Small Business Loan Support Program
The Small Business Loan Support Program is designed to provide Florida small businesses with credit enhancement and other tools to better access commercial bank and export financing. Each transaction will require at a minimum, a matching concurrent private capital investment or other credit assistance. However, to achieve the required 10:1 private capital leverage ratio, the greatest emphasis will be toward transactions that provide the strongest co-investment and follow-on private capital investment opportunity. The following are subsets of the Small Business Loan Support Program:
Loan Guarantees & Loan Participations
Loan guarantees and loan participations are available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. However, these transactions will be undertaken to help mitigate any perceived credit weaknesses.
Application Process for Loan Guarantees & Loan Participations
To apply for a loan guarantee or loan participation, the Borrower's lending institution must first e-mail Enterprise Florida at ssbci@eflorida.com to obtain a two-page pre-qualification application. Borrowers requesting pre-qualification will be directed to identify a lender to make the request for the pre-qualification application.
Export Loan Guarantees & Export Direct Loans
Export loan guarantees for Florida's exporting small businesses are available to assist in facilitating lower-cost export financing. An average export loan guarantee of $500,000 or less is targeted, with greater export loan guarantees permitted in exceptional circumstances. The maximum term permitted for export loan guarantees is 12 months and the fee(s) are negotiable.
Application Process for Export Loan Guarantees & Export Direct Loans
To apply for an export loan guarantee or export direct loan, the Borrower must first e-mail Enterprise Florida at ssbci@eflorida.com to request an application. Export loan guarantees will be underwritten by Florida Export Finance Corporation, working in conjunction with Enterprise Florida. Applications will be available on or before November 24, 2011.