The Florida Senate

288.7091  Duties of the Florida Black Business Investment Board, Inc.--The Florida Black Business Investment Board, Inc., shall:

(1)  Establish certification criteria for black business investment corporations and certify at least once every 5 years, each of the black business investment corporations. Certification criteria shall include administrative capacity, fiduciary controls, and, in the case of existing black business investment corporations, solvency and soundness of prior loan decisions;

(2)  Ensure that any appropriations by the Legislature to the corporation on behalf of the black business investment corporations are provided to the corporations in the manner and amount prescribed by the Legislature;

(3)  Work with Enterprise Florida, Inc., and local economic development organizations to promote the retention and expansion of existing black business enterprises and to promote the formation and recruitment of new black business enterprises;

(4)  Develop a memorandum of understanding with Enterprise Florida, Inc., that outlines a strategy for collaboration with the programs, activities, and committees or similar units of Enterprise Florida, Inc., which memorandum of understanding shall provide for Enterprise Florida, Inc., to contract with the corporation, where practicable, for the delivery of economic development services relating to black business enterprises;

(5)  Include in the criteria for loan decisions, occupational forecasting results set forth in s. 216.136(7) which target high growth jobs;

(6)  Facilitate the formation of black business investment corporations in communities that are not currently served by such corporations and establish, in communities that are not currently served by an existing black business investment corporation, memoranda of understanding with local financial institutions that will provide loan guarantees for loans to black business enterprises;

(7)  Develop memoranda of understanding with the Departments of Education, Transportation, Community Affairs, and Management Services, as well as with Workforce Florida, Inc., and the State Board of Education, detailing efforts of common interest and collaborations to expand black business development;

(8)  Intensify efforts to increase the number of franchises owned by black businesses and the number of black business enterprises in construction and construction-related projects, with emphasis on construction projects financed by federal, state, or local governments; and

(9)  Annually, prepare a report detailing the performance of each black business investment corporation, addressing the number of jobs created and/or retained, success and failure rates among loan recipients, and the amount of funds leveraged from other sources.

(10)  Annually, provide for a financial audit as defined in s. 11.45 of its accounts and records by an independent certified public accountant. The audit report shall be filed within 12 months after the end of the fiscal year to the Governor, the President of the Senate, the Speaker of the House of Representatives, and the Auditor General.

History.--s. 1, ch. 94-271; s. 62, ch. 96-320; s. 53, ch. 2000-371; s. 4, ch. 2002-180; s. 24, ch. 2003-1; s. 3, ch. 2003-268; s. 44, ch. 2005-152.