Before starting up any venture or looking at growth opportunities, the owners are more than often confronted with issues regarding the financial capabilities of the firm. The answers to the question are rather limited. One can either use up the firm's retained profits or borrow from external parties. The absence of the requisite funds by means of retained profits is a normal scenario especially for growing firms which eat up more than they produce. Obtaining funds by way of loans is then the only solution.
Business loans are available for various projects and on various conditions in Florida. There are certain prerequisites (as in every country or state) that must be obliged to, to make funds available. In other words to take up a loan you must prove your worth by way of depositing collaterals, personal guarantees and / or any other means of security as an enabler of loan.
The business loans offered in Florida include special project loans for small busines ses and minority groups among the other regular financing schemes. Amid the various loan programs offered in Florida, the key ones are enumerated:
1. Enterprise bond programs: A state initiative that offers low interest, tax exempt bonds. The program is catered to manufacturing and non profit organizations
2. U.S. Small Business Administration (SBA) programs administered for smaller businesses. Include Basic 7(a) Business Loan Program, provided by lenders on guaranty basis, Micro-Loan Program for startup and growth and CDC/504 Loan Program as a long term financing tool for economic development. CDC/504 caters to financing for fixed assets.
3. U.S. Dept of Agriculture-Rural & Unincorporated Areas provides financial aid for public utilities and agricultural initiatives.
4. U.S. Dept of Commerce-Economic Development Administration caters to areas of economic development.
5. Financing destinations for international trade loans and grants: Inclu des two key lenders namely Florida Export Finance Corporation (FEFC) and The Export-Import Bank. Former is loaded with the responsibility of expanding employment opportunities by way of increasing export business, while the later is an independent US government agency also looking into employment creation arena.
6. Front Porch Micro credit Loan Program: Aimed to increase access to small minority businesses. Maximum limit available for loans is $ 15000
7. Florida Black Business Investment Board - Franchise Finance and Development Program (FFDP): Extends loans to franchisee businesses that are at least 51 % controlled by an ethnic minority
8. Minority Business Development Agency (MBDA): The only federal agency established for the purposes of helping minority businesses to grow by way of extending business development services.
9. Florida State Programs - Office of Supplier Diversity: Caters to women owned and minority owned businesses.
Additiona lly Florida Dept of Community Affairs - Division of Housing and Community Development offers programs to improve the housing facilities and other development projects like projects that promote job creation for low and moderate income groups.
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