Take Advantage of the Florida Microfinance Programs
Small business alert: applications are being accepted for two loan programs, according to Florida’s Department of Economic Opportunity.
The Florida Microfinance Programs provide Entrepreneurs and Small Businesses in Florida access to credit. The Act consists of two programs: a Loan Program and a Guarantee Program.
Eligibility for the Microfinance Loan and Microfinance Guarantee programs is limited to businesses and entrepreneurs with 25 or fewer employees and average gross annual revenues of $1.5 million.
“Programs like these support the small businesses that are the backbone of the state’s opportunity economy and job growth,” said DEO Executive Director Jesse Panuccio.
Under the Florida Microfinance Programs, administrators can 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 guarantees up to 50 percent of loans offered by a bank for between $50,000 and $250,000.
Get more information and the list of loan administrators.