TALLAHASSEE, Fla.—Mar. 1, 2023—Florida First Capital Finance Corporation (FFC) and Space Florida announced a strategic partnership to help develop and grow Florida’s vital space/aerospace supply chain businesses. The partnership will help increase access to capital opportunities and assist supply chain businesses in securing financial resources to achieve their business growth goals.
Over the past 15 years Space Florida alone had an economic impact on the state of $5.9 billion, with an expected annual impact of $1.1 billion over the next 5 years. While Space Florida’s economic impact is distributed throughout a variety of the state’s top industries, the largest impacted sector was within knowledge-based services (44%), followed by manufacturing (21%), construction (20%), and wholesale trade and transportation (7%). It’s projected that over the next 5 years, manufacturing (37%) will surpass knowledge-based services (23%) as the sector most benefitting from Space Florida, making this partnership timely.
“The partnership between Space Florida and the FFC opens the doors of opportunity for companies across the aerospace and space supply chain to better connect with creative financing options,” said Frank DiBello, president and CEO, Space Florida. “We are doubling down on our commitment that Florida is the unbeatable location with access to unrivaled experience and unmatched financial tools. As our state’s aerospace finance and development authority, we are committed to attracting and expanding the next generation of space industry businesses.”
“This dynamic partnership will create a better Florida for all by helping space/aerospace supply chain businesses grow and succeed,” said President and CEO of FFC, Todd Kocourek. “Florida First Capital shares Space Florida’s commitment to continue building on a robust space industry while strengthening Florida’s economy.”
FFC is a nonprofit certified development company, created by the State of Florida to promote economic development and job creation by small businesses. FFC provides SBA 504 financing and other state and federal loan programs to eligible small businesses for the purchase of owner-occupied commercial property, heavy machinery/equipment, and more. Florida’s space/aerospace industry is essential to creating a diverse economy. Through this agreement, Space Florida and Florida First Capital will work collaboratively to identify the growth needs of supply chain businesses to help increase productivity and support their overall success.
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About FFC/FCF
Florida First Capital is Florida’s original statewide certified development company promoting economic development and job creation. Under the SBA 504 Loan Program, Florida First Capital works with private-sector lenders to provide eligible small business owners in Florida, Alabama and Georgia (dba First Capital Finance) with below-market, fixed interest rate long-term financing for the purchase of capital assets, such as owner-occupied commercial real estate and/or fixed heavy duty machinery and equipment. Florida First Capital also provides financing through the Rebuild Florida Business Loan Fund, the Florida Recycling Loan Program and other small business assistance programs.
About Space Florida
Space Florida is where leading aerospace companies get everything they need to see their new ideas take off. As that state’s aerospace finance and development authority, Space Florida brings a mix of unrivaled experience, unmatched financial tools, and unbeatable location to the table by providing critical business financing opportunities for the aerospace industry, managing infrastructure investment in the state’s spaceport system, and facilitating research and development, workforce, education, and investment programs.
Florida First Capital Media Contact
Stephanie Whitfield
850.681.3341
Space Florida Media Contact
Anna Alexopoulos Farrar
954.647.7059
