TALLAHASSEE, Fla.— Since January 2023, FloridaCommerce and the Florida Opportunity Fund, collectively, have provided more than $250 million in loans and venture capital investments to 220 small businesses through the State Small Business Credit Initiative (SSBCI) 2.0 program—generating more than $948 million in matching private investment. Meaning that every $1 loaned or invested generated nearly $4 in immediate private sector return of investment. FloridaCommerce is grateful to partner with Florida First Capital Finance Corporation and the Florida Small Business Development Center Network in this program.
“Under Governor DeSantis’ leadership, small and emerging businesses have become the new benchmark in Florida’s economic success—fostering entrepreneurship and accelerating business growth,” said Florida Secretary of Commerce J. Alex Kelly. “The nearly 6,867 jobs created or retained through the SSBCI 2.0 program reflects the Governor’s continued commitment ensuring Florida remains the #1 state for small and emerging businesses.”
Florida’s SSBCI capital programs facilitate and expand access to funds for small businesses who would otherwise not be able to receive funding and provides businesses with additional resources to facilitate growth and economic development.
Industries eligible for SSBCI 2.0 funds include:
- Accommodation and Food Services
- Administrative and Support
- Waste Management and Remediation Services
- Agriculture, Forestry, Fishing and Hunting
- Arts, Entertainment and Recreation
- Construction
- Educational Services
- Finance and Insurance
- Health Care and Social Assistance
- Manufacturing
- Information
- Professional, Scientific and Technical Services
- Real Estate, Rental and Leasing
- Transportation and Warehousing
- Wholesale Trade
Program funds can be used for:
- Start-up costs and working capital
- Franchise fees
- Upgrading equipment
- Expanding inventory
- Business acquisition
- Refinancing
- The purchase, construction, renovation or tenant improvements of an eligible place of business
In September 2022, FloridaCommerce announced the approval of the state’s SSBCI 2.0 application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. This funding is available in three tranches. In 2023, Florida Commerce announced the availability of $142 in new capital for small businesses and startups through Florida’s SSBCI 2.0 program. In January 2025, FloridaCommerce announced an additional $167 million was available through SSBCI 2.0. SSBCI is administered by FloridaCommerce in partnership with the Florida Opportunity Fund, venture capital partner of FloridaCommerce. The Florida Opportunity Fund generates $7 dollars of private investments for every $1 of SSBCI funds invested.
Since 2019, more than 3.7 million businesses of all sizes have been formed in Florida, more than any other state in the nation. More than 99% of businesses in Florida are small businesses, supporting their local economies and bringing jobs and innovative ideas to every corner of our state.
To be eligible for Florida’s SSBCI capital programs, businesses must be Florida-based and have less than 500 employees for the Capital Access Program and 750 employees for the Loan Guarantee Program and Loan Participation Program. Additionally, businesses must be Florida-based for the Collateral Support Program and have less than 750 employees. If you are interested in participating in the program, contact one of our participating lenders.
For more information about the SSBCI program and eligibility requirements based on the program type, please visit floridajobs.org/FloridaSSBCI.
