27M-3.001: Definition and Forms
27M-3.002: Competitive Application Process
27M-3.003: Certification Decision and Allocation Policy
PURPOSE AND EFFECT: This rule implements the Black Business Loan Program established in the Office of Tourism, Trade, and Economic Development by Section 288.7102, F.S.
SUMMARY: This rule establishes (1) an open and competitive application and annual certification process for eligible recipients who seek funds to provide loans, loan guarantees, or investments in black business enterprises and (2) the process governing the management and requirements of the contracts under which the funds appropriated are disbursed.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 288.7102(6)(a) FS.
LAW IMPLEMENTED: 288.7094(2), 288.7102 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Michelle Ramsey, The Office of Tourism, Trade, and Economic Development, Suite 1902, The Capitol, Tallahassee, Florida 32399-0001, (850)487-2568
THE FULL TEXT OF THE PROPOSED RULE IS:
27M-3.001 Definitions and Forms.
As used in this Rule Chapter 27M-3, F.A.C., the following capitalized terms have the meanings indicated. All referenced forms are available on the internet at http://www.flgov.com/otted_home or may be obtained from the Office.
(1) “Act” means the
(2) “Agreement” means the standard “Black Business Loan Program Recipient Agreement” form OTTED 7102-5 (4/08), which is hereby incorporated by reference.
(3) “Applicant” means a corporation that seeks certification under Section 288.7102, F.S., as a Recipient of funds to provide loans, loan guarantees, or investments in black business enterprises pursuant to the Act.
(4) “Application” means the standard “Application for Certification as Eligible Recipient of Funds under the Black Business Loan Program” form OTTED 7102-1 (4/08), which is hereby incorporated by reference.
(5) “Application Evaluation Form” means the standard “Black Business Loan Program Application Evaluation” form OTTED 7102-2 (4/08), which is hereby incorporated by reference.
(6) “Application Period” means the annual period during which Applicants may submit Applications, which shall be July 1 through July 31 (or the next business day) of each year in which there is a legislative appropriation to fund the Program.
(7) “Board” means the Florida Black Business Investment Board, Inc., created by Section 288.707, F.S., whose address is
(8) “Certification and Allocation Decision Form” means the standard “Black Business Loan Program Certification and Allocation Decision” form OTTED 7102-4 (4/08), which is hereby incorporated by reference.
(9) “Eligible” means that an Applicant has demonstrated satisfaction of each of the requirements specified in Section 288.7102(3), F.S.
(10) “Office” means the Office of Tourism, Trade and Economic Development, whose address is
(11) “Program” means the Black Business Loan Program established by Section 288.7102, F.S.
(12) “Recipient” means an Applicant that, after a competitive certification process, the Office certifies to receive Program funds and that enters into an Agreement with the Office.
(13) “Summary Ranking and Recommendation Form” means standard “Black Business Loan Program Summary Ranking” form OTTED 7102-3 (4/08), which is hereby incorporated by reference.
Specific Authority 288.7102(6)(a) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New_________.
27M-3.002 Competitive Application Process.
(1) An Applicant shall submit the original and three copies of its completed Application to the Board during the Application Period.
(2) The Board shall date and time stamp all Applications upon receipt, and thereafter take reasonable steps to preserve the integrity of the Application and any revisions.
(3) Upon the close of the Application Period, the Board shall have ten (10) business days to review each Application for completeness and to notify any Applicant in writing if the Board determines that its Application is incomplete. The Board’s notice shall specify the reasons for its determination, and the Applicant shall have ten (10) business days after receipt of such notice to submit a revised Application to the Board. If the Applicant fails to submit a revised Application within the required time, the Board shall notify the Applicant in writing that it is removed from further consideration and send a copy of the notice to the Office.
(4) The Board shall evaluate each complete Application and document its evaluation using the Application Evaluation Form. To conduct the evaluation, the Board shall assign a person or persons who individually or collectively have experience in the following areas: financing small or minority business; economic development; community development; and business management. No officer, director, employee, or agent of any Applicant shall participate in the evaluation process.
(5) Within thirty (30) days after the close of the Application Period, the Board shall deliver to the Office the completed Summary Ranking and Recommendation Form along with (a) the original and one copy of each Application and its related Application Evaluation Form and (b) the names and organizational affiliations of all persons who participated in the evaluation process.
Specific Authority 288.7102(6)(a) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New_________.
27M-3.003 Certification Decision and Allocation Policy.
(1) Within ten (10) business days after receiving the Summary Ranking and Recommendation Form and supporting materials, the Office shall decide which Applicants to certify as Recipients and how to allocate Program funds. The Office shall consider the following factors: the Board’s competitive rankings and recommendations, which shall not be binding; the amount of funds requested in each Application; the amount of documented match raised; an Applicant’s past performance; and the equitable disbursement of services provided under the Act in accordance with the allocation policy outlined in subsection 27M-3.003(2), F.A.C. The Office shall document application of this allocation policy on the Certification and Allocation Decision Form, along with its application of the competitive factors the Office considers.
(2) To ensure that services provided under the Act are disbursed equitably throughout the state, in deciding how to allocate Program funds the Office shall consider the number of Eligible Applicants and the distribution of Florida’s black population among Applicants’ proposed service areas, as reported at www.fedstats.gov.
(3) The Office shall transmit its completed Certification Decision Form to the Board, and explain any differences with the Board’s recommendations. The Office shall also issue a letter to each Applicant certified as a Recipient of program funds. Receipt of Program funds shall be conditioned upon their appropriation and availability, and upon the Recipient’s execution of the Agreement. The Office shall notify in writing each Applicant whose Application is denied. The Office’s certification and allocation decisions shall be subject to review under Chapter 120 of the
Specific Authority 288.7102(6)(a) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New_________.