Small Business

Note:  EFI does not administer these directly to borrowers. Contact your lender for more information.

Effective immediately and during these unprecedented circumstances related to COVID-19, Enterprise Florida is suspending initial fees (normally 2%) to assist small businesses with access to credit.

Microfinance Guarantee Program

The Microfinance Guarantee Program was designed to stimulate access to credit for entrepreneurs and small businesses by providing targeted guarantees to loans made to such entrepreneurs and small businesses. Just like the SSBCI program, the Microfinance Guarantee Program does not offer grants, and is not a direct loan program, so you do not apply directly to us. The program is designed to provide loans guarantees to lenders that extend credit to small businesses in Florida. Therefore, we suggest you to establish contact and a relationship with a local lender in your area and discuss your financing needs.

The program has the following borrower eligibility requirements:

  1. Entrepreneur or small business located in Florida;
  2. Employs 25 or fewer people;
  3. Generates average annual gross revenues of $1.5 million or less per year for the last 2 years;
  4. Is not a business engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade, such as wildcatting for oil and dealing in commodities futures, unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business.
  5. Is not a business that earns more than half of its annual net revenue from lending activities;
  6. Is not engaged in pyramid sales, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants; or
  7. Is not engaged in activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted. (Included in these activities is the production, servicing, or distribution of otherwise legal products that are to be used in connection with an illegal activity, such as selling drug paraphernalia or operating a motel that knowingly permits illegal prostitution); or
  8. Is not engaged in gambling enterprises, unless the business earns less than 33% of its annual net revenue from lottery sales.

There is a one-time non-refundable guaranty fee of 2.00% of the guaranteed amount, payable to EFI, and the term of the guarantee will not exceed 36 months.