News

FloridaCommerce has announced $101 million in approved loans and investments for 64 small businesses in Florida through the State Small Business Credit Initiative 2.0 (SSBCI). This initiative has stimulated over $340 million in private capital, creating or retaining 1,617 jobs.

The program supports businesses in various sectors and can be used for startup costs, equipment upgrades, inventory expansion, and more.

To qualify, businesses must be Florida-based and have fewer than 750 or 500 employees, depending on the loan type. FloridaCommerce has conducted extensive outreach efforts to engage lenders and businesses, and the SSBCI 2.0 is an expansion of the 2010 initiative aimed at strengthening small business financing.

SSBCI funds have been approved for businesses in manufacturing, hospitality, construction, health care, retail, transportation, and many other industries.
Program funds can be used for:

• Start-up costs and working capital
• Franchise fees
• Upgrading equipment
• Expanding inventory
• Purchasing another business
• The purchase, construction, renovation, or tenant improvements of an eligible place of business

Access to capital remains a significant challenge for small businesses in Florida, despite the state having the highest number of newly formed businesses in the nation since 2019.

Since 2019, more than 2.4 million businesses of all sizes have been formed in Florida, more than any other state in the nation. More than 99 percent of businesses in Florida are small businesses, supporting their local economies and bringing jobs and innovative ideas to every corner of our state. According to the Florida Small Business Development Center’s 2023 survey, access to capital is among the top challenges faced by small business owners in Florida.