Financing Growing Businesses

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JSKaraoke Expansion Aided by Full-Service Capabilities of Pinellas Economic Development   Illustrating the full-service capabilities of Pinellas County’s Department of Economic Development, client JSKaraoke utilized the agency’s resources to expand its Pinellas County operations.  Says Jack Strauser, CEO and President of JSKaraoke, “We approached Pinellas County Economic Development for assistance with financing our growing business and gained so much more than that.  With their aid, we applied for and received an Economic Gardening loan, were connected to hiring assistance, and developed a new marketing strategy.”   Read more of this story here.       Recovery Zone Facility Bonds offer over $20 Million in Tax-exempt Bond Financing to Pinellas Companies   On December 1, 2009, the Pinellas County Board of County Commissioners designated the entire county a Recovery Zone.  This designation allows Pinellas County Economic Development to offer more than $20 million in tax-exempt bond financing to qualified Pinellas County companies.    Recovery Zone Facility Bonds (RZFB), are a type of traditional, tax-exempt, private activity bond that may be used by private businesses in designated recovery zones to finance new capital improvements.   Such as the purchase of: §         equipment §         real property (except land) §         other depreciable assets Examples of eligible projects include the construction of: §         office buildings §         research & development facilities §         hotels §         retail complexes   The American Recovery and Reinvestment Act of 2009 (ARRA) created this new category of bonds to support local economic development and recovery initiatives. In addition to Pinellas County’s allocation of over $20 million, the City of St. Petersburg received over $9.3 million and the City of Clearwater over $4 million through the RZFB program.   The Recovery Zone Bonds will be issued through the Pinellas County Economic Development Authority (PCEDA), and administered according to U.S. Treasury and Internal Revenue Service guidelines.   While the PCEDA will issue bonds on behalf of approved applicants, the PCEDA is a conduit for the financing and will not directly loan money to applicants.  Prior to the issuance of bonds, applicants must secure a bank or other financial institution to purchase and/or provide credit support for the bonds.  Examples include a bank willing to purchase the bonds for its own investment or a public offering; a letter of credit from a bank to guaranty repayment of the bond proceeds (including interest) by the applicant; and an underwriter willing to purchase the bonds and sell them to the public.   Most importantly, because the bonds must be issued by January 1, 2011, applications should be made immediately and focus on projects that can begin without delay.  The funding is limited and applications will be considered in the order in which they are received.    To be considered for the RZFB Program, applicants must include: a detailed description of the proposed project; specifics accounting for the use of the RZFB funds; financial information demonstrating the applicant’s creditworthiness in sufficient detail to qualify for this program, and the projected positive impacts to the community, including job creation. Prior to the issuance of bonds, applicants must secure a bank or other financial institution to purchase and/or provide credit support for the bonds.  Click here for the Recovery Zone Facility Bond Application   Please contact Cindy Margiotta at (727) 464-7398 or cmargiotta@pinellascounty.org for questions regarding the RZFB program and eligibility.   Economic Gardening Business Loan Pilot Program: The Economic Gardening Stimulus Plan is loan program of up to $8.5 million that would support companies with between 10 and 50 employees that demonstrate high potential for growth. The loans, up to $250,000 per business, will help these companies purchase new capital, train existing employees and hire new workers. Click here to learn more. $35,000 for Small Business Relief through SBA's ARC Loan Program - If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you. SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability.  Each small business is limited to one ARC loan. Click here to learn more and find lenders in Pinellas County. Borrowers, lenders discuss SBA lending, stimulus funding (by Margaret Cashill, Tampa Bay Business Journal) The stimulus bill provides about $730 million to the SBA, including $375 million to reduce or eliminate fees associated with lending and to increase the SBA’s guarantee from 75 percent up to 90 percent on certain loans. The provisions help small businesses access capital, said Gil Colon, deputy district director for the SBA South Florida District. Two small business owners who had received SBA loans shared their stories. Rachel Bryan, a founder of Ageless Construction Inc., a diversified general contracting company based in St. Petersburg, described the challenge of borrowing in an uncooperative economy and grappling with a “grow or die” situation. A sound business plan is crucial to moving ahead in any economy, Bryan said.   Gary King, president of executive search firm Management Recruiters of Tampa North, explained how an SBA loan helped him eliminate high-interest and credit card debt after the 20-year-old business was hit by the downturn. His company’s revenue increased 110 percent in the four months after receiving an SBA loan from the four months prior to the loan, he said. Read this entire story at Bizjournals.com   Small business borrowers spotlighted (TBNWeekly.com) - The US Small Business Administration's South Florida District Office highlighted small business borrowers that have received loans through SBA ...