some $202 million in loans and venture capital investments the state approved for small businesses in the past two years. The latest program is an extension of that effort.

“Under Gov. Ron DeSantis’ leadership small business has become FloridaCommerce’s new benchmark, and the rapid deployment of capital and other supports to small, emerging businesses is critical to meeting that benchmark,” said Florida Secretary of Commerce J. Alex Kelly.

“Gov. DeSantis has made Florida the most financially ready state in the nation, with a leading 3.3 million businesses formed since 2019, 99% of which are small businesses, and FloridaCommerce will continue to work with partners like Florida’s Small Business Development Center network and incubators and accelerators throughout the state to continue supporting the Governor’s focus on Florida being the No. 1 state for small and emerging businesses.”

FloridaCommerce officials say the initial program, which was launched in January 2023, has helped 149 small businesses in the state. That assistance has resulted in $769 million in private capital stimulation and has led to adding or keeping nearly 5,000 jobs in the state.

The program provides small businesses access to funds and resources designed to enable growth and economic development. Those funds can be used for startup costs, franchise fees, equipment upgrades, inventory expansion and additional business acquisition.

The capital access, loan guarantee and loan participation programs are specifically geared toward businesses that are Florida-based and have fewer than 500 employees. Collateral support programs are aimed at Florida-based companies with fewer than 750 employees.

Small businesses interested in participating in the programs can view the list of the participating lenders they can contact.