State Small Business Credit Initiative. Increasing Access to Capital for Florida s Small Businesses

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1 State Small Business Credit Initiative Increasing Access to Capital for Florida s Small Businesses

2 SMALL BUSINESS JOBS ACT OF 2010 Created the State Small Business Credit Initiative (SSBCI). $1.5 billion available from the U.S. Department of Treasury to establish or strengthen state programs that increase access to private capital for small businesses. By leveraging private capital, the SSBCI is expected to spur up to $15 billion in lending to small businesses.

3 SSBCI FLORIDA ALLOCATION Florida was awarded $97 million. By leveraging private capital the Florida programs are expected to spur up to $970 million in small business lending. The allocation of funds per state is set by a statutory formula based on the unemployment rate. States allocations are available at Funds will be disbursed in 3 installments. The first installment of $32,228,575 is available now to use for approved programs. 80% of the first federal disbursement must be obligated before the successive thirds can be received. Funds must be obligated within 2 years.

4 APPROVED STATE PROGRAMS Eligible program types and use of funds are prescribed by the Act and the U.S. Treasury Policy Guidance. Florida s approved programs are: Capital Access Program Venture Capital Program (EFI) Small Business Loan Support Program (EFI)

5 CAPITAL ACCESS PROGRAM (CAP) The CAP is a loan portfolio insurance program that enables lenders to make loans that fall just outside their conventional lending standards. Loans enrolled in the CAP may be covered up to 100% on certain defaults. The lender and borrower pay an up-front premium (2-7%) into a reserve fund held at the originating financial institution. SSBCI funds are used to match the combined lender/borrower contribution by depositing cash into the lender held reserve fund. As the reserve account grows, so does the lender s cash collateral to cover losses on its entire portfolio of CAP loans.

6 HOW DOES A CAP WORK?

7 ELIGIBLE BORROWERS Target: Small Business unable to find financing for expansion Businesses located and legally authorized to do business in Florida. Small businesses with up to 500 employees (with some flexibility). For-profit and not-for-profit businesses are eligible Certain businesses/activities are ineligible, e.g., speculative activities, passive real estate investments, firms involved in lending activities, gambling activities

8 ELIGIBLE LOAN TYPES AND USES Loans up to $5 million- the average CAP loan trends in other states = $60,000. Broad eligibility on loan types, but usually term loans and lines of credit Must be used for a business purpose, including but not limited to: Start up costs, working capital, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment. Certain uses are prohibited such as, the unguaranteed potions of SBA guaranteed or other federally guaranteed loans

9 LENDER BENEFITS Mechanism to provide loans to small businesses that may not otherwise be able to obtain a loan under conventional underwriting. Expands the small business customer base. Limits exposure to loses through a reserve fund. Lenders are able to cover portions of loans that exceed risk thresholds normally set for business loans. A lender s reserve fund accumulates with each CAP loan, so lenders have an incentive to originate more CAP loans and build a larger reserve. No cost to participate, no required loan volume, no require audit. Lender Flexibility Lenders set all the terms and conditions of the loans and decide which loans to enroll in the CAP. Lenders determine the premium level to be paid by the borrower and lender (within the parameters of the program). Lenders can pass the lender fee off to the borrower. No state review of lender underwriting.

10 WHAT TYPES OF LENDERS CAN PARTICIPATE? Lenders may include: Qualified Public Depositories Federally Insured Banks and Credit Unions Community Development Financial Institutions Lenders must demonstrate sufficient commercial lending experience and financial and managerial capacity to participate.

11 HOW CAN LENDERS PARTICIPATE? DEO will work with lenders through a participation agreement. Once an agreement is signed and the Reserve Account is open, the lender can begin enrolling CAP loans. Loans are enrolled with the state via a one page enrollment form.

12 OTHER CREDIT SUPPORT PROGRAMS Contract with Enterprise Florida, Inc. Administrator two SSBCI program areas Venture Capital Program Small Business Loan Support Program Loan Participation Program Loan Guarantee Program Direct Loan Program SBA 504 Bridge Loan Program Export Direct Loan and Loan Guarantee Programs

13 FOR MORE INFORMATION For general SSBCI information and CAP program information or to become a Participating Lender contact, Brook Pace, Bureau of Economic Development (850) For Venture Capital and Small Business Loan Support Program information contact, David Rodriquez, EFI (407)

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