State Small Business Credit Initiative (SSBCI)
The Florida Department of Economic Opportunity (DEO) has made $142 million in new capital available for small businesses and startups through Florida’s State Small Business Credit Initiative (SSBCI). The U.S. Treasury has made $488 million available for Florida's SSBCI in three tranches, of which $142 million has been made available as part of the first tranche of funding.
The SSBCI is administered by DEO in partnership with Enterprise Florida, Inc. and features five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses, including opportunities for very small businesses and sole proprietors. This multi-year initiative is part of Governor Ron DeSantis' large-scale effort to prioritize workforce development, cultivate a business-friendly environment, and stimulate aggressive economic growth.
DEO encourages Florida-based small businesses to sign up for updates on funding opportunities through SSBCI.
How to Apply
To apply, you will need to contact your local bank, credit union, certified development company, or community development financial institution to discuss which program is best for you. Lenders can enroll by contacting the DEO:
Participating Lenders (as of March 21, 2023)
- Accion Opportunity Fund
- Financial Access Federal Credit Union
- Locality Bank
- Marine Bank and Trust
- Miami Bayside Foundation
- Sunwest Bank
- How can SSBCI help?
SSBCI funds can be used for any business purpose, including:
- Business procurement
- Start-up costs
- Working capital
- Franchise fees
- Purchase, construct, renovate, or improve business location (not for passive real-estate investment purposes)
SSBCI can help even if your business
- Doesn't have much collateral
- Hasn't been around for very long
- Is located in a rural area
- Is very small
- Who is eligible?
To be eligible, businesses must be Florida-based and have 500 employees or less. Funding through Florida's SSBCI programs may be used to fund start-up costs, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business.
- What programs are available?
Collateral Support Program
The Collateral Support Program enables financing that might otherwise be unavailable due to a collateral shortfall. This credit enhancement uses public resources to encourage private lenders to lend money to businesses by providing a cash deposit as collateral for a business loan or credit facility.
Venture Capital Program
Targeted investment strategy implemented on an appropriate scale that can attract capable investment managers to support Florida small businesses and create value. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers.
- Direct investments in Florida start-ups and early-stage businesses with high growth potential or the possibility to generate a high return.
- Provides access to capital in the form of equity investments and convertible debt.
- SSBCI funds can be used for transactions up to $20 million in a single round.
Loan Participation Program
SSBCI funds are used alongside private funds to support a loan to a borrower. The SSBCI funds may be used as a companion loan, or the funds may purchase a portion of the loan made by the private lender.
Loan Guarantee Program
The Loan Guarantee Program provides a private lender with a short-term, partial guarantee to support a loan or line-of-credit for eligible small businesses.
The Capital Access Program is a pooled loan insurance program where a private lender originates a loan, and the borrower and lender contribute a percentage of the loan per eligible small business, which is then matched by SSBCI funding.