The Florida Export Finance Corporation, through a contract with the Florida Department of Economic Opportunity, is administering the Florida Export Support Program, which is designed to expand employment and income opportunities through increased exports of goods and services through guarantees that support export transactions.
Florida Export Support Program (FLESP)
FLESP is a guarantee that does not exceed 90% of the loan value tied to a specific foreign purchase order. It is only for direct export transactions tied to a verified foreign purchase order for goods and/or services being shipped from Florida.
Example of How the Guarantee Works
- Total Loan: $500,000
- Guarantee Amount up to 90%: $450,000
Criteria for a Guarantee
- The typical guarantee is 90% of the total loan amount
- Guarantees are up to $500,000
- Guarantee is attached to a verified foreign purchase order
- Guarantee is, typically, a one year, revolving line of credit
- Exporter required to purchase risk insurance
- Fees apply
There is a one-time upfront application fee of $250, and a one-time guarantee fee of 3% of guarantee amount. These fees can vary from transaction to transaction, and are negotiable.
Qualifications for a Small Business to Participate
- A business that has less than 250 employees
- A business that has a net worth less than $6,000,000
- A business that is domicile in the state of Florida
- A business that conducts the direct export of goods and services from Florida
Application for a Small Business (exporter) or Lender
Either the small business (exporter) or lender can apply for the guarantee, by completing the application package and emailing the completed package to email@example.com. Feel free to contact the Florida Export Finance Corporation, directly, by calling (786) 845-0400. Feel free to visit the Florida Export Finance Corporation website, www.fefc.biz, or visit the Florida Finance Network http://floridafinance.org/.
Florida Export Finance Corporation (FEFC) was created by the state of Florida in 1993 as a not-for-profit corporation with a mandate to expand employment and income opportunities by supporting the export of goods and services from the state. FEFC offers information, technical and consulting support as well as financial assistance to small and medium sized exporters throughout Florida. FEFC can guarantee a lender’s revolving line of credit to an exporter up to a maximum of $500,000, and arranges much larger loans through federal government programs.