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The Florida Senate

2015 Florida Statutes

Title XIX PUBLIC BUSINESS
Chapter 288 COMMERCIAL DEVELOPMENT AND CAPITAL IMPROVEMENTS Entire Chapter
SECTION 9936
Annual report of the Microfinance Loan Program.
F.S. 288.9936
288.9936 Annual report of the Microfinance Loan Program.—
(1) The department shall include in the report required by s. 20.60(10) a complete and detailed annual report on the Microfinance Loan Program. The report must include:
(a) A comprehensive description of the program, including an evaluation of its application and funding activities, recommendations for change, and identification of any other state programs that overlap with the program;
(b) The financial institutions and the public and private organizations and individuals participating in the program;
(c) An assessment of the current availability of and access to credit for entrepreneurs and small businesses in this state;
(d) A summary of the financial and employment results of the entities receiving microloans;
(e) The number of full-time equivalent jobs created as a result of the microloans and the amount of wages paid to employees in the newly created jobs;
(f) The number and location of prospective loan administrators that responded to the department request for proposals;
(g) The amount of state funds received by the loan administrator;
(h) The number of microloan applications received by the loan administrator;
(i) The number, duration, and location of microloans made by the loan administrator, including the aggregate number of microloans made to minority business enterprises if available;
(j) The number and amount of microloans outstanding, if any;
(k) The number and amount of microloans with payments overdue, if any;
(l) The number and amount of microloans in default, if any;
(m) The repayment history of the microloans made;
(n) The repayment history and performance of funding awards;
(o) An evaluation of the program’s ability to meet the financial performance measures and objectives specified in s. 288.9934; and
(p) A description and evaluation of the technical assistance and business management and development training provided by the network pursuant to its memorandum of understanding with the loan administrator.
(2) The department shall submit the report provided to the department from Enterprise Florida, Inc., pursuant to s. 288.9935(8) for inclusion in the department’s annual report required under s. 20.60(10).
(3) The department shall require at least quarterly reports from the loan administrator. The loan administrator’s report must include, at a minimum, the number of microloan applications received, the number of microloans made, the amount and interest rate of each microloan made, the amount of technical assistance or business development and management training provided, the number of full-time equivalent jobs created as a result of the microloans, the amount of wages paid to employees in the newly created jobs, the six-digit North American Industry Classification System (NAICS) code associated with the borrower’s business, and the borrower’s locations.
(4) The Office of Program Policy Analysis and Government Accountability shall conduct a study to evaluate the effectiveness and the Office of Economic and Demographic Research shall conduct a study to evaluate the return on investment of the State Small Business Credit Initiative operated in this state pursuant to 12 U.S.C. ss. 5701 et seq. The offices shall each submit a report to the President of the Senate and the Speaker of the House of Representatives by January 1, 2015.
History.—s. 54, ch. 2014-218; s. 19, ch. 2015-2.