DEO is Now Accepting Loan Administrator Applications for the Black Business Loan Program, Fiscal Year 2021-2022

Purpose

To certify a recipient pursuant to section 288.7102, Florida Statutes, is authorized to use funds appropriated for the Black Business Loan Program for direct investments in, and loans and loan guarantees to, black business enterprises. The program provides alternative lending opportunities and technical assistance to black business enterprises that cannot obtain capital through conventional lending institutions, but could otherwise compete successfully in the private sector.

Application Submission Timeframe

May 1, 2021 through June 1, 2021.

Eligibility

To receive funds under this program, a recipient must:

  1. Be a corporation registered in the state of Florida.
  2. Agree to maintain the recipient’s books and records relating to funds received by the DEO according to generally accepted accounting principles and in accordance with the requirements of s. 215.97(7) Florida Statutes, and to make those books and records available to the DEO for inspection upon reasonable notice.
  3. For existing recipient(s), annually submit to DEO a financial audit performed by an independent certified public accountant. The most recent fiscal year audit should be submitted, and it should not reveal any material weaknesses or instances of material noncompliance.

For new recipients:

  • Demonstrate that the board of directors includes citizens of the state who are experienced in the development of black business enterprises.
  • Demonstrate that the entity has a business plan that allows it to operate in a manner consistent with this section and the rules of the department.
  • Demonstrate that the recipient has the technical skills to analyze and evaluate applications by black business enterprises for loans, loan guarantees or investments.
  • Demonstrate that the recipient has established viable partnerships with public and private funding sources, economic development agencies and workforce development, and job referral networks.
  • Demonstrate that the recipient can provide a private match equal to 20 percent of the amount of funds provided by DEO.

Requirements

Each eligible recipient must meet the requirements of s. 288.7102, Florida Statutes, the terms of the contract between the recipient and DEO and any other applicable state or federal laws. An entity may not receive funds unless the entity meets annual certification requirements. If you are certified as an Administrator of the program, you may be subject to Executive Order Number 20-44.

Reporting

Pursuant to s. 288.714, Florida Statutes, within fifteen (15) calendar days after the end of the quarter following the execution of the agreement, the recipient shall provide quarterly reports of program activities. Reports must account for all funds received by recipient under the Program in FY 2021-2022 and in all prior years since FY 2006-2007.

Payment Terms

This will be a cost reimbursement agreement. Recipient must agree to enroll in Electronic Funds Transfer offered by the state’s Chief Financial Officer within thirty (30) days of the date the last party has signed the agreement. In accordance with the funding requirements of s. 215.971, Florida Statutes, to be eligible for reimbursement, the cost must be in compliance with laws, rules and regulations applicable to expenditures of state funds, which include but are not limited to, the reference guide for state expenditures.

Award Range

For FY 2021-2022, $2.225 million is budgeted pending the approval of the Florida state budget. Awards will be divided equally among certified applicants.

Award Date

On or before July 31, 2021. 

How to Submit Applications to DEO

  • To apply, please review the detailed application instructions or visit the Florida Administrative Code, chapter 73C-1.
  • DEO prefers electronic submissions. If you are unable to comply with this request, or require further information regarding the application process, please reach out to Christa Harris at the contact number below. 

Please submit applications via email to:

  • Christa Harris, Program Manager
    Florida Department of Economic Opportunity
    Division of Community Development
    Office of Small and Minority Business Capital
    107 East Madison Street, MSC 160
    Tallahassee, FL 32399-4120
    Phone: (850) 717-8991
    Email: Christa.Harris@deo.myflorida.com
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