Florida Gets Nearly $98 Million to Boost Private Lending
Wednesday, August 17, 2011
By: Nicole Creston

August 16, 2011 | WMFE - Florida's small business sector got a shot in the arm Tuesday, in the form of federal funds meant to expand small-business lending.

US Treasury officials joined Florida US Senator Bill Nelson to make the announcement.

The money is part of the Small Business Jobs Act signed into law by President Obama in 2010.  

“We passed this bill last fall,” said Senator Bill Nelson during a conference call with reporters. “It’s taken this long to get it implemented. But finally it is being implemented, and not a moment too soon.” 

Florida was one of eleven states that made the cut, plus the District of Columbia. Florida received the largest amount - $97.7 million. Ohio got the second highest allotment, with $55.1 million.

Nelson says the funds will unlock credit for Florida’s small businesses, and that’s key to creating more jobs. 

“This money being lent, rounded to $100 million, it is going to produce $1 billion of loans for small business in Florida,” explains Nelson. “That is going to be a significant, I think, step forward.”

To qualify for the funding, states had to show how they’d squeeze a minimum of ten dollars in new private lending from every dollar in federal funding.  

A partnership between the public-private Enterprise Florida and the state Office of Tourism Trade and Economic Development will oversee the funds.