The Florida Legislature
Office of Program Policy Analysis and Government Accountability
Legislature Should Consider Options for the Role of the Florida Black Business Investment Board, Report No. 07-05, January 2007
Full report in PDF format
The Legislature created the Florida Black Business Investment Board to support the creation and expansion of black-owned businesses in the state. The board also allocates capitalization funds to independent regional black business investment corporations and a statewide corporation that provide loans and loan guarantees to black business owners.
The black business investment corporations have implemented reasonable controls for providing loans and loan guarantees. However, there has been considerable ongoing controversy regarding the relationship between the board and the investment corporations.
To address this controversy, the Legislature should consider several options: maintaining the board’s current role; refocusing its role to serving as a statewide advocacy and networking entity; or eliminating the board. If the Legislature continues to provide financial assistance for black businesses, it could earmark funds for the investment corporations or provide grants to minority business development organizations. In our opinion, the best combination of options would be to
- change the board’s role to serving as a statewide advocacy and networking entity for the various entities that assist qualified black-owned businesses; and
- make the Department of Community Affairs or OTTED responsible for awarding grants to minority business development organizations, distributing funds, and monitoring grant recipient performance.
Which Government Program Summaries contain related information?
Enterprise Florida, Inc.
What other OPPAGA-related materials are available?
- Report No. 09-41 Stronger Reporting Needed for the Black Business Loan Program; Some Statutory Provisions Outdated,published in December 2009.
- Report No. 08-65 Black Business Investment Act Is Being Implemented, But Progress Was Slow in Distributing Loan Program Funding, published in December 2008.
- Report No. 06-77 Legislature Should Consider Lessons Learned If It Wishes to Create a New Microenterprise Development Program, published in December 2006.
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