$167 Million for Small Businesses: Florida’s Latest Investment

Florida’s small business sector is receiving another major boost with the announcement of an additional $167 million in funding through the State Small Business Credit Initiative (SSBCI) 2.0. This new wave of funding comes on the heels of over $202 million in loans and venture investments distributed to small businesses statewide since January 2023. With the new round of funding, Florida continues to build on its commitment to foster growth and create jobs, reinforcing the state’s reputation as a leader in supporting entrepreneurs.

Florida has already helped fund 149 businesses, driving $769 million in private investments that have contributed to the creation or retention of nearly 5,000 jobs. As part of Governor DeSantis' strategy to make Florida the most business-friendly state in the nation, these funds are aimed at leveling the playing field for small businesses that might otherwise face challenges accessing capital.

What is SSBCI 2.0?

The SSBCI 2.0 program, managed by FloridaCommerce in partnership with the Florida Opportunity Fund, is designed to increase access to critical funding for Florida-based small businesses with fewer than 500 employees. By providing support to businesses that might otherwise struggle to secure traditional financing, SSBCI helps them expand, hire more employees, or invest in infrastructure improvements.

The funds can be used for a variety of business needs, including:

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

How Florida’s SSBCI Program Helps Small Businesses

Under the guidance of FloridaCommerce, this program makes it easier for small businesses to access the resources they need for growth. With more than $488 million in SSBCI funds allocated to Florida through the U.S. Treasury, small businesses statewide are finding more opportunities to innovate, expand, and hire. (Funding is available from the U.S. Treasury in three tranches; the first tranche of funding – $142 million – was received in December 2022 and FloridaCommerce just received the second tranche of $167 million.)

Through the Florida Opportunity Fund, every $1 of SSBCI funding helps attract an impressive $7 in private investments, amplifying the impact of these resources. This collaboration between public and private sectors strengthens the state’s economy and ensures that businesses can thrive long into the future.

Eligibility and Application Process

Businesses interested in accessing funds through the SSBCI program must meet a few requirements, including being based in Florida and having fewer than 500 employees for most programs (the Capital Access Program, the Loan Guarantee Program, and the Loan Participation Program). Businesses in the Collateral Support Program may have up to 750 employees.  If you are interested in participating in the program, contact one of FlroidaCommerce's participating lenders.

A Continued Commitment to Small Business Growth

Florida has long been a hub for small businesses, and the SSBCI 2.0 initiative is just one way the state is continuing to strengthen this critical part of the economy. Since 2019, more than 3.3 million businesses have been formed in Florida more than any other state in the nation, and over 99% of them are small businesses. These businesses are essential to Florida’s economy, providing jobs, driving innovation, and supporting local communities.

If you are a small business owner in Florida, now is the time to explore these funding opportunities and see how they can support your growth. For more details on how to apply, eligibility criteria, and available programs, be sure to check out FloridaCommerce’s official website.

Ready to get started?

Visit www.FloridaJobs.org/SSBCI for full details on eligibility and application instructions.