State Small Business Credit Initiative (SSBCI)

How does the State Small Business Credit Initiative affect Florida businesses?

The State Small Business Credit Initiative (SSBCI) is a federal program designed to support small businesses and local economies by facilitating access to capital. The SSBCI aims to stimulate economic growth and job creation by providing financial assistance to small businesses. In Florida, this translates to increased access to capital for entrepreneurs and small business owners, allowing them to expand, hire more employees, and contribute to the state’s overall economic development. Florida has almost $500 million for distribution to qualified small businesses.

Need help regarding economic development incentives? Schedule your consultation today with a top economic development attorney.

Which Florida and federal laws and regulations apply to the SSBCI?

The SSBCI began after Congress passed the Small Business Jobs Act of 2010. This act outlines the broad objectives and requirements of the program, which individual states then implement according to their specific needs and priorities. For example, in Florida, funds granted to the state are distributed to small businesses by the Department of Economic Opportunity.

Which Florida businesses qualify?

In Florida, eligible businesses must have 500 employees or less. The funds are available to various business entities, including corporations, partnerships, sole proprietors, independent contractors, nonprofits, and cooperatives.

When a set of facts is appropriate to meet the requirements of the SSBCI, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

What are the strategic benefits for qualifying Florida businesses?

• Access to Capital: The SSBCI helps small businesses secure financing they may not have been able to obtain through traditional sources.
• Job Creation: The program supports businesses in their growth, creating new job opportunities.
• Business Expansion: With increased access to capital, businesses can expand their operations, invest in new equipment, or enter new markets.
• Innovation: The program may foster innovation by helping businesses fund research and development projects.
• Collaboration: Businesses can form partnerships with other companies, educational institutions, or government agencies due to the financial support provided by the SSBCI.

Please contact our office to set up your initial consultation to see what actions or defenses may be available for your unique situation.

Have more questions about an economic development-related situation?

Crucially, this overview of the SSBCI does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain tireless advocates at every step. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.