Companies at every stage have financial needs and there are a number of resources available. A number of resources are listed below but please contact TVEDC for further information.
Angel Investors: An angel investor generally wants less control of your company and a slower return on investment, however the criteria for investment are likely to be similar. Angel investor groups are great sources of private capital and frequently invest angel money into new companies.
Venture Capital: Companies that cannot seek capital from more traditional sources due to size, assets and stage of development may turn to venture capital.
Start-up Financing: Funding provided for product development and initial marketing (which means the company has key management, market research and a business plan in place).
Government Financing Programs
Commercial Business Finance provides working capital financing for small to medium sized companies. CBF finances approximately $60,000,000 in accounts receivable annually. Specializing in accounts receivable financing which allows them to provide lines of credit to companies that may not qualify for traditional bank financing. CBF bases their decision on the strength of the client’s customers rather than past financials or credit profile.
SBA 504 Loan Program: This Small Business Administration (SBA) approved loan program is designed to help owners of small and mid-size businesses purchase commercial real estate and is administered through the (SBDC) at Daytona State College.
Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR): This is a three phased federal funding programs specifically for small businesses to perform R&D needed by the participating agencies.
Industrial Development Revenue Bonds (IDRB): This program is administered through an Industrial Development Authority created by Volusia County and administered through its Economic Development Department. The bond can be used for the purpose of financing or refinancing expansion of two types of companies: manufacturers and non-profit organizations.
Enterprise Florida Bond Program offers tax-exempt, low interest bond financing to qualified manufacturing and 501(c)(3) non-profit organizations through Florida Development Finance Corporation.
The Florida Growth Fund manages $250 million of capital dedicated to prudent investment in technology and growth related businesses with significant presence in the State of Florida. The Florida Growth Fund will seek to enhance Florida’s capacity for development, growth and innovation while simultaneously generating an attractive return for the Florida State Board of Administration.
The Florida High Tech Corridor Matching Grant Program provides matching grants to companies located in the 23-county Corridor region; grants support industry-university research projects and SBIR/STTR awards in which one of the three participating universities is a partner (University of Florida, University of Central Florida, University of South Florida).