FL H1301

Creates the Business Loan Guarantee Program within the Office of Tourism, Trade, and Economic Development to provide loan guarantees to Florida-based mezzanine funds investing in qualified businesses.

Establishes eligibility criteria for businesses receiving guarantees, including revenues between $5 million and $75 million, minimum $1 million in earnings, and debt-to-earnings ratio below 3.0.

Limits loan guarantees to 36-month terms and up to 70 percent of a loan amount, capped at $500,000 per guarantee, with a 0.5 percent application fee charged to applicants.

Requires the office to establish program guidelines, performance measures, and competitive evaluation criteria, and to submit annual reports to the Governor and Legislature on loan repayments and business status.

Redirects loan repayments from the Economic Gardening Business Loan Pilot Program into the Economic Development Trust Fund to capitalize the new Business Loan Guarantee Program, and repeals the microenterprise development program (s. 288.9618).