The state of Florida was allocated more than $97.6 million by the U.S. Department of Treasury to implement the State Small Business Credit Initiative (SSBCI), a federal initiative that encourages states to establish or strengthen state programs that support lending to small businesses. States can use SSBCI funds for programs that leverage private lending to help finance small businesses that are creditworthy, but are not getting the loans they need to expand and create jobs. Florida was required to demonstrate a minimum return of 10 dollars in new private lending for every dollar in federal SSBCI funding. Accordingly, the SSBCI funds are expected to leverage close to $1 billion in private lending to Florida small businesses.
For information about the SSBCI program in Florida, please feel free to contact one of the SSBCI Statewide Contacts, whose information is attached Map.