The Office of Economic and Small Business Development (OESBD) provides technical assistance to businesses in Broward County that seek assistance with funding to establish or expand operations. Resources used to accomplish this objective include:

Microbusiness Loans
SBA 7(a) and 504 Program Assistance
Industrial Revenue Bond Program (IRB)
Alternative Lending Programs

Microbusiness Loans  

Typically for small loan amounts, microbusiness loans can provide the much needed start-up capital to launch the next big idea. The OESBD can help entrepreneurs identify and contact microlenders and get the new business off the ground. Over $4.5 million in microloans have been disbursed to 28 companies through our partner, South Florida Regional Planning Council, over the last eight years.

SBA 7(a) and 504 Program Assistance 

For more established small businesses, SBA lending programs are available to Broward County businesses and the OESBD can assist in loan packaging, as well as identifying and contacting qualified SBA lenders.

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Industrial Revenue Bond Program 

Established expressly for existing small and mid-sized manufacturers, and 501(c)(3) non-profit corporations, the Industrial Revenue Bond (IRB) program is marketed and coordinated in Broward County by the OESBD. This is a federal program providing tax exempt financing for qualified capital projects. Bond proceeds must be used for the acquisition of land and/or a building, construction of a new facility, renovation of an existing facility or purchasing machinery or equipment. The program has a maximum tax exempt financing amount for manufacturers of $10 million per project, $20 million per municipal area, and $40 million nation-wide. Additional expenditures can be financed on a taxable basis. 501 (c)(3) non-profit agencies have no tax exempt limits. Other standard credit requirements apply.

Past Program Award Receipients

• Maimonides Shalom Academy, Inc.
  On June 12, 2007 Maimonides Shalom Academy, Inc was issued an IRB in the amount of $12 million in order to finance or reimburse the cost of the construction, equipping and improvement of three new buildings and related improvements to be built on the 6.5-acre land currently owned by Maimonides Shalom Academy. This building will be used as classrooms, a gymnasium and administrative offices as well as refinance existing debt used to construct, equip and improve an existing facility on campus.
  
• Specialty Automotive Treatments, Inc.
  Specialty Automotive Treatments, Inc. (SAT) was approved for an IRB of approximately $3.845 million. This bond was for the financing of a 15,000 square foot, two story, concrete and glass addition to the manufacturing facility of Specialty Automotive Treatments, Inc. located at 901 Northwest 7th Avenue near downtown Fort Lauderdale. This addition will add to the business assessment plan of Broward County in the Corridor Plan developed for Sunrise Boulevard. This project will also create 20 additional employment opportunities from 60 to 80 upon completion.
  
• Embraer Holding, Inc.
  In December 2007, Brazilian aviation manufacturer Embraer Holding, Inc. received a $17 million IRB to finance all or part on a capital project consisting of two buildings at its current location at the Fort Lauderdale/Hollywood International Airport. The first building is a 46,400 square foot for storage, distribution, and quality control and the second building, a 56,350 square foot steel hangar. In turn, this project will create an additional 60 high skill/high wage jobs over the next five years. 

Alternative Lending Programs 

The OESBD also works closely with the alternative lenders located in the Broward County area. Among the OESBD's alternative lending partners are: MetroBroward Economic Development Corporation and the South Florida Regional Planning Council Revolving Loan Fund. OESBD can assist businesses with accessing these organizations in pursuit of non-conventional lending alternatives.

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