Business Development Board
310 Evernia St.
West Palm Beach, FL 33401
Main: 561.835.1008
Fax: 561.835.1160
Financing
Palm Beach County is home to numerous institutions that provide financial assistance to companies in the community. While The Business Development Board (BDB) does not offer any direct financing, our organization regularly coordinates loans and other financial products to assist a wide variety of companies. Whether your company is a small, locally owned enterprise or a larger company interested in tapping international markets, BDB can refer your organization to the institutions that can provide the financial assistance you need to grow your business.
PUBLIC/NON-PROFIT FINANCING SOURCES
The following organizations provide financial products for high-risk and newer businesses or businesses in designated areas.
Black Business Investment Corporation (BBIC)
John Howard, President
2001 Broadway, Suite 250, Riviera Beach, FL 33404
(561) 845-8055; Fax (561) 863-0897
The BBIC is a not-for-profit organization formed by the financial and business community in accordance with the Small and Minority Business Act of 1985. The BBIC's main objectives are to ensure that Black businesses have the opportunity to obtain financing and other resources to compete in the market place, and to foster increased employment and social stability within the Black community.
Enterprise Development Corporation of South Florida
Jane Teague, Executive Director
3701 FAU Boulevard, Suite 210
Boca Raton, Florida 33431
voice:(561) 620-8494
fax: (561) 620-8493
e-mail: edcinfo@edc-tech.org
The Enterprise Development Corp. of South Florida (EDC) is a non profit organization that assists emerging science and technology companies. As South Florida's clearinghouse for entrepreneurs, EDC offers the BusinessLINC mentor/protégé program, manages the Technology Business Incubator located in the Florida Atlantic University Research & Development Park.
Industrial Development Revenue Bonds
Business Development Board of Palm Beach County, Inc.
310 Evernia Street, West Palm Beach, FL 33401
Andrew Duffell, Senior Vice President - aduffell@bdb.org
(561) 835-1008; Fax (561) 835-1160
Palm Beach County Attorney Office
Paul F. King, Assistant County Attorney; pking@co.palm-beach.fl.us
Mary James, Legal Secretary; mejames@co.palm-beach.fl.us
P.O. Box 1989, West Palm Beach, FL 33402-1989
(561) 355-2734; Fax (561) 355-4398
Through the issuance of Industrial Development Revenue Bonds, Palm Beach County provides below-market interest rate financing for fixed asset projects. For qualified borrowers, loans ranging from $2 million to $10 million for terms up to 20 years can be made available at interest rates approximating 75% of the prevailing New York prime rate. Eligible projects can include manufacturing, assembly, printing and food processing, and others in which raw material is converted or combined with other raw material to produce a finished or semi-finished product. Eligible costs can include the purchase of land, construction of new buildings and purchase and installation of new equipment. The purchase and rehabilitation of an existing facility may also qualify.
Enterprise Florida Capital Program
390 N. Orange Ave, Suite 1300
Orlando, Florida 32801
Tel: 407-316-4692
Fax: 407-316-4680
Louis E. Laubscher, Senior Director of Capital Development
The Enterprise Florida Capital Program develops equity and debt capital products to ensure that high-growth Florida businesses have access to appropriate capital to finance growth and create quality jobs. To eliminate gaps in Florida's financial marketplace, capital products are delivered via partnerships with Florida's existing economic development organizations. Debt capital programs include Enterprise Bonds, specialized loan programs and export finance assistance. Equity capital programs include early stage capital to fund business development, Cypress Equity Fund, a $35.5 million venture capital fund and venture network development, which supports venture capital.
Florida Opportunity Fund
The Florida Opportunity Fund is launching the highly anticipated search for venture capital firms to apply for the first series of investments, setting a January 30, 2009 deadline for funds interested in seed and early stage businesses.
For details on the Florida Opportunity Fund go to http://www.floridaopportunityfund.com/
The SB 38-A “Economic Gardening” bill creates a two-pronged economic gardening initiative, to be managed by the Office of Tourism, Trade, and Economic Development (OTTED). This first component will provide low-interest, short-term loans to eligible businesses for working-capital expenses, employee training, and salaries of new employees. This second component includes a third-party contractor with expertise in business outreach and development. The third-party contractor will work with eligible businesses to assist them with their infrastructure, networking, and mentoring needs. Eligibility requirements are identical for both pilot programs.
nThe businesses must be Florida-based, for-profit companies that employ between 10 and 50 persons
nGenerate between $1 million and $25 million in annual revenues
nExperienced steady growth in gross revenues and employment during 3 of the last 5 years
nBe eligible for the Qualified Targeted Industry tax refund program.
The loans’ terms are for 4 years at 2 percent interest. The maximum loan amount is $250,000. No payment is due until the 12th month, when interest only is due. Subsequently, interest and principle are due each month. The bill was passed by the House and Senate on Wednesday and has been submitted to the Governor for his approval. Upon approval OTTED will set up the administering of the program.
For more information go to www.flsenate.gov or click here to view the SB 38-A legislature
Florida Business Development Corporation
6801 Lake Worth Rd, Suite 209
Lake Worth, Florida 33467
Tel: 561-433-0233
Fax: 561-433-8545
Emanuel Manos, President
The FBDC is the Certified Development Corporation (CDC) authorized by the SBA to provide 504 financing for real estate purposes. The FBDC provides fixed-asset financing (primarily for real estate acquisition) to qualified businesses in conjunction with participating banks.
