State Seeds “Economic Gardening” Program

In the Legislature’s recent Special Session devoted to cost-cutting, one bright spot could be found. Recognizing the need to provide companies with the ability to create jobs in this economy, the Florida Legislature approved SB38, which establishes a $10 million pilot program to provide assistance to Florida’s small businesses with immediate ability to expand. The Governor’s approval is expected.

“Knowing the challenges that the current economic crises brings to businesses across the state,” said Leslie Hielema, President of the Orlando Regional Chamber of Commerce, “we will be following this program closely and will keep our members updated on specific opportunities that will be available for Central Florida entrepreneurs and small businesses.”

 

Known as the “Economic Gardening” program, this bill creates a two-pronged initiative, to be managed by the Governor’s Office of Tourism, Trade, and Economic Development (OTTED).

The first component is the Economic Gardening Business Loan Pilot Program, which will provide low-interest, short-term loans to eligible businesses for working-capital expenses, employee training, and salaries of new employees. The second component is the Economic Gardening Technical Assistance Pilot Program, where a third-party contractor with expertise in business outreach and development will work with eligible businesses to assist them with their infrastructure, networking, and mentoring needs.

 

Eligibility requirements are identical for both pilot programs:

  • Florida-based, for-profit companies that employ between 10 and 50 persons;
  • Generate between $1 million and $25 million in annual revenues;
  • Experienced steady growth in gross revenues and employment during 3 of the last 5 years;
  • Eligible for the Qualified Targeted Industry tax refund program.

The loan's terms are for four years at two percent interest. The maximum loan amount is $250,000. No payment is due until the 12th month, when interest only is due. Subsequently, interest and principle are due each month.

While application details are pending, we will keep you posted as this new financing opportunity develops.

Central Florida Partnership - Ideas to Results
Improving Central Florida’s economic vitality and quality of life by focusing on transportation, public policy advocacy, regional leadership, entrepreneurial growth and regional planning.  

Orlando Regional Chamber of Commerce
Shaping our community’s future by focusing on what matters to the millions of people who call Central Florida home. Your business.  Your community.  Your future.  Your chamber.  

For additional information, visit:
www.centralfloridapartnership.com
www.orlando.org

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