Florida Senate - 2020 SB 1580 By Senator Braynon 35-01360A-20 20201580__ 1 A bill to be entitled 2 An act relating to minority businesses; creating s. 3 288.715, F.S.; requiring the Department of Economic 4 Opportunity to establish a revolving loan guarantee 5 program; providing the purpose of the program; 6 requiring the department to contract with an entity 7 meeting certain criteria to administer the program; 8 providing an effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Section 288.715, Florida Statutes, is created to 13 read: 14 288.715 Revolving loan guarantee program.— 15 (1) The department shall establish a revolving loan 16 guarantee program modeled after the revolving loan guarantee 17 program that was created by an agreement between the Urban 18 League of Broward County, Inc., and the department as a result 19 of Specific Appropriation 2256A, chapter 2014-51, Laws of 20 Florida, and has been subsequently amended by the department. 21 (2) The purpose of the program is to expand the benefits 22 offered under the current program to assist and support 23 minority-owned small businesses in urbanized areas, as defined 24 in s. 334.03, throughout this state. 25 (3) The department shall contract with an organization in 26 this state that is nationally affiliated, has a statewide 27 network in this state, and promotes economic development for 28 minorities to administer the program. 29 Section 2. This act shall take effect July 1, 2020.