(1) The Rural Community Development Revolving Loan Fund Program is established within the department to facilitate the use of existing federal, state, and local financial resources by providing local governments with financial assistance to further promote the economic viability of rural communities. These funds may be used to finance initiatives directed toward maintaining or developing the economic base of rural communities, especially initiatives addressing employment opportunities for residents of these communities.
(2)(a) The program shall provide for long-term loans, loan guarantees, and loan loss reserves to units of local governments, or economic development organizations substantially underwritten by a unit of local government, within counties with populations of 75,000 or fewer, or within any county with a population of 125,000 or fewer which is contiguous to a county with a population of 75,000 or fewer, based on the most recent official population estimate as determined under s. 186.901, including those residing in incorporated areas and those residing in unincorporated areas of the county, or to units of local government, or economic development organizations substantially underwritten by a unit of local government, within a rural area of opportunity.
(b) Requests for loans shall be made by application to the department. Loans shall be made pursuant to agreements specifying the terms and conditions agreed to between the applicant and the department. The loans shall be the legal obligations of the applicant.
(c) All repayments of principal and interest shall be returned to the loan fund and made available for loans to other applicants. However, in a rural area of opportunity designated by the Governor, and upon approval by the department, repayments of principal and interest may be retained by the applicant if such repayments are dedicated and matched to fund regionally based economic development organizations representing the rural area of opportunity.
(3) The department shall manage the fund, establishing loan practices that must include, but are not limited to, procedures for establishing loan interest rates, uses of funding, application procedures, and application review procedures. The department shall have final approval authority for any loan under this section.
(4) Notwithstanding the provisions of s. 216.301, funds appropriated for this purpose shall not be subject to reversion.
History.—s. 42, ch. 96-320; s. 18, ch. 97-278; s. 95, ch. 99-251; s. 11, ch. 2001-201; s. 11, ch. 2009-51; s. 141, ch. 2011-142; s. 31, ch. 2014-218.
Structure Florida Statutes
Chapter 288 - Commercial Development and Capital Improvements
Part I - General Provisions (Ss. 288.0001-288.1258)
288.0001 - Economic Development Programs Evaluation.
288.001 - The Florida Small Business Development Center Network.
288.006 - General operation of loan programs.
288.012 - State of Florida international offices.
288.017 - Cooperative advertising matching grants program.
288.018 - Regional Rural Development Grants Program.
288.019 - Rural considerations in grant review and evaluation processes.
288.021 - Economic development liaison.
288.0251 - International development outreach activities in Latin America and Caribbean Basin.
288.035 - Economic development activities.
288.037 - Department of State; agreement with county tax collector.
288.041 - Solar energy industry; legislative findings and policy; promotional activities.
288.0415 - Solar energy; advancement; economic development strategy.
288.046 - Quick-response training; legislative intent.
288.047 - Quick-response training for economic development.
288.061 - Economic development incentive application process.
288.065 - Rural Community Development Revolving Loan Fund.
288.0655 - Rural Infrastructure Fund.
288.0656 - Rural Economic Development Initiative.
288.06561 - Reduction or waiver of financial match requirements.
288.0657 - Florida rural economic development strategy grants.
288.0659 - Local Government Distressed Area Matching Grant Program.
288.075 - Confidentiality of records.
288.076 - Return on investment reporting for economic development programs.
288.095 - Economic Development Trust Fund.
288.101 - Florida Job Growth Grant Fund.
288.1045 - Qualified defense contractor and space flight business tax refund program.
288.106 - Tax refund program for qualified target industry businesses.
288.107 - Brownfield redevelopment bonus refunds.
288.108 - High-impact business.
288.1081 - Economic Gardening Business Loan Pilot Program.
288.1082 - Economic Gardening Technical Assistance Pilot Program.
288.1088 - Quick Action Closing Fund.
288.1089 - Innovation Incentive Program.
288.1097 - Qualified job training organizations; certification; duties.
288.111 - Information concerning local manufacturing development programs.
288.1162 - Professional sports franchises; duties.
288.11621 - Spring training baseball franchises.
288.11631 - Retention of Major League Baseball spring training baseball franchises.
288.1168 - Professional golf hall of fame facility.
288.1169 - International Game Fish Association World Center facility.
288.1171 - Motorsports entertainment complex; definitions; certification; duties.
288.1175 - Agriculture education and promotion facility.
288.1201 - State Economic Enhancement and Development Trust Fund.
288.122 - Tourism Promotional Trust Fund.
288.12266 - Targeted Marketing Assistance Program.
288.124 - Convention grants program.
288.125 - Definition of “entertainment industry.”
288.1253 - Travel and entertainment expenses.
288.1254 - Entertainment industry financial incentive program.