Economic Gardening Business Loan Pilot Program - Statute Revision Petition

The Economic Gardening Business Loan Pilot Program (EGBLP) was created in 2009 out of Section 288.1081, Florida Statutes, within the Office of Tourism, Trade, and Economic Development (OTTED).  The Economic Gardening Business Loan Pilot Program (EGBLP) is to support those small stage 2 businesses for working capital, employee training or salaries for newly created jobs in Florida. We need your support in making this pilot program a permanent revolving loan program for these stage 2 businesses, revenues greater than $1 Million. We ask for your support on these bills: 

HB 0775 – Representative Bernard Mack 
SB 1184 – Senator Gary Siplin 

These bills revise Section 288.1081 and Section 288.1082, which address the Economic Gardening Loan Pilot Program by making the pilot a permanent revolving loan program for small stage 2 businesses. 

Over the past 16 months, 92 loan applications requesting $20 Million were received by BBIF, the administrator. Of those applicants, 37 loans have been approved totaling $7.3 Million. These loans were granted to Stage 2 businesses across the state. The funding pool has enough funds remaining, to award 3-4 more loans which will more than likely be approved in mid-March, since there are viable applications being underwritten at this moment. The Economic Gardening Business Loan clients have been paying their loans on time and have created or sustained a total of 1117 jobs in Florida. These jobs have an average salary of $40,124. The businesses have aggregate annual revenues of $133 Million and have made an economic impact of $298 Million in Florida’s economy. EGBLP’s return on investment (ROI) to Florida’s investment of $8.5 Million is 3,400%. Flexibility needs to be allowed in the legislation for the administrator to consider what factors impacted the business’s ability to create jobs. Rather than the funds coming back into general revenue in small payments, as currently is required by Florida, this bill reinvest the dollars back into continuing to make loans and investing in Florida small businesses. 

By adding your name to the list of petitioners you are supporting the noted statute changes which will allow for more of Florida's small business to be impacted by this one-of-a-kind pilot program.

Sponsor

BBIF of Central Florida - Economic Gardening Business Loan Pilot Program Administrator Contact info: BBIF of Central Florida 315 E Robinson Street, Suite 660 Orlando, FL 32801 p: 407.649.4780 f:408.649.8688 w: www.bbif.com

Links

BBIF website: http://www.bbif.com

Info related to Senate bill filing: http://www.flsenate.gov/Session/Bill/2011/1184/Analyses

Info related to House bill filing: 
http://www.flsenate.gov/Session/Bill/2011/775

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