In 2002, there were 3,339 business start-ups in Seminole County which is a staggering number by any measure. The Small Business Administration reported for the nine months ending June 30, 2003, 96 loans were approved in Seminole County with a total value over 16 million. There are a variety of resources for small business to plug into to plan their future. Here are just a few.
Seminole County has partnered with the Seminole County Port Authority and the Orlando Sanford International Airport to establish small business incubator space for new start-up companies. The partnership is complimented by the Seminole Community College Small Business Development Center located at the Port. Over the six year history of the SBDC, over 2000 business clients have been assisted and 18.3 million in capital investment secured.
Small Business Administration Loans (PDF) [579KB]
Florida First Capital Finance Corporation (FFCFC) has been established to assist companies in the packaging of SBA 504, SBA 7A, Recycling Loans and Energy Loans. The Metro Orlando EDC facilitates meetings with FFCFC and the company. The SBA 504 loan is for the acquisition, construction of owner-occupied commercial real estate or for the purchase of equipment. The benefits include fixed-rate financing, lower down payment, long-term maturities, reduced monthly payments, and conservation of capital. Loan size can vary from $250,000 to $10,000,000.
The Florida Black Business Investment Board Franchise Finance and Development Program
The Florida Black Business Investment Board Franchise Finance and Development Program (FFDP) makes loans / investments in franchise businesses that are at least 51% owned, controlled and managed on a day to day basis, by an ethnic minority that exercises executive control of the franchise business. The FFDP can make loans / investments anywhere in Florida, but the target areas are urban and rural communities. The FFDP will provide debt and equity financing up to $500,000 for a term up to 10 years (if real estate, term can be up to 15 years). The interest rate charged will be fixed and will not be greater than 12%. The FFDP will subordinate its collateral position when necessary. Main Office: Tallahassee (850) 487-4850
Front Porch Microcredit Loan Program
As part of Florida’s Front Porch Initiative, a Microcredit Loan Program was established to increase access to capital that will seed money to stimulate minority small business entrepreneurship. Through this fund, small amounts (up to $15,000) will be loaned to people who might not otherwise qualify for conventional lending. This money will be used for start-ups of cottage industries and micro-enterprises. The program consists of both a technical training component and a loan component. Borrowers will be matched with a business advisor who will provide guidance and education about business start-ups. More information can be obtained by contacting: Tallahassee (850) 878-5125.
Small Business Innovation Research Program (SBIR)
SBIR is a highly competitive program that encourages small business to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation's R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs. For more information, visit their website.