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Office of Program Policy Analysis and Government Accountability

Black Business Investment Act Is Being Implemented, But Progress Was Slow in Distributing Loan Program Funding, Report No. 08-65, December 2008
 
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  • The 2007 Legislature passed the Florida Black Business Investment Act, which recreated the Florida Black Business Investment Board as a not-for-profit public-private partnership to aid in the development of black business enterprises.  To accomplish this mission, the board has established partnerships with entities such as the Florida Department of Management Services’ Office of Supplier Diversity, the Bank of America, and the Florida Small Business Development Center Network.  In addition, the board is working to address challenges faced by black contractors in obtaining surety bonds.
  • The act also established the Black Business Loan Program within the Governor’s Office of Tourism, Trade, and Economic Development to provide loans, loan guarantees, and investments through eligible recipients, such as regional black business investment corporations.  Progress was slow in adopting rules for the loan program.  As a result, funding was distributed to regional black investment corporations in October 2008, 15 months after the act’s effective date of July 1, 2007.

Which Government Program Summaries contain related information?

Enterprise Florida, Inc.
Office of Tourism, Trade and Economic Development

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  • Report No. 09-41 Stronger Reporting Needed for the Black Business Loan Program; Some Statutory Provisions Outdated,published in December 2009.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. 07-05 Legislature Should Consider Options for the Role of the Florida Black Business Investment Board, published in January 2007.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
e-mail address: oppaga@oppaga.fl.gov


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