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National Coalition for Capital & Florida Partners Applaud the Florida House for Passing Fast Track Economic Stimulus Legislation

Posted on: Monday, 27 April 2009, 17:58 CDT

Legislation to Spur Economic Growth & New Business Opportunities in Florida

TALLAHASSEE, Fla., April 27 /PRNewswire/ -- The National Coalition for Capital, along with the Associated Industries of Florida, Enterprise Florida, Florida Chamber of Commerce and Florida League of Cities, applauds the Florida House of Representatives for unanimously passing CS/CS/HB 485, the Florida New Markets Development Program - Fast Track Economic Stimulus for Small Businesses, by a vote of 116-to-0. This legislation parallels the highly successful Federal New Markets Program, which Congress recently expanded to $26 billion as a part of the Emergency Economic Stabilization Act.

"Florida's small businesses desperately need access to capital," said Ben Dupuy, spokesperson for National Coalition for Capital. "Florida New Markets will attract many well-qualified participants providing $250 million in private funds for small business immediately."

Missouri, Louisiana, Mississippi and Illinois have state New Markets legislation. Florida ranks a disappointing 25th in the country, according to the General Accounting Office.

"While I introduced this legislation last year and it was a good idea then, we could not afford it due to our revenue decline," said Representative Will Weatherford (R-Wesley Chapel). "Today, the world has changed, and in my district we have double-digit unemployment. This year we can't afford not to do it."

"We just conducted a study where 58 percent of Floridians said that they want the government to act aggressively to improve the economy," said Barney Bishop, president and chief executive officer of Associated Industries of Florida. "This legislation is a step in the right direction for Florida's economy and the taxpayers agree that we must sustain and create new jobs across the Sunshine State."

"Access to capital is vital for Florida businesses to grow our economy," said Mark Wilson, president and chief executive officer of the Florida Chamber of Commerce. "The goal of this legislation is to create high-paying jobs and foster vibrant communities for years to come."

"This bill is essential to advancing high-wage job creation and small business growth, which is an important economic driver," said John Adams, president & chief executive officer of Enterprise Florida.

"The New Markets Development Program will assure that low-income communities capture the opportunities for sustainability through much-needed capital investments," said Desinda Carper, senior legislative advocate for the Florida League of Cities.

A recent poll by McLaughlin & Associates showed 71 percent of Floridians favor implementing a state program to encourage investment in small businesses in Florida's low-income communities. Florida's Agency for Workforce Innovation reports the highest unemployment rate since 1975, 9.7 percent.

Similar legislation in the Florida Senate, CS/CS/SB 1502 by the Senate Community Affairs and Commerce Committee and Senator Mike Fasano (R-New Port Richey), recently passed the Senate Policy and Steering Committee on Ways and Means and is ready to be heard on the Senate Floor.

"Access to capital is critical for Florida's businesses to grow our economic engine," said Senator Fasano, who sponsored Governor Charlie Crist's small business loan legislation during Florida's Special Session in January 2009 and is sponsoring the Senate New Markets bill. "I firmly believe Florida's small business owners should have every possible opportunity to attract private sector capital."

The National Coalition for Capital is a non-profit, nationwide coalition of leaders supporting economic development through long-term access to capital for emerging companies. Please visit www.nationalcoalitionforcapital.org. for more information.

SOURCE National Coalition for Capital

Source: PR Newswire

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