The EpiCenter, 13805 58th Street N., Suite 1-200, Clearwater, FL

Pinellas County
Business Development Center

Phone: (727) 453-7200 • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

www.pced.org/eg

 

Eligibility Pre-Qualifications

An applicant must be a business eligible for assistance as provided in Statute 288.1082.

•The business must be a for profit business legally authorized to do business in the State of Florida.
•The business must employ at least 10 but less than 50 employees.
•The business must generate at least $1 million but no more than $25 million in revenues annually.
•The business must have maintained its principal place of business in the state of Florida for at least the previous 2 years.
•The business must qualify for the tax refund program for qualified target industry businesses.
•The business must have increased both its number of full-time equivalent employees and gross revenues in the state of Florida during 3 of the previous 5 years.

Such business loans will be a minimum of $50,000 and a maximum of $250,000 and may be used for working capital purchases, employee training, or salaries for newly created jobs. One (1) job must be created for every $50,000 borrowed.

Section 288.1081, F.S. addresses the Economic Gardening Loan Pilot Program and the eligibility requirements for an applicant to qualify for a loan. In Section 288.1081(4), F.S. it states that the applicant must also provide “other information necessary to verify the applicant’s eligibility for the pilot program under Section 288.1082(4)(a).
According to Section 288.1082(4)(a), F.S. it states the following:  “To be eligible for assistance under the pilot program, a business must be a for-profit, privately held, investment-grade business that employs at least 10 persons, has maintained its principal place of business in the state for at least the previous 2 years, generates at least $1 million but not more than $25 million in annual revenue, qualifies for the tax refund program for qualified target industry businesses under s. 288.106, and , during 3 of the previous 5 years, has increased both its number full-time equivalent employees in this state and its gross revenues”.

Interest only is due during the first 12 months of the loan, after which the loan is amortized over the remaining 3 years. Interest rates will be a minimum of 2% and a maximum of prime rate published in the Wall Street Journal plus 4%.

Collateral will be all of the borrower’s corporate assets necessary to fully collateralize the loan.