Economic Gardening Stimulus Plan Targeting Florida’s Small Businesses
In January 2009, Governor Charlie Crist unveiled his Economic Gardening Stimulus Plan, a proposal to help Florida’s small businesses expand and reach their fullest potential. The aim is to create new jobs and build a stronger economy for current and future generations of Floridians. Now more than ever, small Florida businesses need the resources to grow. By helping them build their futures now with a modest investment of taxpayer dollars, Florida can plant the seeds that our homegrown businesses need to flourish.
This two-pronged plan would require a state investment of no more than $10 million. A loan program of up to $8.5 million would support companies with between 10 and 50 employees that demonstrate high potential for growth and expansion. The loans, up to $250,000 per business, would help these companies purchase new capital, train existing employees, and hire new workers. In addition, the Governor’s plan calls for up to $1.5 million for economic stimulus. This economic infrastructure will assist small businesses so they can grow and prosper.
Already, Florida provides support and incentives for new startup businesses and for larger companies in specific sectors that are considering relocation to Florida. Targeting small businesses in Florida that are ready to expand and create new jobs represents a pioneering addition to the state’s broader economic development policy. By providing the help that small businesses need to expand now, the state can help create new jobs even during challenging economic times.
Research and data have proven the wisdom in focusing on the expansion of small, existing businesses. Businesses of this size have the highest potential for growth and new jobs creation. Between 1997 and 2007, more than 17 percent of the new jobs created in Florida came from small businesses that expanded. That was more than the new jobs created by newly opened businesses or companies that relocate to Florida. And between 2005 and 2007, just 8 percent all Florida establishments were companies with 10 to 99 employees. Yet those companies created nearly 36 percent of the new jobs during that period. These are significant, impressive numbers that illustrate the wisdom in adding this plan to our economic development strategies such as Accelerate Florida.
Florida is feeling the effects of the economic adjustments that are impacting the nation, and we must continue to explore pioneering and smart avenues to strengthen our economy. These challenging economic conditions require us to join together, and with multiple approaches, to aggressively focus available resources on activities that keep Floridians employed and move our economy forward.
By making this conservative investment in our small businesses, we can make a dramatic and positive impact on Florida’s economy and your quality of life for decades to come.
The Office of Tourism, Trade and Economic Development (OTTED) has selected the Black Business Investment Fund of Central Florida, Inc. (BBIF) to serve as the third-party Loan Administrator to the Economic Gardening Business Loan Pilot Program.
If you are interested in seeking a loan under the Economic Gardening Business Loan Pilot Program, please contact the BBIF:
Black Business Investment Fund
315 East Robinson Street, Suite #660
Orlando, Florida 32801
Phone: 407-649-4780
Website: www.bbif.com
Email: info@bbif.com
The Economic Gardening Technical Assistance Pilot Program, Section 288.1082, F.S., allows for up to $1.5 million toward economic stimulus. The purpose of this pilot program is to stimulate investment in Florida’s economy by providing technical assistance to expanding businesses in the state. These technical assistance resources shall include, but are not limited to: access to informational services, consulting services, including information on markets, consumers and competitors, geographic information systems and search engine marketing.