Tallahassee, FL – FloridaCommerce has announced an additional $167 million is available for Florida small business through the State Small Business Credit Initiative 2.0 (SSBCI). Since January 2023, Florida has provided more than $202 million in loans and venture capital investments to 149 small businesses, stimulating more than $769 million in private capital that has created or retained nearly 4,967 jobs for Floridians.
“Under Governor 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 . “Governor 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 Florida being the #1 state for small and emerging businesses.”
Florida’s SSBCI capital programs facilitate and expand access to funds for small businesses who would otherwise not be able to receive funding and provides businesses with additional resources to facilitate growth and economic development. Program funds can be used for:
To be eligible for Florida’s SSBCI capital programs, businesses must be Florida-based and have less than 500 employees for the Capital Access Program, the Loan Guarantee Program and the Loan Participation Program. Additionally, businesses must be Florida-based for the Collateral Support Program and have less than 750 employees. If you are interested in participating in the program, contact one of our participating lenders.
Last year, FloridaCommerce announced the availability of $142 million in new capital for small businesses and startups through Florida’s SSBCI program. In September 2022, FloridaCommerce announced the approval of the state’s SSBCI 2.0 application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding – $142 million – was received in December 2022 and FloridaCommerce just received the second tranche of $167 million. SSBCI is administered by FloridaCommerce in partnership with the Florida Opportunity Fund, FloridaCommerce’s venture capital partner. The Florida Opportunity Fund generates $7 dollars of private investments for every $1 of SSBCI funds invested.
Since 2019, more than 3.3 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. Since August 2024, FloridaCommerce, in partnership with the Florida SBDC Network, CareerSource Florida and the Department of Business and Professional Regulation, has approved nearly $93 million in funding to more than 2,340 small business impacted by Hurricanes Debby, Helene and Milton through the Florida Small Business Emergency Bridge Loan program.
For more information about the SSBCI program and eligibility requirements based on the program type, please visit www.FloridaJobs.org/SSBCI.
