Florida Senate - 2020                        COMMITTEE AMENDMENT
       Bill No. SB 1600
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
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       The Committee on Commerce and Tourism (Powell) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 27 - 68
    4  and insert:
    5  consider an applicant’s need, ability, and past performance
    6  providing similar business development services Florida Black
    7  Business Investment Act. The department shall process all
    8  applications and recertifications submitted by June 1 on or
    9  before July 31.
   10         (b) The loan application must:
   11         1. Indicate the maximum possible score an applicant may
   12  achieve for each required section of the application;
   13         2. Require an applicant to:
   14         a. Document his or her past performance under any similar
   15  business development program; and
   16         b. Indicate whether he or she previously provided loans,
   17  loan guarantees, or investments to black business enterprises as
   18  an employee of a public agency, as defined in s. 288.9603, and,
   19  if so, identify the programs for which such services were
   20  performed; and
   21         3. Indicate that the required cash match funds may be funds
   22  that were provided by a public agency.
   23         (4) To be eligible to receive funds and provide loans, loan
   24  guarantees, or investments under this section, a recipient must:
   25         (b) For an existing recipient, annually Submit to the
   26  department a financial audit performed by an independent
   27  certified public accountant for the most recently completed
   28  fiscal year, which audit does not reveal any material weaknesses
   29  or instances of material noncompliance. An existing recipient
   30  must annually submit such audit.
   31         (c) New and existing recipients must For a new recipient:
   32         1. Demonstrate that its board of directors includes
   33  citizens of the state experienced in the development of black
   34  business enterprises.
   35         2. Demonstrate that the recipient has a business plan that
   36  allows the recipient to operate in a manner consistent with this
   37  section and the rules of the department.
   38         3. Demonstrate that the recipient has the technical skills
   39  to analyze and evaluate applications by black business
   40  enterprises for loans, loan guarantees, or investments.
   41         4. Demonstrate that the recipient has established viable
   42  partnerships with public and private funding sources, economic
   43  development agencies, and workforce development and job referral
   44  networks.
   45         5. Demonstrate that the recipient can provide a private
   46  match equal to 20 percent of the amount of funds provided by the