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2010 Florida Statutes

Duties of the Florida Black Business Investment Board, Inc.
F.S. 288.7091

Duties of the Florida Black Business Investment Board, Inc.

The board shall:


Serve as an advisory board to the Office of Tourism, Trade, and Economic Development, through contract with the office, to assist the office with the implementation of ss. 288.707-288.714.


Aid the development and expansion of black business enterprises by leveraging federal, state, local, and private funds to be held by the board for use according to the provisions of ss. 288.707-288.714.


Serve as the clearinghouse for information and sources of technical assistance that will enhance the development and expansion of black business enterprises and facilitate the provision of technical assistance in communities in which such services are otherwise underserved.


Aggressively market the Black Business Loan Program and related services to black business enterprises through all appropriate media outlets, including media targeting the African-American community.


Collaborate with Enterprise Florida, Inc., or its affiliates to develop and expand black business enterprises.


Collaborate with agencies of the federal, state, and local governments, private entities, nonprofit organizations, and national organizations to create a network of information and to identify available resources to enhance the development and expansion of black business enterprises.


Develop strategies to increase financial institution investment in black business enterprises.


Provide a 5-year projection of the need for capital by black business enterprises. The board may contract with an independent entity to prepare the projection once every 5 years.


Annually provide for a financial audit, as defined in s. 11.45, of the board’s accounts and records by an independent certified public accountant. The audit shall include an explanation of all investments made by the board and an explanation of administrative costs. Within 6 months after the end of the fiscal year, the audit report shall be provided to the Governor, the President of the Senate, the Speaker of the House of Representatives, and the Auditor General.


s. 1, ch. 94-271; s. 62, ch. 96-320; s. 53, ch. 2000-371; s. 4, ch. 2002-180; s. 24, ch. 2003-1; s. 3, ch. 2003-268; s. 44, ch. 2005-152; s. 9, ch. 2007-157; s. 40, ch. 2007-217; s. 3, ch. 2010-39.


As amended and substantially reworded by s. 9, ch. 2007-157. Former subsection (7) was also amended by s. 40, ch. 2007-217, without reference to the substantial rewording of the section by s. 9, ch. 2007-157. As amended by s. 40, ch. 2007-217, only, subsection (7) reads:

(7) Develop memoranda of understanding with the Departments of Education, Transportation, Community Affairs, and Management Services, as well as with Workforce Florida, Inc., the Board of Governors of the State University System, and the State Board of Education, detailing efforts of common interest and collaborations to expand black business development.