Economic Gardening Institute- GrowFL
Cultivating growth companies across the state is the mission of the Florida Economic Gardening Institute, funded by the Florida Legislature at the University of Central Florida and involving a host of partners committed to local delivery of statewide services to help second-stage companies achieve their potential.
At no charge, GrowFL will provide a suite of high-end, high-speed technical assistance and business tools to companies that have grown beyond the startup phase and need access to information and decision-making tools.
What is Economic Gardening?
The Economic Gardening Business Loan Pilot Program will help provide loan support to businesses with 10 to 50 employyees that are poised to create high-wage jobs in Florida. The loans, up to $250,000 per business, can help companies with working capital purchases, employee training or salaries for newly created jobs. The interest rate of the loan is 2% for a period of four years. During the first year of the loan, payment is due for interest only and payable during the 12th month.
Why is Economic Gardening beneficial?
This loan program will help support small companies that have grown past the startup phase, but have not yet reached maturity. Support for organizations in this “gap” area was identified as vital to the future growth and expansion of innovative high-wage businesses in Florida. Between 1997 and 2007, more than 17 percent of new jobs created in our state came from expanding small businesses.
Is my business eligible?
To be eligible for the Economic Gardening pilot program, a business must:
- Be a for-profit, privately held, investment-grade business
- Have at least 10 employees, but no more than 50
- Have had its principal place of business within Florida for the previous two years
- Generate at least $1 million, but not more than $25 million in annual revenue
- Qualify for Florida’s Qualified Target Industry (QTI) program, under s.288.106
- Have increased both its number of full-time equivalent employees in Florida, and its gross revenues during three of the previous five years.