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FEATURED
STORY
Digital Risk
Announces 1,000 Job Florida Expansion
Digital Risk - the nation's
largest provider of mortgage risk, compliance, and transaction management
solutions - selected Florida for a major expansion being fueled by the
mortgage market's focus on making loans safe for borrowers, banks and
taxpayers.
Digital Risk is headquartered in Maitland, Florida with additional Florida
offices in Boca Raton and Jacksonville. The company has created over 1,100
jobs in the state since 2009. Florida was selected for the expansion over
markets in Charlotte, Dallas, Denver, and Phoenix.
In addition to Enterprise Florida, several organizations partnered with the
company in its expansion efforts, including the Business Development Board
of Palm Beach County, City of Boca Raton, City of Jacksonville, City of
Maitland, JAX USA Partnership, Metro Orlando Economic Development
Commission, Workforce Florida Inc. and Orange County. more
Florida's
Financial Services Sector Benefitting from
Nearshoring Trend
Florida's
has been a global player in the financial and professional services
industry for decades. But the recent decisions of many financial services
firms to "near-shore" their business services centers or relocate
their headquarters to Florida, is showing the state's growing
competitiveness. In fact, the 2012 BizCosts report from the Boyd Co.
estimates that a typical insurance operations center locating in the Tampa
Bay area could save over $9 million in operating costs compared to locating
in New York or nearly $4 million compared to Boston.
Given its business-friendly climate and low tax burden, it comes as no
surprise that Florida today has 2nd largest number of professional,
scientific and technical services companies and the 3rd largest finance and
insurance cluster. Finance, Insurance and Real Estate sector is the largest
contributor to Florida's economy, accounting for more than $170 billion or
nearly 23% of the state's gross domestic product (GDP). Professional and
business services are the 4th largest industry, with 12.5% of the state
GDP. Some of the latest companies adding to that sector are:
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ESL Investments:
The high-profile, $9 billion private investment fund relocated to Miami
from Connecticut. more
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Vinik Asset
Management: A firm with $7.6 billion in assets under management recently
moved from Boston to Tampa. more
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Citibank: Plans
to add 400 new jobs in Jacksonville, where it already has over 4,000
employees. more
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Deutsche Bank:
Continued to grow in Jacksonville by adding 260 new jobs and investing
$10 million in the expansion. more
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Progressive Auto
Insurance: Had three expansions in Tampa in the last year, creating over
600 new jobs in sales, customer service and claims processing. more
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If your financial or
professional services company is looking to establish or relocate a
facility, consider the advantages of a Florida location. Call 407-956-5600
or e-mail us at information@eflorida.com for more information
today!
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RESOURCES TO GROW YOUR BUSINESS
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State Small Business Credit Initiative
Leverages Private Capital for Florida's Small Businesses
Enterprise Florida's State Small Business Credit Initiative (SSBCI)
programs are designed to assist small businesses in obtaining loan
approvals and leverage private capital for Florida's small businesses (500
employees or less). The proceeds for SSBCI-related transactions must be
used for a "business purpose" such as startup costs, working
capital, business procurement, franchise fees, equipment, inventory, as
well as the purchase of owner-occupied commercial real estate. Enterprise
Florida's SSBCI programs include:
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Loan Guarantees
& Loan Participations - Available for loan transactions ranging from $250,000 -
$5,000,000. These programs permit loan guarantees or loan participations
up to a maximum 50% of the total financing. The maximum term permitted is
five (5) years and interest rates and fees are negotiable.
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Export Loan
Guarantees & Export Direct Loans - Available up to $500,000 from the
Florida Export Finance Corporation, working in conjunction with
Enterprise Florida. The maximum term permitted is 12 months and fees are
negotiable.
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504 Bridge Loan
Program - With SBA 504
Loans, lenders are permitted to finance equipment and owner-occupied real
estate purchases up to ninety-percent (90%) of the total project cost.
The lender makes such a loan with the expectation that the portion above
50% will be "taken-out" by a SBA-guaranteed note. However,
there is often a timing difference up to several months between initial
closing and that "SBA take-out." The 504 Bridge Loan Program
addresses this timing difference for lenders. Enterprise Florida may
participate with the lender on that portion above 50% of the project
cost, thereby freeing-up the lender's capital to make other loans. The
504 Bridge Loan Program is available for loan transactions ranging from
$250,000 - $5,000,000.
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Florida Venture
Capital Program - Provides $1,000,000 - $5,000,000 convertible debt and
direct equity investments in Florida's innovative growth companies,
particularly those within the State of Florida's targeted industries.
Requires a matching concurrent private capital investment or other credit
assistance.
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The loan proceeds
for SSBCI-related transactions must be used for a "business
purpose" including, but not limited to, startup costs, working
capital, business procurement, franchise fees, equipment, inventory, as
well as the purchase, construction renovation or tenant improvements of an
eligible place of business that is not for passive real estate investment
purposes. Florida's SSBCI loan programs are for "new money"
financing only. As such, no loan renewals or re-financings are permitted
with SSBCI-related loan proceeds.
For additional
information and applications, please visit the Enterprise Florida SSBCI
webpage at www.eflorida.com/ssbci or contact David Rodriguez at (407)
956-5682.
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