FL S0820

Creates the Florida Small Business Fund to secure $50 million in loans from participating private lending institutions to small businesses and small start-up businesses by July 1, 2014

Caps interest rates at 2 percent per annum and limits individual loans to $50,000 maximum based on demonstrated business needs

Requires equal distribution of funds with half of all loans going to existing small businesses (valued under $250,000) and half to new start-up businesses with owners having access to less than $50,000 in capital

Mandates loan applications include owner information, business venture details, business location and start date, employment projections, and loan amount requested with purpose statement

Authorizes the Department of Economic Opportunity to select participating lenders and qualifying businesses based on venture merit and economic impact to the state, with a goal of 20 percent participation by minority and women-owned business enterprises