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DEO Microfinance Loan Programs Now Accepting Applications

Apr 02, 2015


TALLAHASSEE – In furtherance of the Florida Department of Economic Opportunity’s (DEO) efforts to help small businesses, loan administrators are now accepting applications for the Microfinance Loan Program and Microfinance Guarantee Program. Both programs are designed to help Florida small businesses and entrepreneurs gain access to capital. Eligibility for these programs is limited to small businesses and entrepreneurs with 25 or fewer employees and average gross annual revenues of $1.5 million or less. 

                                       
DEO Executive Director Jesse Panuccio said, “These two new microfinance programs will provide entrepreneurs and small businesses with capital to help their businesses thrive in Florida. Programs like these support the small businesses that are the backbone of the state’s opportunity economy and job growth.”

In the Microfinance Loan Program, loan administrators will provide a one-to-one match to make short-term microloans of up to $50,000 to small businesses and entrepreneurs. Each loan is contingent upon the borrower completing business training and receiving technical assistance from the Florida Small Business Development Network.

The Microfinance Guarantee Program provides credit enhancement on loans offered by a bank for between $50,000 and $250,000. Upon meeting certain qualifications, the State of Florida will guarantee each loan up to 50 percent with the help of Enterprise Florida, Inc. (EFI), the administrator of the guarantee program. This program aims to help Florida entrepreneurs and small businesses gain access to capital. 

Application periods for both programs are now open. Interested eligible businesses may contact a loan administrator for details and to apply. For more information and a list of loan administrators, visit www.floridajobs.org/microfinanceprograms.


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