Bill Text: FL S1600 | 2020 | Regular Session | Comm Sub
Bill Title: Black Business Loan Program
Spectrum: Bipartisan Bill
Status: (Failed) 2020-03-14 - Died in Appropriations Subcommittee on Transportation, Tourism, and Economic Development [S1600 Detail]
Download: Florida-2020-S1600-Comm_Sub.html
Florida Senate - 2020 CS for SB 1600 By the Committee on Commerce and Tourism; and Senator Powell 577-03459-20 20201600c1 1 A bill to be entitled 2 An act relating to the Black Business Loan Program; 3 amending s. 288.7102, F.S.; requiring that the 4 application process and the annual certification 5 process for the Black Business Loan Program be 6 separate and distinct processes; requiring the 7 department to consider certain factors when assessing 8 applications; requiring that applications contain 9 certain information; revising eligibility requirements 10 for recipients under the program; reenacting s. 11 288.7094(2), F.S., relating to black business 12 investment corporations; providing an effective date. 13 14 Be It Enacted by the Legislature of the State of Florida: 15 16 Section 1. Subsection (2) and paragraphs (b) and (c) of 17 subsection (4) of section 288.7102, Florida Statutes, are 18 amended to read: 19 288.7102 Black Business Loan Program.— 20 (2)(a) The department shall establish an application 21 process and an annual certification process for entities seeking 22 funds to participate in providing loans, loan guarantees, or 23 investments in black business enterprises pursuant to the Black 24 Business Loan Program. The application process and the annual 25 certification process must be two separate and distinct 26 processes. When assessing applications, the department shall 27 consider an applicant’s need, ability, and past performance 28 providing similar business development servicesFlorida Black29Business Investment Act. The department shall process all 30 applications and recertifications submitted by June 1 on or 31 before July 31. 32 (b) The loan application must: 33 1. Indicate the maximum possible score an applicant may 34 achieve for each required section of the application; 35 2. Require an applicant to: 36 a. Document his or her past performance under any similar 37 business development program; and 38 b. Indicate whether he or she previously provided loans, 39 loan guarantees, or investments to black business enterprises as 40 an employee of a public agency, as defined in s. 288.9603, and, 41 if so, identify the programs for which such services were 42 performed; and 43 3. Indicate that the required cash match funds may be funds 44 that were provided by a public agency. 45 (4) To be eligible to receive funds and provide loans, loan 46 guarantees, or investments under this section, a recipient must: 47 (b)For an existing recipient, annuallySubmit to the 48 department a financial audit performed by an independent 49 certified public accountant for the most recently completed 50 fiscal year, which audit does not reveal any material weaknesses 51 or instances of material noncompliance. An existing recipient 52 must annually submit such audit. 53 (c) New and existing recipients mustForanewrecipient: 54 1. Demonstrate that its board of directors includes 55 citizens of the state experienced in the development of black 56 business enterprises. 57 2. Demonstrate that the recipient has a business plan that 58 allows the recipient to operate in a manner consistent with this 59 section and the rules of the department. 60 3. Demonstrate that the recipient has the technical skills 61 to analyze and evaluate applications by black business 62 enterprises for loans, loan guarantees, or investments. 63 4. Demonstrate that the recipient has established viable 64 partnerships with public and private funding sources, economic 65 development agencies, and workforce development and job referral 66 networks. 67 5. Demonstrate that the recipient can provide a private 68 match equal to 20 percent of the amount of funds provided by the 69 department. 70 Section 2. For the purpose of incorporating the amendment 71 made by this act to section 288.7102, Florida Statutes, in a 72 reference thereto, subsection (2) of section 288.7094, Florida 73 Statutes, is reenacted to read: 74 288.7094 Black business investment corporations.— 75 (2) A black business investment corporation that meets the 76 requirements of s. 288.7102(4) is eligible to participate in the 77 Black Business Loan Program and shall receive priority 78 consideration by the department for participation in the 79 program. 80 Section 3. This act shall take effect July 1, 2020.