The 2007 Legislature passed the Florida Black Business Investment Act, Ch. 2007-157, Laws of Florida, which recreated the Florida Black Business Investment Board as a public-private partnership to evaluate the needs of black business enterprises and aid in their development. The act also established the Black Business Loan Program within the Governor's Office of Tourism, Trade, and Economic Development (OTTED).
Stronger reporting is needed for the loan program. Black business investment corporations did not use consistent methods to develop performance information reported to OTTED and were not required to report on the extent to which key program goals were being achieved. Further, outdated provisions in the act resulted in duplicative performance reporting by black business investment corporations.
To address these issues, OTTED should work with the investment corporations to ensure they are reporting reliable information for critical performance measures in their reports and require them to report on their achievement of key program goals. In addition, the Legislature should consider amending the statutes to direct the investment corporations to submit their performance reports to the office rather than the Black Business Investment Board.

Black Business Investment Act Is Being Implemented, But Progress Was Slow in Distributing Loan Program Funding
Report 08-65 December 2008
Legislature Should Consider Options for the Role of the Florida Black Business Investment Board
Report 07-05 January 2007

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.