FL S1744

Removes the requirement that black business enterprises must be unable to obtain capital through conventional lending to be eligible for the Black Business Loan Program.

Establishes separate and distinct application and annual certification processes, with the department required to consider applicant need, ability, and track record when assessing applications.

Requires loan applications to include maximum possible scores for each section, documentation of past performance in similar programs, and disclosure of prior experience providing loans or investments to black businesses.

Modifies eligibility requirements to apply uniformly to all recipients (rather than separately for new vs. existing recipients) and requires 20 percent matching funds to be in hand before receiving distribution.

Takes effect July 1, 2021.