Florida Atlantic University- Small Business Development Center
Boca Raton - FAU Boca Raton Campus
777 Glades Road, T-11
Boca Raton, FL 33431-0991
Tel (561) 297-1140
Fax (561) 297-1141
email: sbdc@fau.edu
Jupiter - FAU Jupiter Campus
5353 Parkside Drive
SR Bldg. Rm 221
Jupiter, FL 33458
Tel (561) 799-8101
email: ekramer@fau.edu
The FAU SBDC Energy Office provides loans to encourage business owners to undertake projects that will reduce energy consumption and expense. Loans are made from a federal overcharge money fund from the Department of Energy given to Florida Energy Office. Loans are from $1,500 to $75,000.
U.S. Small Business Administration
100 S. Biscayne Blvd, 7th Floor
Miami, Florida 33131
Tel: 305-536-5521
Fax: 305-536-5058
Francisco Marrero, District Director
The U.S. SBA guarantees bank loans for qualified small businesses. A full range of products is available, including loan guarantees for loans under $50,000 and revolving line of credit guarantees for exporters.
INTERNATIONAL FINANCING PROGRAMS
Export-Import Bank of U.S.
SE Regional Office
777 NW 72nd Ave., Suite 312
Miami, Florida 33126
Tel: 305-526-7436
Fax: 305-526-7435
James T. Morris, Director
The Export-Import Bank of the United States is an independent U.S. Government agency that helps finance the overseas sale of U.S. goods and services. It provides working capital loan guarantees and credit insurance to qualified exporters.
ACCION, USA
111 SW 5 Avenue
Miami, FL 33130
Tel: 305-549-3360
Fax: 548-3348
www.accionusa.org
Luz Gomez, Director
MICRO LOANS
Two not-for-profit organizations have funds for micro-enterprise lending program throughout Palm Beach County. Loans ranging from $500 to $25,000 are available for start-up or small-scale business.
Treasure Coast Enterprise Fund, Inc.
301 E Ocean Boulevard
Suite 300
Stuart, FL 34993
772-221-4060 phone
772-221-4067 fax
tcef@tcrpc.org
Business Loan Fund
2110 N. Florida Mango Rd., 2nd Floor
West Palm Beach, FL 33409
Tel: 561-478-2337
Fax: 561-478-2339
The Business Loan Fund's purpose is to improve the economies in distressed communities by lending to small business owners and the sponsors of community development efforts benefiting low and moderate-income individuals. The Fund's lending approach is multi-faceted and includes both financing and the development of micro-enterprises and small businesses. The Fund raises equity and borrows capital from public and private investors and then lends these funds at reasonable rates and terms. It directly provides critically needed technical assistance to business loan applicants, both before and after closing, and also directly through a network of business resource centers and small business incubators.
PRIVATE FINANCING SOURCES
Debt Financing
Miami-Dade County's commercial banks, thrift institutions, and state licensed foreign bank agencies provide a complete menu of loan products to meet the needs of most growing companies. In addition, Palm Beach County offers a wide array of bank alternatives, such as factors, commercial finance, leasing, second mortgage companies and public-private programs that may finance newer or higher-risk businesses.
Equity Financing
Palm Beach County offers several options for companies seeking equity financing. Venture capital funds finance companies with innovative products or services and high growth potential. Investments usually start at $500,000. Venture capitalists expect to earn 40 to 60 percent annualized returns and to sell out in three to five years. Small Business Investment Companies, or SBIC's, provide equity financing to emerging firms and have more flexible criteria than venture capitalists. Other equity options include initial public offerings, limited public offerings, and private placements. Investment bankers and stock brokerage firms usually underwrite these deals; legal or accounting firms serve as intermediaries.
New World Angels
New World Angels (NWA) is a group of private investors dedicated to providing equity capital to early and mid-stage entrepreneurial companies. Our primary focus is on companies based in South Florida.
New World Angels, Inc.
3701 FAU Blvd., Suite 210
Boca Raton, Florida 33431
Telephone: 561-620-8494, FAX: 561-620-8493
SMALL BUSINESS ASSISTANCE
Service Corps of Retired Executives (SCORE)
100 S. Biscayne Blvd, 7th Floor
Miami, FL 33131
Tel: 305-536-5521
Fax: 305-573-9393
www.scoremiami.com
Marc Rosenthal, Chairman
SCORE offers one-on-one counseling and workshops on start-ups, marketing, financial management, and personnel to all types of enterprises.
MINORITY BUSINESS ASSISTANCE
CAMACOL The Latin Chamber of Commerce of the United States
1417 W Flagler Street
Miami, Florida 33135
Tel: 305-642-3870
Fax: 305-642-0653
William Alexander, President
Program includes business assistance, trade missions, business relationships throughout Latin America and the Caribbean, and an in-house employment bureau.
The Hispanic Chamber of Commerce of Palm Beach County
809 North Dixie Hwy, Second Floor
West Palm Beach, FL 33401
www.palmbeachhispanicchamber.com
561-832-1986
The Hispanic Chamber of Commerce of Palm Beach County is the information source to help, develop and grow the area's Hispanic market. It provides economic and demographic data on the strength and future growth of the Hispanic market; represents and helps Hispanic enterprises in their business endeavors; and develops ties with non-Hispanic businesses that utilize the resourses of the Hispanic market for commerce and employment.
Florida Regional Minority Business Council
9499 NE 2 Ave, Suite 201
Miami, Florida 33138
Tel: 305-260-9901
Fax: 305-260-9902
www.frmbc.org
Beatrice Louissaint, President
FRMBC fosters the development of business relationships between member corporations, universities, financial institutions and minority-owned business. Programs are designed to introduce minority suppliers to corporate members and to secure purchase orders and contracts for minorities.
For more information contact:
Relocating Companies: Andrew Duffell at aduffell@bdb.org
Local Companies: Becky Magaw at bmagaw@bdb.org
