FL H0807

Transfers administrative authority of the Microfinance Loan Program from the Department of Economic Opportunity to Enterprise Florida, Inc., requiring funding agreements with loan administrators by April 1, 2017 for initial 5-year contract terms

Redefines eligible borrowers as "microbusinesses" (5 or fewer employees, $100,000 or less average annual gross revenue) rather than "entrepreneurs and small businesses," with microloans capped at $50,000 per loan and $75,000 per year per borrower

Expands the Microfinance Guarantee Program to include surety bond guarantees (up to $1 million with 25% guarantee maximum) and Loan Loss Reserve Fund guarantees (up to $300,000), while increasing the leverage ratio cap from 3:1 to 5:1

Increases loan administrator administrative servicing fee from 1% to 5% of total award amount, extends maximum microloan terms from 1 year to 5 years, and reduces maximum interest rate from prime plus 1000 basis points to prime plus 500 basis points

Extends the program evaluation deadline from January 1, 2018 to January 1, 2020, requiring the Office of Economic and Demographic Research to analyze the first 5 years (instead of 3 years) of both microfinance programs