Florida State Small Business Credit Initiative (SSBCI)
About the Program
State Small Business Credit Initiative (SSBCI)
Overview
SSBCI, administered by FloridaCommerce in partnership with the Florida Opportunity Fund and Florida First Capital Finance Corporation, has five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses.
This multi-year initiative is part of Governor Ron DeSantis’ large-scale effort to prioritize workforce development, cultivate a business-friendly environment and stimulate aggressive economic growth.
In September 2022, FloridaCommerce announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million – is ready for deployment.
Florida’s SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. These funds will support very small businesses as well as businesses owned or controlled by socially and economically disadvantaged individuals, including minority-owned, women-owned, veteran-owned, rural or other targeted small business populations across the state.
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