Small businesses embody the spirit of innovation, entrepreneurship, and individual initiative that made this country prosperous. Today, small businesses represent the survivors of some of the most challenging economic times in decades and are the innovative leaders of continuing progress. However, as Florida recovers, the small business community is disproportionately struggling to obtain the necessary means to establish, operate, or expand. Without access to the capital they need, Florida’s small businesses face barriers to growth, development, and job creation, thus impeding the state’s overall economic recovery. Small businesses are a key economic driver for Florida, with 2.2 million strong statewide.
Collectively, they made up 98.9 percent of the state’s employers and contributed $566 billion – or 75 percent of the state’s Gross Domestic Product (GDP) in 2010 alone.2 Certainly, maintaining a business environment conducive to small business development is a key ingredient for promoting economic prosperity in Florida.