Florida Senate - 2020                                    SB 1600
       
       
        
       By Senator Powell
       
       
       
       
       
       30-01296-20                                           20201600__
    1                        A bill to be entitled                      
    2         An act relating to the Black Business Loan Program;
    3         amending s. 288.7102, F.S.; requiring that the
    4         application process and the annual certification
    5         process for the Black Business Loan Program be
    6         separate and distinct processes; requiring the
    7         department to consider certain factors when assessing
    8         applications; requiring that applications contain
    9         certain information; revising eligibility requirements
   10         for recipients under the program; reenacting s.
   11         288.7094(2), F.S., relating to black business
   12         investment corporations; providing an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Subsection (2) and paragraphs (b) and (c) of
   17  subsection (4) of section 288.7102, Florida Statutes, are
   18  amended to read:
   19         288.7102 Black Business Loan Program.—
   20         (2)(a) The department shall establish an application
   21  process and an annual certification process for entities seeking
   22  funds to participate in providing loans, loan guarantees, or
   23  investments in black business enterprises pursuant to the Black
   24  Business Loan Program. The application process and the annual
   25  certification process must be two separate and distinct
   26  processes. When assessing applications, the department shall
   27  consider an applicant’s need, ability, and track record Florida
   28  Black Business Investment Act. The department shall process all
   29  applications and recertifications submitted by June 1 on or
   30  before July 31.
   31         (b) The loan application must:
   32         1. Indicate the maximum possible score an applicant may
   33  achieve for each required section of the application;
   34         2. Require an applicant to:
   35         a. Document his or her past performance under any similar
   36  business development program; and
   37         b. Indicate whether he or she previously provided loans,
   38  loan guarantees, or investments to black business enterprises as
   39  an employee of a public agency, as defined in s. 288.9603, and,
   40  if so, identify the programs for which such services were
   41  performed; and
   42         3. Indicate that the required cash match funds may not be
   43  funds that were provided by a public agency.
   44         (4) To be eligible to receive funds and provide loans, loan
   45  guarantees, or investments under this section, a recipient must:
   46         (b) For an existing recipient, annually Submit to the
   47  department a financial audit performed by an independent
   48  certified public accountant for the most recently completed
   49  fiscal year, which audit does not reveal any material weaknesses
   50  or instances of material noncompliance. An existing recipient
   51  must annually submit such audit.
   52         (c) Regardless of whether it is a new or an existing
   53  recipient For a new recipient:
   54         1. Demonstrate that its board of directors includes
   55  citizens of the state experienced in the development of black
   56  business enterprises.
   57         2. Demonstrate that the recipient has a business plan that
   58  allows the recipient to operate in a manner consistent with this
   59  section and the rules of the department.
   60         3. Demonstrate that the recipient has the technical skills
   61  to analyze and evaluate applications by black business
   62  enterprises for loans, loan guarantees, or investments.
   63         4. Demonstrate that the recipient has established viable
   64  partnerships with public and private funding sources, economic
   65  development agencies, and workforce development and job referral
   66  networks.
   67         5. Demonstrate that the recipient can provide a private
   68  match equal to 20 percent of the amount of funds provided by the
   69  department.
   70         Section 2. For the purpose of incorporating the amendment
   71  made by this act to section 288.7102, Florida Statutes, in a
   72  reference thereto, subsection (2) of section 288.7094, Florida
   73  Statutes, is reenacted to read:
   74         288.7094 Black business investment corporations.—
   75         (2) A black business investment corporation that meets the
   76  requirements of s. 288.7102(4) is eligible to participate in the
   77  Black Business Loan Program and shall receive priority
   78  consideration by the department for participation in the
   79  program.
   80         Section 3. This act shall take effect July 1, 2020.