Federal Economic Stimulus Package Information
• Temporarily raises guarantees to up to 90 percent on SBA's 7(a) loan program, through calendar year 2009, or until the funds are exhausted. This increase in guarantee levels will help provide banks with the greater confidence they need to extend credit during the current recession, will mean more capital available to small business owners around the country.
• Temporarily eliminates fees for borrowers on SBA 7(a) loans and for both borrowers and lenders on 504 Certified Development Company loans, through calendar year 2009, or until the funds are exhausted. This will mean more capital available to small businesses at a lower cost. The fee elimination is retroactive to February 17, 2009, the day the Recovery Act was signed. SBA is developing a mechanism for refunding fees paid on loans since then.
• Business Stabilization Loans create new SBA loan program providing deferred-payment loans up to $35,000 to viable small businesses to make payments on an existing, qualifying loan for up to six months. Loans will be 100 percent guaranteed by SBA. Repayment begins 12 months after loan is fully disbursed. Bill provides $255 million for this new program.
For more information on these programs, contact the Small Business Development Center at University of North Florida at (904) 620-2476 or contact Janice Donaldson, Regional Director, at (904) 620-2479 or jdonalds@unf.edu.
Economic Gardening Bills
The State Legislature passed "economic gardening" bills that will help stimulate Florida's economy. Economic gardening is a strategy designed to grow jobs from within a region or state. The bill passed as part of Governor Crist's economic stimulus plan and focuses on helping small businesses with financing working capital purchases, training existing employees and hiring new employees. This pilot program will begin in June 2009. To view the full bill, click here.
The Small Business Development Center at University of North Florida is the primary contact for this program in our region. You can contact them at (904) 620-2476 for more information.
Emerging 200 Initiative
Jacksonville is one of five new cities being added to the U.S. Small Business Administration's Emerging 200 initiative; a federal program designed to assist small businesses within inner cities. Twenty small businesses in each city will be invited to participate in the program where owners of the selected businesses will be taught strategies to grow and improve their business. The other cities being added to the program are Detroit, Dallas, Denver and Portland. Visit www.sba.gov/e200 to learn more about the program.
The Small Business Development Center at University of North Florida is the primary contact for this program in our region. You can contact them at (904) 620-2476 for more information.
Enterprise and Empowerment Zones
Jacksonville's Enterprise and Empowerment Zones provide numerous state and federal incentives to businesses operating within them. The JEDC works as the liaison and program administrator between local businesses and the state to facilitate the program's incentives. Click here to see if your business is located within the Enterprise or Empowerment Zone.
Contact Joe Whitaker at (904) 630-1624 or josephw@coj.net or click here for more information about the programs.
State and Local Incentives
There are several incentives available to eligible and approved companies looking to relocate or expand in Jacksonville. Program requirements vary but generally depend on wages, location and industry. Click here for more information.