27M-3.001: Definitions and Forms
27M-3.002: Application Process
27M-3.003: Certification Decision
PURPOSE AND EFFECT: The purpose and effect is to modify existing rules to comply with changes contained in Chapter 2010-39, Laws of Florida.
SUMMARY: The rules govern the application and certification process for the Black Business Loan Program.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: There are 8 applicants for certification as an administrator of program funds for the Fiscal Year 2010-11. It is anticipated that the number of applicants would be approximate to this number each year in which the legislature make such an appropriation. Neither OTTED nor any other state and local governments have incurred additional costs as a result of the new program format. There should be no transactional costs for any entity applying to participate as a loan administrator since no additional licenses, registrations, or fees were required by this rule. The rule changes do not affect the program’s impact on small businesses.
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(7) FS.
LAW IMPLEMENTED: 288.7094; 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 Dennard, Office of Tourism, Trade, and Economic Development, Suite 1902, The Capitol, Tallahassee, Florida 32399, (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) No change.
(2) “Agreement” means the standard “Black Business Loan Program Recipient Agreement” form OTTED 7102-5 (5/10).
(3) No change.
(4) “Application” means the standard “Application for Certification as Eligible Recipient of Funds under the Black Business Loan Program” form OTTED 7102-1 (5/10).
(5) “Application Evaluation Form” means the standard “Black Business Loan Program Application Evaluation” form OTTED 7102-2 (5/10).
(6) “Application Period” means the annual period during which Applicants may submit Applications, which shall be May 1 through June 1 (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 2019 Centre Pointe Boulevard, Suite 101, Tallahassee, Florida 32308.
(7)(8) “Certification Decision Form” means the standard “Black Business Loan Program Certification and Allocation Decision” form OTTED 7102-4 (5/10).
(8)(9) “Eligible” means that an Applicant has demonstrated satisfaction of each of the requirements specified in Section 288.7102(4), F.S.
(9) “Existing Recipient” means an Applicant that, after a certification process, the Office certified to receive Program funds for the previous year and that entered into an Agreement with the Office.
(10) “New Recipient” means an Applicant that the Office did not certify for the previous year.
(11)(10)“Office” means the Office of Tourism, Trade and Economic Development, whose address is 1902 The Capitol, 402 S. Monroe Street, Tallahassee, Florida 32399.
(12)(11) “Program” means the Black Business Loan Program established by Section 288.7102, F.S.
(13)(12) “Recipient” means an Applicant that, after a certification process, the Office certifies to receive Program funds and that enters into an Agreement with the Office.
(14)(13) “Summary Recommendation Form” means the standard “Black Business Loan Program Summary Recommendation” form OTTED 7102-3 (5/10).
Rulemaking Authority 288.7102(7) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New 9-1-08, Amended________.
27M-3.002 Application Process.
(1) An Applicant shall submit the original and three copies of its completed Application to the Office Board during the Application Period.
(2) The Office 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 Office Board shall have ten (10) business days to review shall review each Application for completeness and notify any Applicant in writing if the Office Board determines that its Application is incomplete. The Office’s 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 Office Board. If the Applicant fails to submit a revised Application within the required time, the Office 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 Office Board shall evaluate each complete Application from a New Recipient and document its evaluation using the Application Evaluation Form. To conduct the evaluation, the Office 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 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.
Rulemaking Authority 288.7102(7) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New 9-1-08, Amended________.
27M-3.003 Certification Decision.
(1) Within thirty (30) days after the close of the Application Period, the Office shall complete Summary Recommendation Form ten (10) business days after receiving the Summary Recommendation Form and supporting materials, the Office shall decide which Applicants to certify as Recipients. The Office shall consider the following factors: the Board’s recommendations, which shall not be binding; the amount of documented match raised; and the Applicant’s past performance.
(2) The Office shall process all applications and recertifications submitted by June 1 on or before July 1. 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 decisions shall be subject to review under Chapter 120, F.S.
(3) The Office shall 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 decisions shall be subject to review under Chapter 120, F.S.
Rulemaking Authority 288.7102(7) FS. Law Implemented 288.7094(2), 288.7102 FS. History–New 9-1-08, Amended________.