Florida Senate - 2020                                    SB 1580
       By Senator Braynon
       35-01360A-20                                          20201580__
    1                        A bill to be entitled                      
    2         An act relating to minority businesses; creating s.
    3         288.715, F.S.; requiring the Department of Economic
    4         Opportunity to establish a revolving loan guarantee
    5         program; providing the purpose of the program;
    6         requiring the department to contract with an entity
    7         meeting certain criteria to administer the program;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 288.715, Florida Statutes, is created to
   13  read:
   14         288.715 Revolving loan guarantee program.—
   15         (1)The department shall establish a revolving loan
   16  guarantee program modeled after the revolving loan guarantee
   17  program that was created by an agreement between the Urban
   18  League of Broward County, Inc., and the department as a result
   19  of Specific Appropriation 2256A, chapter 2014-51, Laws of
   20  Florida, and has been subsequently amended by the department.
   21         (2)The purpose of the program is to expand the benefits
   22  offered under the current program to assist and support
   23  minority-owned small businesses in urbanized areas, as defined
   24  in s. 334.03, throughout this state.
   25         (3)The department shall contract with an organization in
   26  this state that is nationally affiliated, has a statewide
   27  network in this state, and promotes economic development for
   28  minorities to administer the program.
   29         Section 2. This act shall take effect July 1, 2020.