| 1 | Representative G. Thompson offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Remove lines 66-124 and insert: |
| 5 | (3)(a) To be eligible for a loan under the pilot program, |
| 6 | an applicant must be a for-profit, privately held business that |
| 7 | has maintained its principal place of business in the state for |
| 8 | at least the previous 2 years. The pilot program shall authorize |
| 9 | two tiers of loans: |
| 10 | 1. To be eligible for a Tier I loan, an applicant must be |
| 11 | an investment-grade business that employs at least 10 persons |
| 12 | but not more than 99 persons, generates at least $1 million but |
| 13 | not more than $50 million in annual revenue, qualifies for the |
| 14 | tax refund program for qualified target industry businesses |
| 15 | under s. 288.106, and, during the previous 2-year period, has |
| 16 | increased its number of full-time equivalent employees in this |
| 17 | state by at least 10 percent. |
| 18 | 2. To be eligible for a Tier II loan, an applicant must be |
| 19 | a minority business enterprise as defined in s. 288.703 that |
| 20 | employs at least 3 persons but not more than 9 persons and |
| 21 | generates at least $50,000 but not more than $250,000 in annual |
| 22 | revenue. |
| 23 | (b) A loan applicant must submit a written application to |
| 24 | the loan administrator in the format prescribed by the loan |
| 25 | administrator. The application must include: |
| 26 | 1. The applicant's federal employer identification number, |
| 27 | unemployment account number, and sales or other tax registration |
| 28 | number. |
| 29 | 2. The street address of the applicant's principal place |
| 30 | of business in this state. |
| 31 | 3. A description of the type of economic activity, |
| 32 | product, or research and development undertaken by the |
| 33 | applicant, including the six-digit North American Industry |
| 34 | Classification System code for each type of economic activity |
| 35 | conducted by the applicant. |
| 36 | 4. The applicant's annual revenue, number of employees, |
| 37 | number of full-time equivalent employees, and other information |
| 38 | necessary to verify the applicant's eligibility for the pilot |
| 39 | program under paragraph (a). |
| 40 | 5. The projected investment in the business, if any, that |
| 41 | the applicant proposes in conjunction with the loan. |
| 42 | 6. The total investment in the business from all sources, |
| 43 | if any, that the applicant proposes in conjunction with the |
| 44 | loan. |
| 45 | 7. The number of net new full-time equivalent jobs that, |
| 46 | as a result of the loan, the applicant proposes to create in |
| 47 | this state as of December 31 of each year and the average annual |
| 48 | wage of the proposed jobs. |
| 49 | 8. The total number of full-time equivalent employees the |
| 50 | applicant currently employs in this state. |
| 51 | 9. The date that the applicant anticipates it needs the |
| 52 | loan. |
| 53 | 10. A detailed explanation of why the loan is needed to |
| 54 | assist the applicant in expanding jobs in the state. |
| 55 | 11. A statement that all of the applicant's available |
| 56 | corporate assets are pledged as collateral for the amount of the |
| 57 | loan. |
| 58 | 12. A statement that the applicant, upon receiving the |
| 59 | loan, agrees not to seek additional long-term debt without prior |
| 60 | approval of the loan administrator. |
| 61 | 13. A statement that the loan is a joint obligation of the |
| 62 | business and of each person who owns at least 20 percent of the |
| 63 | business. |
| 64 | 14. Any additional information requested by the office or |
| 65 | the loan administrator. |
| 66 | (c) The loan administrator, after verifying the accuracy |
| 67 | of a submitted application, shall award the loan to the |
| 68 | applicant if the administrator determines that the applicant, as |
| 69 | compared to other applicants submitting applications, is in the |
| 70 | best position to use the loan to continue making a successful |
| 71 | long-term business commitment to the state. The loan |
| 72 | administrator shall give preference in awarding Tier II loans to |
| 73 | a minority business enterprise certified by the Office of |
| 74 | Supplier Diversity under s. 287.09451(4)(m). |
| 75 | (d) A borrower awarded a loan under this section and the |
| 76 | loan administrator must enter into a loan agreement that |
| 77 | provides for the borrower's repayment of the loan. |
| 78 | (4) The following terms apply to a loan received under the |
| 79 | pilot program: |
| 80 | (a) The maximum amount of a Tier I loan is $250,000, and |
| 81 | the maximum amount of a Tier II loan is $150,000. |
| 82 |
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| 83 |
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| 84 | ----------------------------------------------------- |
| 85 | T I T L E A M E N D M E N T |
| 86 | Remove line 8 and insert: |
| 87 | loans to certain businesses; requiring that preference in the |
| 88 | award of loans be given to certain businesses; providing |
| 89 | application |
| 90 |
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