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Financial Programs & Business Services
Financing Programs:
Industrial Revenue Bonds(IRB): Tax-exempt Industrial Revenue Bonds are a type of municipal bond issued by state and local governments that offer below market rate, long term financing of fixed assets for qualified manufacturing projects. The bonds are issued by Pinellas County on behalf of private companies to finance land, building and equipment and certain “soft costs” associated with a project. The funds cannot be used for inventory, working capital or refinancing of existing debt. There is no minimum project size, ($1 million is considered minimum economically feasible) with a $10 million maximum. Contact Danielle Weitlauf, Finance Officer, Pinellas County Government, 727-464-7398. For further program information go http://www.siliconbay.org/stats_forms/document.asp?id=6253
Enterprise Bond Fund Pool: Enterprise Bonds, issued by Florida Development Finance Corporation (FDFC), an Enterprise Florida affiliate, are designed to help Florida’s small to medium-sized manufacturers. Financing must be used for the purchase of land, construction or renovation of buildings and equipment and in some cases used to refinance existing conventional or tax-exempt debt. The funds cannot be used for inventory, working capital or refinancing of existing debt. The program accommodates financing needs ranging from $500,000 to $2 million, at favorable interest rates, for borrowers able to secure a letter of credit from an FDFC participating bank. Manufacturing Facility Bond Pool: The Manufacturing Facility Bond Pool is available exclusively to applicants who are financing a manufacturing facility as defined in section 159.803(10), Florida Statutes. The set-aside specifically for manufacturers can be used for low-cost financing, for land acquisition, new facility construction, and new equipment purchases. The Manufacturing Facility Bond Pool can issue bonds up to $10 million. Florida First Business Bond Pool: This program provides access to approximately 20 percent of Florida’s total Private Activity Bond volume requiring an allocation. Each projects capital investment must lead to the creation of a new business, the expansion of an existing business, or the retention of a business or a significant number or proportion of jobs. The project must meet eligible criteria that creates 10 new jobs and, if an expansion, increase employment by at least 10 percent; pay an average wage that is at least 115% of the average wage of the area; and be in a target industry. The project must also create a substantial economic benefit to the economic base, implement a key economic development strategy or save a significant number of jobs. OR,,, Over $180 million has been reserved for job creation projects that typically address air or water quality, or solid waste management issues. Qualifying projects are not subject to the Federal $10 million limit for tax exempt financing and therefore may be issued in amounts greater that $10 million. For more information about the above bond pools, contact Enterprise Florida, Capital Development at finance@eflorida.com or at (407) 316-4740. For further program information go to http://www.eflorida.com/search.html
The 504 Certified Development Company (CDC) Program: This program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped. The maximum SBA debenture is $1,000,000 for meeting the job creation criteria or a community development goal. Generally, a business must create or retain one job for every $35,000 provided by the SBA. Information on the SBA 504 loan programs is available from the St. Petersburg Certified Development Corporation, 227 2nd Avenue North, St. Petersburg, Florida 33731 (727) 895-2504 or (800) 850-2504. Information is also available from your local lender or at the SBA web site http://www.sba.gov/financing/frcdc504.html The 7(a) Loan Guaranty Program: This program is one of SBA's primary lending programs. It provides loans to small businesses unable to secure financing on reasonable terms through normal lending channels. The program operates through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA -- the Agency has no funds for direct lending or grants. A maximum loan amount of $2 million has been established for 7(a) loans. However, the maximum dollar amount the SBA can guaranty is generally $1 million. Small loans carry a maximum guaranty of 85 percent. Loans are considered small if the gross loan amount is $150,000 or less. For loans greater than $150,000, the maximum guaranty is 75 percent. Information is available from your local lender or at the SBA web site http://www.sba.gov/financing/fr7aloan.html Business Services Programs:
The St. Petersburg Business Development Center (BDC) is a one-stop facility that provides free business development and assistance to existing and future businesses. It is a collaboration between the City of St. Petersburg and local businesses, lending institutions, and business resource organizations. The BDC staff provide business counseling and technical assistance to existing and future businesses. The BDC Resource Center provides computers, graphic workstations, CD-ROM technology, interactive videos, and an extensive business reference library. The Small/Disadvantage Business Enterprise Program (S/DBE) certifies companies as small and disadvantaged businesses, and provides technical assistance to enhance contracting and procurement opportunities with the City of St. Petersburg. Contact their offices in St. Petersburg at (727) 893-7146.
An affiliate of Enterprise Florida, these centers provide consulting services and assistance to small and medium sized manufacturers. The headquarters for the Suncoast FMTC offices is located in Largo, FL and can be reached at (727) 545-2438.
STAC’s provide assistance in early stage technology management, technology deal development and commercialization support. STAC is located on the USF-Tampa campus and may be contacted (813) 974-4222.
MTEC is a non-profit agency designed to improve the competitiveness of small and medium-sized businesses. They provide customized workshops and training services combined with consulting services that are integrated with the practical needs of businesses. Contact the MTEC at (727) 545-7541.
The SBDC’s provide small business counseling, entrepreneurial programs and a business resource center. SBDC’s are located in Tampa and at USF-Tampa (813) 905-5800, (813) 905-5801 fax, www.coba.usf.edu/centers/sbdc/.
Provides technical assistance to Florida businesses at no cost. The program provides applied technology, facilities and expertise to the Florida business community. Contact the FL Technology Research & Development Authority at (407) 269-6330.
This US Department of Commerce program assists companies in international trade development. They offer counseling on international trade, market research, government regulation information and financing opportunities. Contact the Export Assistance Center at (727) 893-3738. Source: City of St. Petersburg Economic Development Department
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Return to the City of St. Petersburg home page City of St. Petersburg Economic Development Department P.O. Box 2842 St. Petersburg, FL 33731-2842 800.874.9026 727.893.7100 |
