FL S1862

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 qualifying businesses.

Establishes eligibility criteria for businesses receiving loan guarantees, including: privately held, second-stage businesses with $5-75 million in revenues, $1+ million in earnings before interest/taxes/depreciation/amortization, and debt-to-earnings ratio below 3.0.

Limits loan guarantees to up to 36 months and maximum of 70 percent of a loan amount not exceeding $500,000, with 0.5 percent application fees to cover administrative costs.

Requires the office to establish program guidelines, evaluation criteria, and performance measures with annual reporting to the Governor and Legislature on loan repayments and business status during and 2 years after loan repayment.

Redirects loan repayments and interest from the Economic Gardening Business Loan Pilot Program to capitalize the Business Loan Guarantee Program fund, and repeals the program on July 1, 2017 unless reenacted by the Legislature.