FSBDCN State Office: The Florida SBDC Network has signed a Memorandum of Understanding (MOU) with Florida First Capital Finance Corporation (FFCFC) in an effort to advance economic development in Florida.
According to the Florida SBDC Network’s most recent survey of nearly 20,000 entrepreneurs and small business owners, access to capital remains a pressing need.
FFCFC is a non-profit organization certified by the U.S. Small Business Administration (SBA) to provide financing to small businesses through the Certified Development Company (CDC) Economic Development Loan Program, also known as the SBA 504 Loan Program. The 504 Loan Program provides financing for the purchase of major fixed assets, such as owner-occupied commercial real estate and long-life machinery and equipment, by distributing the loan among the business owner, a conventional lender, and a CDC. This mitigates the risk of the primary lender and encourages additional loans.
Advancing Florida's Economic Development
Through this agreement, the Florida SBDC Network and FFCFC will work in conjunction to help small businesses obtain necessary financing to expand and grow. The Florida SBDC Network will provide technical assistance to clients with SBA 504 Loan program application packages.
“A key strategy for our organization is to build strategic partnerships that expand and enhance our ability to serve our client businesses with organizations who share our mission,” said Michael Myhre, CEO and Network State Director for the Florida SBDC. “I am pleased to execute this MOU that formalizes our two organizations working together in the best interest of Florida and Florida’s small businesses."
The Florida SBDC Network and FFCFC have nourished a longstanding partnership. In appreciation of FFCFC President and CEO Todd Kocourek’s advocacy and support, he was named the Florida SBDC Network’s 2014 Outstanding Resource Partner of the Year during the network’s annual conference in Tampa in June.
“This alliance greatly strengthens both organizations’ core mission of economic development and job creation. It expands the Florida SBDC Network’s ability to provide expert guidance and technical assistance for growing small businesses coupled with Florida First Capital’s 30-year history of providing accessible low-cost and long-term expansion capital through the SBA 504 Loan Program, which has resulted in the delivery of over $2 billion in total project financing and the creation of more than 15,000 jobs that support Florida’s economy,” said FFCFC’s Kocourek.
The MOU was signed by Myhre and Kocourek during the network’s annual conference.